Procurement is the process by which businesses and other organizations purchase goods and services. Because these expenses can have a huge impact on the profitability of a company or the budget of a public entity, a well-managed procurement process is a very important to the overall success of an organization. Thus, procurement typically involves solicitation planning, research into sourcing and potential suppliers, competitive bidding, contract negotiations, and inventory management.

Procurement can be even more complex for multinational corporations or companies with international supply chains, where trade laws and tariffs must be considered on top of pricing and logistical concerns. Public entities may also be subject to additional procurement requirements pertaining to sourcing, including environmental and labor considerations.

Because of the complexity of the procurement process, it typically spans many departments of an organization, including accounting, operations, and sales. C-suite executives may also weigh in on procurement considerations given their importance to overall business strategy.

A strong understanding of procurement is essential for roles at many companies whose profitability depends on sourcing the right inputs at the right price, or at public agencies responsible for supplying goods and services for government operations. Positions that typically manage the procurement process include supply chain managers, operations managers, and purchasing managers.

These procurement experts are responsible for developing policies, evaluating potential suppliers, analyzing price proposals, negotiating contracts, and monitoring the ongoing performance of selected vendors and their products. According to the Bureau of Labor Statistics, purchasing managers earned a median annual salary of $121,110 in 2019, a high level of pay commensurate with the importance of this work to an organization’s bottom line.

Certainly. Coursera offers opportunities to learn about a wide range of business topics online, including courses about procurement as well as supply chain management and logistics. You can take individual courses or Specializations in procurement from Rutgers the State University of New Jersey and the Korea Advanced Institute of Science and Technology (KAIST). You can also learn about procurement in the context of courses on supply chain and project management from the Georgia Institute of Technology or the University of California Irvine.

Whether you choose these or other opportunities to learn about procurement on Coursera, you’ll be able to learn from top-ranked institutions from around the world on a flexible schedule. And, because you can learn on Coursera for a significantly lower tuition than on-campus students, you’ll be procuring a great education at a great price.