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