procurementsystem
nounUK /prəˈkjʊəmənt ˈsɪstəm/
US /prəˈkjʊrmənt ˈsɪstəm/
A set of steps a company uses to buy the things it needs.
The school uses a procurement system to order new computers.
RELATED WORDS
OTHER MEANINGS
2. Software that helps a company manage its buying process.
Our new procurement system sends purchase orders automatically.
3. The official rules a government follows when spending public money.
The city's procurement system requires open bidding for big contracts.
4. The way an organization finds and gets goods and services.
A good procurement system saves time and money.