In an IT context, system procurement means purchasing any aspect of an IT system for your business, whether it be hardware, software or IT services related to your IT systems.
In its broadest sense, it the term system procurement can refer to every stage of the procurement process, from determining requirements for IT systems, choosing and then communicating with suppliers, entering into procurement contracts, through to managing the assets acquired.
IT systems can be a significant purchase, so it is important to get your IT procurement contracts right before you invest.