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The act of obtaining or procuring something, especially for business or government purposes.
synonyms:acquisitionpurchase
The word 'procurement' comes from the Latin 'procurare', meaning 'to take care of, to attend to'. It evolved through Middle English and was adopted into modern English usage in the 15th century.
Procurement is commonly used in business and government contexts, particularly when discussing the process of acquiring goods and services.
While procurement is more frequently used in professional settings, it is becoming increasingly common in everyday discussions about business practices.
The procurement department was responsible for sourcing materials at the best prices.
Effective procurement strategies can lead to significant cost savings for organizations.
She specialized in the procurement of technology solutions for her company.
Procurement is not just a fancy term for buying things; it's an essential part of how businesses and governments operate efficiently. Originating from the Latin word 'procurare', which means 'to take care of', procurement has evolved to encompass the entire process of acquiring goods and services. Whether it's a large corporation purchasing raw materials or a government agency securing supplies for public projects, understanding procurement can help streamline operations and save money. So next time you hear this word, you’ll appreciate the vital role it plays in our economy!