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In our company, procurement is often treated as just another word for purchasing. But I feel like there's more to it. What additional responsibilities does procurement include beyond just buying? I want to understand if we are missing out on important strategic advantages by not differentiating these two processes.
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You're right—procurement goes beyond simple purchasing. While purchasing is about acquiring goods and services, procurement includes supplier evaluation, contract management, risk assessment, and cost optimization. A well-structured procurement process ensures better supplier partnerships and reduces overall expenses. If you're looking for a detailed comparison, this blog provides great insights into how companies can enhance their procurement strategies to gain long-term business advantages.
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