A procurement strategy is a detailed structure of how the procurement is handled by the procurement manager or a company. It is an overview of how the whole procurement process starts, from selecting a supplier to choosing methods on how to buy or procure the products or services needed for the company.

Procurement strategy refers to a long-term plan to cost-effectively acquire the necessary supplies from a list of efficient vendors who can deliver quality goods on time, abiding by the purchasing terms. Typically, a procurement strategy depends on several factors like purchase timeline, the available budget, the total cost of ownership (TCO), possible risks and more.