Procurement Buzzwords

Never heard about procurement? You have colleagues in procurement, but you do not understand what they are talking about?

No worries, our procurement ninja Alejandro prepared for you a list of key procurement buzzwords!

• Procurement: the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process
• Indirect Procurement: procurement of non-value creating articles and services
• Procure-to-Pay (P2P): the process of requesting goods and services from the order to the payment
• Source-to-Contract (S2C): the process of sourcing for (new) suppliers, running tenders, negotiations until signing a contract
• Purchase Request: the activity of raising a purchase need including all necessary information
• Purchase Order: the activity of converting a Purchase Request into an official order to a third party agreeing on those terms

About Alejandro Basterrechea

Alejandro is building the procurement of the future at Zalando, one of the most innovative companies in Europe and the starting point for fashion.

He’s also the winner of the 2019 World Procurement Leaders Awards and 2020 Amazon Business ABX Procurement Hero Award. Besides being an early investor at Hivebuy he’s an ambassador of the Sustainable Procurement Pledge (https://spp.earth/) and the founder of Procurement Tech Berlin: the most extensive network of procurement leaders in Berlin’s Tech scene.