Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Closed system
A system or process that, once started, does not allow new entrants. A framework agreement might have multiple buyers and multiple suppliers, but once set up no additional buyers or suppliers can be added to it
Source:
Cognitive Computing
The development of computer programs that can teach themselves to grow and change when exposed to new data. Sometimes referred to as "machine learning".
Source:
Collateral
A security or guarantee (usually an asset) pledged for the repayment of a loan if one cannot procure enough funds to repay (originally supplied as "accompanying" security).
Source:
Commercial Risk
Commercial risk is related to the uncertainty with regard to the price we will pay and the costs that we will incur when having outsourced activities to the supplier.
Source:
Co-operative
A people-centred enterprise owned and run by and for their members, which either reinvests any profits or returns it to their members
Source:
Cognitive Technologies
Technology that can be "trained " to identify patterns or text and make probability-based algorithmic decisions on how and what to process.
Source:
Collusion
Where two or more potential suppliers (or the purchaser and one or more suppliers) secretly co-operate to undermine the competitiveness of a tender process
Source:
Commodity
Any physical item that is traded in commerce. The term usually implies an undifferentiated product competing primarily on price and availability. Also referred to as a "good" or "supply item".
Source: