Procurement is the process of acquiring goods, services, or works from external sources, typically involving the selection of suppliers and negotiation of contracts. It encompasses a range of activities, including identifying needs, specifying requirements, sourcing suppliers, and managing the purchasing process to ensure that the right products or services are obtained in a timely and cost-effective manner. Procurement is essential for organizations to maintain operational efficiency and achieve strategic objectives while adhering to regulatory and ethical standards. It can include strategic sourcing, purchasing, and supply chain management functions, and it plays a crucial role in managing relationships with suppliers and ensuring quality and compliance.
Vertice, the innovative spend optimization platform, has successfully secured $50 million in Series C funding, setting the stage for remarkable growth. This new investment, led by Lakestar, elevates the company's…