What is the Difference Between Acquire and Procure?
🆚 Go to Comparative Table 🆚The terms "acquire" and "procure" are often used interchangeably, but they have distinct meanings and are used in different contexts. Here are the key differences between the two:
- Acquire: Acquisition refers to the act of obtaining something, usually through purchase, negotiation, or donation. It typically involves obtaining new assets, businesses, or technologies. Acquisition is done through various methods such as purchasing, leasing, or hiring.
- Procure: Procurement, on the other hand, is the process of obtaining goods, services, or technologies from external suppliers, usually through invitation to bid, negotiation, and award of contracts. Procurement is often conducted to meet an organization's needs and involves sourcing and buying goods that are ready for use.
In summary, acquisition usually refers to acquiring new assets or businesses, whereas procurement refers to acquiring existing assets or services.
On this pageWhat is the Difference Between Acquire and Procure? Comparative Table: Acquire vs Procure
Comparative Table: Acquire vs Procure
Here is a table highlighting the differences between acquire and procure:
| Term | Meaning | Focus | Process |
|---|---|---|---|
| Acquire | To obtain through one's actions or efforts, often used for objects or assets. | Overarching process businesses use to get goods and services to fill a company's needs, including design and production of goods. | Covers the entire lifecycle of acquired systems, from conceptualization to disposal. |
| Procure | The act of buying goods and services. | Sourcing and buying through contracts for external goods that are most often intact and ready to use. | A narrower, more focused process within the acquisition process, involving tasks such as sourcing vendors, negotiating best value and terms, generating and submitting purchase orders, receiving deliveries, reconciling and matching invoices, and issuing payment for goods, products, and/or services. |
In summary, acquisition is a broader process that includes the design and production of goods to fill the company's needs, while procurement is a more focused process that involves sourcing and purchasing goods and services from external sources.
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