Procurement and purchasing are often used interchangeably, but despite their similarities, they do have different meanings. Procurement is the complete process of acquiring all goods, services and work vital to an organization. It involves selecting vendors, establishing payment terms, and strategically vetting and negotiating contracts for goods and services. Purchasing, a subset of procurement, simply refers to buying goods or services.
Drexel Procurement Services works hard to establish procurement and purchasing practices that cultivate the success of a dynamic urban university. Procurement and purchasing initiatives should add value and financial efficiency to Drexel University's operations. We aim to do this with attention to detail and exceptional customer service.
Drexel Procurement Services works with stakeholders to:
- Procure required services and materials while ensuring quality, safety and cost-effectiveness;
- Ensure full and open competition in procurement transactions whenever required by policy or otherwise appropriate;
- Solicit the participation of all qualified and responsible contractors and suppliers throughout the process;
- Comply with best practices and applicable laws and regulations;
- Encourage participation from a local and diverse supplier base;
- Obtain the best value for money spent; and
- Diligently adhere to ethical procurement and purchasing practices.