Procurement Basics
This term means the process of buying or obtaining goods or services
What is procurement?
This process ensures businesses buy the right items at the right time for a good price.
What is purchasing?
Open communication between a business and supplier helps build this.
What is trust?
This function drives business strategy.
What is procurement?
This job focuses on supply strategy and finding suppliers.
What is a procurement specialist?
Procurement helps organizations get the best value while obtaining these.
What are goods and services?
Purchasing directly affects these three areas: inventory levels, production, and ____.
What is customer satisfaction?
These contracts define expectations like pricing, delivery, and quality.
What are clear contracts?
This function focuses on the actual buying process.
What is purchasing?
This professional manages product movement and logistics.
What is a supply chain manager?
Name one challenge businesses face with procurement.
What is managing complex global supply chains? (Other acceptable answers: high-stakes decisions, market shifts, disruptions)
This kind of delivery can delay business operations.
What are late deliveries?
Name one benefit of a long-term partnership with a supplier.
What is better deals / priority service / consistent product quality?
Understanding the difference between procurement and purchasing helps improve this in a business.
What is efficiency?
This role analyzes how to improve business processes and operations.
What is an operations analyst?
Procurement teams must be flexible and ______ to keep up with industry changes.
What is strategic?
Purchasing is considered more transactional, while procurement is more ____.
What is strategic?
This company’s system alerts P&G when stock is low.
What is Walmart?
Clear roles between procurement and purchasing help avoid this.
What is confusion?
This job handles buying tasks and keeping records of purchases.
What is a purchasing clerk?
This company focuses its procurement on sustainable materials, sourcing over 75% of its energy from renewable resources.
What is Philips?
One key solution to rising costs and supply issues is to have this backup option.
What are multiple suppliers?
Walmart and P&G’s relationship leads to lower costs, faster restocking, and happier ____.
What is customers?
This kind of understanding can reduce costs and help avoid supply chain issues.
What is understanding procurement?
Learning procurement skills can help you save money and build this kind of relationship.
What is a strong supplier relationship?