top of page
Procurement System
n.
Pronunciation
/proʊˈkjʊrmənt ˈsɪstəm/
Acronym
Definition
A collection of software and procedures that an organization uses to buy goods and services.
A PIM can gather information from a procurement system because they store product details such as prices, inventory levels, lead times, quality details, and contracts. The benefits of having a procurement system in place is to allow a user or organization to decrease costs, increase spending transparency, and reduce errors by standardizing buying processes.
Category
Information Architecture
Related Terms
Product Information Management
Index
Product Information Encyclopedia
bottom of page