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Today there is a major emphasis on the process called "supply chain management"
In the 1960's the process of buying materials and services was referred to as "purchasing" and you purchase things from the available market you knew as a buyer using catalogs, reference books, know suppliers, etc. The Internet did not exist so supply market research was a very difficult and time consuming task.

The term of strategic procurement or strategic sourcing came about with the development and use of the Internet by which data acquisition needed for supply market research was easier and available to every buyer or material supply professional.

The Institute for Supply Management (ISM) has a lot to do in promoting and introducing the position of material supply management or supply chain management. They sponsor the certifications of Certified Purchasing Manager (CPM) and now its replacement for the future, the Certified Professional in Supply Management. ISM defines the latter certification (CPSM) as it;
certifies that you have key knowledge and skills in areas such as finance, supplier relationship management, organization global strategy and risk compliance and that you are a leader in the supply chain management profession.

Answered 7 years ago