Procurement Vs. Purchasing
Kristin Manganello, Thomas Net, 7/20/2018
The terms “purchasing” and “procurement” are often used as synonyms. However, they are actually connected with different processes, making it very beneficial to learn and understand the proper definition of each. With the sector covering a lot of areas, procurement is often used as an umbrella term for various processes. Procurement’s goal is to identify and obtain goods and services necessary for a company to operate, and to do so through a set of strategic processes. Purchasing, on the other hand, falls under the procurement umbrella, but works with the actual transactions that were established by that same procurement process.
Three Technology Trends to Watch that are Impacting Procurement
Dennis Bouley, 7/19/18
There are a lot of new technologies out there, many of which have a great impact on Procurement- edge computing, cloud computing, and artificial intelligence to name a few. Edge computing, a processing power that enables analytics and controls automation functions, brings the ability of data generation to devices. Cloud computing, boasting benefits such as easier customization and faster implementation time, has also sped up the collaboration process between suppliers and distributors. With Artificial Intelligence, computers can be programmed to complete specific tasks and use rules and information to make decisions. These computers can identify patterns and combine them with data to generate the next step, allowing human employees to take on other work.
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