What is the term for the process of sourcing goods, negotiating with suppliers, paying for goods, and arranging deliveries?

The term that encompasses the entire process of sourcing goods, negotiating with suppliers, paying for goods, and arranging deliveries is procurement. This broad definition includes all activities involved in acquiring goods and services, from identifying needs to selecting suppliers and managing contracts.

Procurement specifically focuses on building relationships with suppliers, ensuring compliance with regulations, and managing purchasing processes to optimize costs and quality. This is essential for organizations to maintain effective operations and achieve their strategic goals.

While related terms like e-procurement, supply chain management, and electronic commerce share some similarities with procurement, they do not cover the full scope of activities. E-procurement, for instance, refers specifically to the electronic methods of acquiring goods and services, primarily facilitated through online platforms. Supply chain management involves the central coordination of all aspects of the supply chain, including procurement but also encompassing manufacturing, logistics, and distribution. Electronic commerce refers to the broader process of buying and selling goods and services online, which is a subset of the procurement process but does not explicitly address the negotiation and logistics components in detail.

Thus, procurement is the most accurate term that encapsulates these activities comprehensively.