Written by Marijn Overvest | Reviewed by Sjoed Goedhart | Fact Checked by Ruud Emonds | Our editorial policy
Procurement Synonym: Definition and Examples
What are procurement synonyms?
- Acquisition/Acquire, Obtain/Obtaining, Buy/Buying, Purchase/Purchasing, Collection/Collecting, Sourcing
- The Oxford English Dictionary (OED) dates the earliest records of the term procurement used in 1325.
- Understanding procurement synonyms is important as it can help you communicate without being repetitive.
What are synonyms for Procurement?
- Acquisition/Acquire
- Obtain/Obtaining
- Buy/Buying
- Purchase/Purchasing
- Collection/Collecting
- Sourcing
Procurement refers to acquiring goods and services, mostly for business purposes. Naturally, procurement is a term that most procurement professionals use in their work every day.
But what if we told you there are other words you can use that are just as good as the term ‘procurement?”
All of these words have the same meaning as the word procurement. They all refer to the process or act of getting, buying, acquiring, or purchasing something.
It is important to know procurement synonyms as it can effectively help you communicate without being repetitive.
The repetition of certain words is okay. However, in negotiations where you have to put your best foot forward and show your expertise in procurement, you can definitely stand out by using other words than ‘procurement’.
Aside from this, a wide vocabulary can aid you in communicating easily and better. It attests to your deep knowledge and understanding of your respective field and helps create a more vivid image of what you want to communicate with them.
Procurement Roles Overview
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An Example of Procurement in a Real Company
Implementing procurement in a company involves establishing structured processes for acquiring goods, services, and resources efficiently while ensuring cost-effectiveness, supplier reliability, and compliance with sustainability and ethical standards.
1. Sourcing Methodology
The company defines procurement policies, goals, and strategies, ensuring alignment with business objectives, cost management, and sustainability. This corresponds to defining objectives, securing internal support, and establishing guidelines for sourcing.
2. Market Research
Before procurement begins, the company identifies its needs, including materials, services, and logistics. This aligns with assessing supplier options, budgets, and market trends to ensure informed decision-making.
3. Request for Information (RFI)
The company identifies potential suppliers and evaluates them based on quality, reliability, and sustainability. RFI is used to collect essential supplier data and ensure they meet procurement requirements.
4. Request for Quotation (RFQ)
Companies issue RFQs or RFPs to gather pricing, delivery timelines, and supplier capabilities. This aligns with formally requesting quotations and analyzing offers to select the most competitive supplier.
5. Negotiation Phase & Contracting Phase
Once a supplier is selected, pricing, delivery schedules, and service agreements are negotiated. The contracting phase ensures all agreements are legally formalized to establish clarity and compliance.
6. Supplier Relationship Management
Purchase Orders (POs) are issued, goods are received and inspected, and payments are processed. This aligns with managing supplier performance, ensuring compliance with procurement agreements, and strengthening supplier partnerships.
7. Supplier Relationship Management (Long-Term Engagement)
The procurement team continuously monitors supplier performance using KPIs and ensures adherence to sustainability and ethical standards. This aligns with building long-term, responsible supplier relationships and optimizing procurement strategies.
Sourcing vs. Purchasing: What is the Difference?
Although sourcing and purchasing are two terms synonymous with procurement, there are some differences between sourcing and purchasing that you should watch out for.
Although sourcing and purchasing are different in terms of definition and processes, one thing both terms have in common is they are both part of the procurement processes, both of which are important subtasks in the overall procurement.
At Ahold Delhaize, it’s customary to draft a sourcing strategy to determine which suppliers should be sourced for which products. Subsequently, there’s a procurement strategy in place to outline how the best conditions could be obtained from these suppliers.
Beginning of Procurement: Where It Came From
Before diving straight into the terms synonymous with procurement, one must understand its origins first.
Procurement was believed to have originated in the 1300s. The Oxford English Dictionary (OED) dates the earliest records of the term procurement used in 1325. This was first noted in the Statues of the Realm, the official collection of all acts passed in the Parliament of England.
The term ‘procurement’ came from Middle English ‘procuren’ which meant “the use of improper influence.” In Old French, procurement came from ‘procurer’, which meant “care for, bring about, cause.” In Late Latin, the term came from ‘procurare’ which meant “manage, take care of, in behalf of.”
The meanings varied across time and cultures, and of course, the words were used in various ways. For example, the term ‘procure’ was used as “procure to break” and “procure to slay” which meant “cause to be broken” and “cause to be slain” respectively.
Finally, the terms ‘procure’ and ‘procurement’ came about in 1949, meaning “action or process of obtaining equipment and supplies.”
Conclusion
In essence, a procurement synonym refers to alternative terms that are interchangeable with the procurement process. These synonyms encompass various stages, including purchasing, acquisition, sourcing, and buying, capturing the multifaceted nature of activities involved in obtaining goods and services.
Understanding these synonyms broadens our perspective on the diverse aspects of procurement, highlighting its significance in effective resource management and organizational success.
Frequentlyasked questions
What are procurement synonyms?
Procurement synonyms include acquisition, buying, purchasing, obtaining, and sourcing.
What is the significance of procurement synonym?
Procurement synonyms can help you to communicate your ideas well and give a new perspective to the other party.
Is procurement a good career?
Yes! Procurement is a good career as it is always in demand.
About the author
My name is Marijn Overvest, I’m the founder of Procurement Tactics. I have a deep passion for procurement, and I’ve upskilled over 200 procurement teams from all over the world. When I’m not working, I love running and cycling.
