The process of buying and working with suppliers is known as

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All of the above terms can be used interchangeably to refer to the process of acquiring goods or services from suppliers, managing relationships with those suppliers, and ensuring that the organization has the resources it needs to operate effectively. Procurement may emphasize the strategic planning involved in sourcing and managing suppliers, while purchasing may focus more on the transactional aspects of placing orders and paying invoices. Sourcing is a broader term that can refer to identifying potential suppliers and assessing their capabilities, while supply management encompasses all aspects of supplier relationships, from negotiation and contract management to ongoing performance evaluation and improvement.

The Process of Buying and Working with Suppliers Is Known