Buying vs. Procurement — What's the Difference?
By Tayyaba Rehman — Updated on September 28, 2023
Buying" refers to the act of purchasing items, while "Procurement" encompasses the entire process of obtaining goods, often for businesses, including sourcing, negotiations, and strategic selection.
Difference Between Buying and Procurement
Table of Contents
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Key Differences
"Buying" and "Procurement" are terms often used interchangeably but denote different stages and depths of the purchasing process. "Buying" is a straightforward concept, referring to the act of purchasing or acquiring something in exchange for money. It's a common term we use in day-to-day activities, be it shopping for groceries or purchasing a book online. It doesn't necessarily involve a complex decision-making process or strategy behind the action.
On the other hand, "Procurement" is a broader term, often associated with businesses and organizations. It doesn't only refer to the purchase of goods or services but encompasses the entire process. This includes identifying the need, sourcing potential suppliers, negotiating terms, and ensuring the quality and timely delivery of goods or services. "Procurement" often involves strategic considerations to maximize value for an organization.
When thinking of "Buying," one might envision a consumer in a store or shopping online. It's an immediate and often singular transaction. "Procurement," in contrast, might make one think of large corporations tendering contracts, comparing suppliers, and working to ensure the best terms and value for their organization.
In summary, while "Buying" captures the simple act of acquiring something in exchange for payment, "Procurement" delves into the strategic, organized, and often complex process of obtaining goods and services, especially in a business context.
Comparison Chart
Scope
Limited to the act of purchase.
Encompasses the entire process of obtaining goods or services.
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Associated With
Day-to-day activities, consumers.
Businesses, organizations, strategic sourcing.
Complexity
Generally simple and direct.
Can be complex, involving negotiations, sourcing, and quality assurance.
Strategic Consideration
Usually minimal.
Often involves strategic decisions to ensure value and meet needs.
Nature
Transactional.
Comprehensive, from need identification to purchase and delivery.
Compare with Definitions
Buying
The act of purchasing something.
I'm considering buying a new laptop.
Procurement
Business practices related to sourcing, negotiations, and purchase.
Proper procurement can save businesses a significant amount of money.
Buying
Exchanging money for a product or service.
Are you thinking of buying that dress?
Procurement
A comprehensive method involving identifying needs, selecting suppliers, and ensuring delivery.
The hospital's procurement process ensures timely delivery of essential medicines.
Buying
To acquire in exchange for money or its equivalent; purchase. See Note at boughten.
Procurement
The act of acquiring goods based on strategy and value.
Their procurement strategy focuses on sustainable suppliers.
Buying
To be capable of purchasing
"Certainly there are lots of things in life that money won't buy" (Ogden Nash).
Procurement
The process of obtaining goods or services for business purposes.
The company's procurement team is assessing new suppliers.
Buying
To acquire by sacrifice, exchange, or trade
Wanted to buy love with gifts.
Procurement
Strategic sourcing and acquisition of items.
Efficient procurement is crucial for the company's profitability.
Buying
To bribe
Tried to buy a judge.
Procurement
Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.Procurement generally involves making buying decisions under conditions of scarcity. If sound data is available, it is good practice to make use of economic analysis methods such as cost-benefit analysis or cost-utility analysis.
Buying
(Informal) To accept the truth or feasibility of
The officer didn't buy my lame excuse for speeding.
Procurement
To get by special effort; obtain or acquire
Managed to procure a pass.
Buying
To purchase something; act as a purchaser.
Procurement
To bring about; effect
Procure a solution to a knotty problem.
Buying
Something bought or for sale; a purchase.
Procurement
To obtain (a sexual partner) for another.
Buying
An act of purchasing
A drug buy.
Procurement
To obtain sexual partners for others.
Buying
Something that is underpriced; a bargain.
Procurement
(uncountable) The purchasing department of a company.
Buying
Present participle of buy
Procurement
(countable) The act of procuring or obtaining; obtainment; attainment.
He was responsible for the procurement of materials and supplies.
I have a lot of experience in the procurement of construction materials and sub-contracts.
Buying
The act of making a purchase.
Procurement
Efficient contrivance; management; agency.
They think it done by her procurement. -Dryden.
Buying
The act of buying; as, buying equipment for the trip took several hours.
Procurement
The act of procuring or obtaining; obtainment; attainment.
Buying
The act of buying;
Buying and selling fill their days
Shrewd purchasing requires considerable knowledge
Procurement
Efficient contrivance; management; agency.
They think it doneBy her procurement.
Buying
Acquiring ownership through payment.
She's buying the artwork for her collection.
Procurement
The act of getting possession of something;
He was responsible for the procurement of materials and supplies
Buying
The action of shopping for items.
Saturday is my usual buying day for groceries.
Buying
The simple transaction of obtaining goods.
The buying habits of consumers have changed with online shopping.
Common Curiosities
Is "Procurement" a business term?
Primarily, yes. It refers to the strategic process of sourcing and purchasing for organizations.
Is procurement only about finding the cheapest option?
No, procurement considers multiple factors, including quality, reliability, and value.
Do all businesses have a procurement department?
Large organizations typically have procurement teams, but smaller businesses may not.
Can "Buying" involve strategy?
While buying is more transactional, consumers can use strategies, but it's less complex than procurement.
Is online shopping considered buying or procurement?
It's buying for consumers, but if businesses source products online strategically, it's procurement.
Can one person handle a company's procurement?
Depending on the company's size and needs, it could be one person or a whole team.
Are "Buying" and "Procurement" synonymous?
While related, they're not synonymous. "Buying" is the act of purchasing, while "Procurement" is the comprehensive process of obtaining goods.
Why is procurement important for businesses?
It ensures that businesses obtain the best value, quality, and terms for their needs.
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Written by
Tayyaba RehmanTayyaba Rehman is a distinguished writer, currently serving as a primary contributor to askdifference.com. As a researcher in semantics and etymology, Tayyaba's passion for the complexity of languages and their distinctions has found a perfect home on the platform. Tayyaba delves into the intricacies of language, distinguishing between commonly confused words and phrases, thereby providing clarity for readers worldwide.
