What does PUR mean in GENERAL

Definition and Meaning

The term PUR stands for Purchase, which is an essential activity within any business process. The purchase process involves initiating a request from a customer, supplier, distributor or other source for goods or services with the intent of paying for them upon delivery. It is also known as procurement and it involves activities such as solicitations, negotiations, communications and purchasing agreements between buyers and sellers. In a typical purchase process, the customer typically has some idea of what they are looking for prior to making contact with the seller. Furthermore, they will usually create a formal document outlining their specifications and requirements before an invitation to bid is issued out by the purchaser.

Overview

The concept of purchase extends beyond just buying goods from a store - it also applies when businesses enter into contracts with vendors who supply materials, software or services used in day-to-day operations. Purchasing activities are generally tracked through an enterprise resource planning system (ERP) which allows businesses to keep track of purchasing information such as price comparisons, inventory tracking and supplier communication all in one place. An effective purchasing strategy can help reduce costs significantly by ensuring that the best prices are sought after every time an item needs to be bought - this includes even bargaining with suppliers if necessary so that businesses can save money where they can.