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Purchasing and procurement are often used interchangeably, but they cover different aspects of acquiring goods and services. Purchasing is a subset of procurement, focusing on the transactional aspects—like buying products, negotiating prices, and managing orders and payments. It’s more about the execution stage, ensuring the goods or services needed are acquired and delivered promptly. Procurement, on the other hand, is a broader, more strategic process that includes everything from identifying needs and selecting suppliers to building relationships, managing contracts, and ensuring compliance with organizational goals.

At Free Market America, we understand that effective procurement goes beyond just buying; it’s about creating long-term value, optimizing resources, and building sustainable partnerships. By focusing on strategic procurement practices, businesses can make more informed decisions that contribute to overall growth and resilience.

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Angela Louis

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8mo ago

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