The function of buying goods and services well — specifications, sourcing, negotiation, and contract — to control cost and risk.
How to apply procurement
- Define needs with specifications, not brands
- Source competitively with criteria
- Manage contracts and performance after award
The #1 mistake to avoid
Procurement as purchase orders, not strategy.
The metric that matters
Frequently asked questions
What is procurement?
The function of buying goods and services well — specifications, sourcing, negotiation, and contract — to control cost and risk.
Why does procurement matter for my business?
Because it directly affects how well your business performs — get it wrong and it costs you in measurable ways. Done right, it becomes a competitive advantage.
How do I apply procurement?
Start with the practical steps: Define needs with specifications, not brands; Source competitively with criteria; Manage contracts and performance after award. The key is to start small, measure, and expand what works.
What is the most common mistake with procurement?
Procurement as purchase orders, not strategy.
IDAP Trade Division
This glossary entry is maintained by the IDAP Trade division — specialists who deliver this capability on demand to businesses worldwide.