Purchase and procurement difference.

Question

Accepted Answer

Purchase is the act of buying goods or services while procurement is the process of acquiring goods or services.

Purchase is a transactional activity while procurement is a strategic process.
Purchase is a subset of procurement.
Procurement involves activities such as supplier selection, negotiation, and contract management.
Purchase involves placing orders, receiving goods, and making payments.
Example: A company may have a procurement department that is responsible for sourcing and selecting suppliers, negotiating contracts, and managing relationships. The purchasing department would then be responsible for placing orders with those suppliers and ensuring that the goods or services are delivered as expected.

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