What is procurement product in SAP LO-RFM - S/4HANA Retail & Fashion Management?

SAP Term: procurement product

• Component: LO-RFM

• Component Name: S/4HANA Retail & Fashion Management

• Description: A logistical product in a specific unit of measure used for stock separation. A procurement product can be procured from an internal or external supplier.

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• Key Concepts: 
  Procurement product is a term used in SAP S/4HANA Retail & Fashion Management (LO-RFM) to refer to the goods and services that are purchased from external suppliers. It includes both physical products, such as clothing and accessories, as well as services, such as marketing and advertising. 
  
  How to use it: 
  In LO-RFM, procurement products are managed through the Procurement Product Master Data application. This application allows users to create and manage product information, such as product descriptions, pricing, and supplier information. The application also allows users to track the status of orders and deliveries. 
  
  Tips & Tricks: 
  When creating a procurement product in LO-RFM, it is important to ensure that all relevant information is included in the product master data. This includes the product description, pricing, supplier information, and any other relevant details. Additionally, it is important to keep track of the status of orders and deliveries to ensure that products are delivered on time. 
  
  Related Information: 
  Procurement products are closely related to other concepts in LO-RFM, such as inventory management and supply chain management. Additionally, procurement products are often used in conjunction with other applications in S/4HANA Retail & Fashion Management, such as Sales Order Management and Logistics Execution.