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Procurement management is the systematic approach used for buying all the goods and services needed for a company to stay sustainable.
Procurement is concerned with acquiring (procuring) all of the goods, services and work that is vital to an organization. Procurement is, essentially, the overarching or umbrella term within which purchasing can be found.he process of purchasing these good and services is known as the Procure-To-Pay Cycle. The entire Procure-To-Pay Cycle can be an involved process with numerous steps: 1  Identification of Requirement. 2  Authorization of Purchase Request.