Procurement outsourcing
Procurement outsourcing is when a company asks another company to help them buy things they need.
Let's say you want to buy a toy. Normally, you would go to the store and buy it yourself. However, sometimes companies need to buy a lot of things for their business - like paper, computers, or even pens. This can take up a lot of time and money.
So, they might ask another company to help them. This other company knows where to find the best prices and can negotiate with sellers to get a good deal. They also know how to make sure everything arrives on time and is of good quality.
By outsourcing procurement, the company saves time and money while still getting everything they need to run their business.
Let's say you want to buy a toy. Normally, you would go to the store and buy it yourself. However, sometimes companies need to buy a lot of things for their business - like paper, computers, or even pens. This can take up a lot of time and money.
So, they might ask another company to help them. This other company knows where to find the best prices and can negotiate with sellers to get a good deal. They also know how to make sure everything arrives on time and is of good quality.
By outsourcing procurement, the company saves time and money while still getting everything they need to run their business.