procurement
noun [ U ]
COMMERCE formal uk/prəˈkjʊəmənt/ us/-ˈkjʊr-/the process by which an organization buys the products or services it needs from other organizations:
He vows to cut procurement costs 10% by halving the number of global suppliers.
procurement policy/procedure/rules We must ensure that the process follows strict EU procurement rules.
See also
e-procurement