// ROBOTICS AND SMART FACTORIES TERM
Procurement
Procurement is the process of acquiring goods, services, or works from an external source, typically through a tendering or bidding process. It involves finding suppliers, negotiating prices, and managing contracts.
TECHNICAL DEFINITION
Procurement involves the end-to-end strategic process of identifying, selecting, and acquiring goods, services, or works from third-party suppliers, encompassing supplier relationship management, contract negotiation, and risk mitigation to support organizational operations.
BACKGROUND
The Fourth Industrial Revolution, also known as 4IR, Industry 4.0 or the Intelligence Age, is a neologism describing rapid technological advancement in the 21st century. It follows the Third Industrial Revolution. The term was popularized in 2016 by Klaus Schwab, the World Economic Forum founder and former executive chairman, who asserts that these developments represent a significant shift in industrial capitalism.
READ MORE ON WIKIPEDIASYNONYMS & ALIASES
- Purchasing
- sourcing
- acquisition
- buying
- supply
USAGE NOTE
Strategic procurement can significantly impact a company's profitability and supply chain resilience.
DEVELOPERS
Organizations developing technology related to Procurement.
Develops cloud-based solutions for spend management and procurement, operating one of the largest digital business-to-business networks connecting buyers and suppliers.
Provides a cloud-based Business Spend Management (BSM) platform that gives organizations visibility and control over all their spending, from procurement and invoicing to expenses.
Offers the Oracle Fusion Cloud Procurement suite, an integrated solution that automates the procure-to-pay process, manages supplier relationships, and analyzes spending.
Delivers AI-powered procurement and supply chain software (GEP SMART) and managed services, providing a unified platform for direct and indirect spend management.
Provides a complete source-to-pay procurement platform that helps large enterprises manage all spend categories and all suppliers, improving efficiency and collaboration.
Specializes in comprehensive source-to-pay procurement solutions with a strong focus on direct material sourcing and supplier management for the manufacturing industry.
Develops a suite of AI-powered cognitive procurement solutions that cover the entire source-to-pay cycle, including spend analysis, sourcing, contract management, and supplier management.
Provides cloud-based, AI-powered procure-to-pay (P2P) and e-invoicing solutions to automate financial processes for large organizations.
Utilizes an AI-powered platform for supplier discovery and data management, helping procurement teams find, vet, and connect with global suppliers more efficiently.