Are procurement and purchasing the same thing?

Are procurement and purchasing the same thing?

I was lucky to find the blog, and now I know that when comparing procurement and sourcing, it's not so much about the differences as how they interact. Procurement is an all-encompassing practice; it's the procedural and analytical foundation that underpins spend management activities. Sourcing occurs later in the process, after due diligence is completed and transactions are actually initiated and closed.