Procurement refers to the initiation, design, development, acquisition, logistics of products and services for the organization.
Procurement generalizes further the management of the value network, also including strategic aspects, internal and external to the organization.
Procurement is a structured process following a fairly defined Procurement Lifecycle. It may be centralized or decentralsed. Organisations typically have systems in place to ensure they are managing the process efficiently (e.g., obtain value for money).