Financial Glossary

Material procurement

Definition

Material procurement refers to the process of sourcing and acquiring the raw materials, components, or supplies needed for production or business operations.

Related Services

Supply chain management, inventory management, and procurement services help businesses efficiently source materials while minimizing costs and ensuring timely delivery.

Problem and Application

Ineffective material procurement can lead to supply shortages, production delays, or cost overruns, so it�s important to optimize this process.

Conclusion

Efficient material procurement is critical for maintaining smooth production processes and minimizing costs while ensuring timely deliveries.