What’s the Difference Between Purchasing and Procurement? Why Does It Matter?

Graph listing Operational purchasing and accounts payable as part of purchasing and all other activities linked to purchasing (such as sourcing) linked to procurement

I’ve heard “purchasing” and “procurement” used synonymously more times than I can count. Though these terms refer to concepts in the same realm, it’s important to understand the nuance between the two when “nerding out” in functional discussions (Oh… Am I the only one who does that?). All kidding aside, the distinction is important enough […]