procurement

According to Merriam-Webster's dictionary, to procure means:

"to get possession of : obtain by particular care and effort"

Procurement is simply the process used to obtain materials or services needed.

Small companies usually utilize a veryinformal procurement process that simply includes submitting a Purchase Order to a vendor or supplier.

Larger companies usually have a purchasing agent or department that handles all procurement for that company. The process may sometimes be as simple as the Purchase Order or may be much more complex, such as; soliciting bids from suppliers and vendors, selecting vendors based on specific criteria, etc.

Government entities are usually mandated by law to utilize a system of soliciting bidsfrom the public in order to allow the possibility of any supplier or vendor to offer services.