procurement

Vocabulary Word

Definition

'Procurement' is a fancy word for buying stuff for a company. It’s more than just shopping, because it involves researching, comparing, and negotiating to get the best products and deals.

Examples in Different Contexts

In technology firms, 'procurement' is essential. A tech company executive might assert, 'Effective procurement of cutting-edge technology and services is vital for staying competitive, innovating, and meeting the evolving needs of our customers.'

Practice Scenarios

Startup

Scenario:

The cost of our manufacturing equipment is a bit steep. I think we need to rethink our sourcing strategies.

Response:

Indeed, strategic procurement could be the key. We should focus on finding equipment that both meets our needs and optimizes our budget.

Tech

Scenario:

Our server's capacity is nearly full and it keeps crashing. Maybe our current server isn't optimal.

Response:

I agree. The procurement of a more powerful server could drastically improve our data storage and processing capabilities.