Procurement or Purchasing? Understanding the Distinctions

Procurement and purchasing difference / Difference between procurement and purchasing / Procurement purchasing and supply chain management

Welcome back to our channel! 🌟 Dive into the attractive world of procurement and purchasing with us today. Procurement or Purchasing? Understanding the Distinctions, 🛍️ Discover the subtle yet significant differences between these two terms that can make or break businesses. From strategic planning to tactical execution, we unravel the details to unveil their unique roles and contributions. 💡

Topics I have covered are,
1. Procurement vs Purchasing
2. What is Procurement?
3. What is purchasing?
4. Difference between Procurement and purchasing.

In this video, we'll explore:
🔍 Definition: Understand the strategic process of procurement and the transactional aspect of purchasing.
🔍 Scope: Explore the broad landscape of procurement, encompassing the entire supply chain, versus the focused operational activities of purchasing.
🔍 Strategic vs. Tactical: Delve into the long-term vision of procurement versus the immediate goals of purchasing.
🔍 Relationship Building: Learn how procurement fosters strategic partnerships while purchasing ensures effective transactions.
🔍 Risk Management: Discover how procurement mitigates supply chain risks, while purchasing handles transactional challenges.
🔍 Value Creation: Uncover how procurement drives innovation and sustainability, while purchasing maximizes cost savings and operational efficiency.

Understanding these nuances is crucial for businesses to optimize their supply chain management and achieve sustainable growth. Stay tuned for more insightful content on our channel. Don't forget to like, share, and subscribe for future updates. Let's keep exploring, learning, and evolving together! 🚀 Thank you for watching! 🎥✨

We covered the definition of PROCUREMENT in an earlier episode, so feel free to go back to that one if you need a refresher. Videos are liked below:

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