Procurement System

n.

Pronunciation

/proʊˈkjʊrmənt ˈsɪstəm/

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

Product Information Encyclopedia

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