// 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.