Component procurement

Procurement is the process of sourcing, acquiring, and paying for goods and services. It involves a series of steps that starts with identifying the need for a product or service and ends with the delivery of the product or service to the customer. The Procurement process involves multiple stakeholders, including the Procurement team, vendors, and end-users. The procurement function is critical to any organization's success, as it ensures that the organization has the resources it needs to achieve its goals.

Procurement is a broad term that encompasses a range of activities. Many organizations use terms like “procurement,” “purchasing,” and “sourcing” interchangeably, but these are different components of the total procurement function. Purchasing is the process of buying goods or services from a supplier. Sourcing, on the other hand, is the process of identifying potential suppliers and evaluating their products or services to determine which supplier offers the best value. Procurement includes