Procurement jargon

In procurement, we use a lot of three-letter acronyms and this resulted in a jargon that is sometimes confusing. So, what are RFQ, LPO, LPR, SLA, SRM, preferred suppliers, reverse auctions, e-tenders …?

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What is procurement

What is procurement? How to define it as an entity inside the Company, and how as a business function? What is the main goal of the procurement department? Let us see a couple of definitions I agree definitions are boring. And easy to forget. No worries, no one will ask you to remember and recite them back, ever. However, every procurement professional needs to have a basic understanding of the definition of procurement. So, let…

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