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Theoretically, there is no difference between purchasing and procurement. The following main functions are performed in procurement as well as in Purchasing.
1. Strategic Sourcing and Market Research i.e. to get an idea of market price /availability of goods and suppliers/manufacturers in the market
2. pre-qualification of suppliers based on market research
3. Updating specifications for procurement
4. Preparation of bid document
5. Invitation to bid and receipt of bids
6. Bid Evaluation
7. Award of Purchase order
8. Monitoring of Purchase order
9. Receipt of delivery
. Payment to the supplier
However, when buying small value items by cash or small value goods, it normally refers to Purchasing. But big volume of goods with high total value could be also obtained through purchasing following the above mentioned process.
The procurement is a structured process and follows the above noted ten steps and normally used for obtaining big volume of goods with high total value.
purchasing is a part of procurement.mane aliment of procurement.
1. request for purchase.
2. approval of purchase.
3. selection of vendors.
4. purchase order.
5. receiving of goods.
6. payment.
elements of purchasing.
1. select of vendors.
2. purchase of goods.
3. payment.
