Definition of “procurement” - English Dictionary


“procurement” in Business English

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procurementnoun [ U ]

uk /prəˈkjʊəmənt/ us /-ˈkjʊr-/ formal COMMERCE

the process by which an organization buys the products or services it needs from other organizations:

He vows to cut procurement costs 10% by halving the number of global suppliers.
procurement policy/procedure/rules We must ensure that the process follows strict EU procurement rules.
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(Definition of “procurement” from the Cambridge Business English Dictionary © Cambridge University Press)

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