What is the difference between Purchase & Procurement ?

Purchasing in the process of getting the physical materials against money which is part of procurement. Procurement is all processes of acquiring materials before and after purchasing.

Procurement is concerned with the overall collecting of resources, while purchasing is the specific act of getting something by paying money for it. Purchasing is one form of procurement.

There are many who believe that purchase is that part of procurement that deals with the actual transaction of goods or services. There are other parts of the whole procurement process that include sourcing, bargaining, and logistics etc. Purchasing in earlier times was a routine job performed at the clerical level. Those were the times when there were limited suppliers and also limited quality of materials available. Prices used to be fixed and no bargaining was possible.

Times have changed today. Inventory management has become a specialized job that requires more than just placing orders with a vendor. Procurement today requires buying goods and services at the best possible rates at the right time, in right quantity, at the best possible quality, from the best available source so that the process results in maximum benefit for the organization. When it boils down to repeat purchasing through the same channel in the same manner, it can be called purchasing as no more brains are involved.

purchase means single person can do,procurement is team work ,the procurement most useful role for express&war footing works aspeacially infrastructure industry.

Thank you for invite.