Although the words are used interchangeably more often than not, procurement and purchasing are not synonymous. First, let’s take a look at their definitions: Procurement: The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. (Source: BusinessDictionary) […]
Accounts payable is a term that we must understand in order to be effective procurement professionals, and that all executive team members must understand in order to successfully run a business. In simple terms, accounts payable is a record of what the company owes in terms of payments owed to others, such as suppliers and […]
In a time when the world lives online, people have begun to utilize virtual communication in both their personal and professional lives. Communication isn’t limited to video conference calls or emails with family and friends though. In fact, communication between suppliers and customers is a topic more businesses are showing interest in. This online communication […]
