Origin: Latin suffix -ment
Procurement has 2 different meanings across 1 category:
the act of getting possession of something
"he was responsible for the procurement of materials and supplies"
The purchasing department of a company.
"The new procurement team is negotiating better rates for office supplies next quarter."
In plain English: Procurement is the process of buying goods or services from outside suppliers to meet your needs.
"The company's procurement team is working to secure enough supplies for the new factory before the holiday rush."
Usage: Procurement refers to the process of acquiring goods and services rather than the department itself. Use it to describe the overall activity of sourcing and buying items needed for an organization.
The word entered English from the Old French procurer, originally meaning to take care of or manage something on someone's behalf. It traveled through Middle English as procurement before settling into its current form with a slightly more formal tone.