E-Procurement
What is
E-Procurement, also known as electronic procurement, is the process of using technology to manage the purchase of goods and services. It involves the use of internet-based platforms and software to automate and streamline the procurement process, from sourcing and supplier management to purchase order creation, invoice processing, and payment.
- E-Procurement systems typically include a range of features such as:
- Sourcing: Allows companies to identify and evaluate potential suppliers, request quotes, and compare proposals.
- Catalog management: Enables companies to create and manage an online catalog of goods and services that can be easily accessed and ordered by employees.
- Purchase order creation and management: Allows companies to create, approve, and track purchase orders in a centralized location.
- Invoice processing: Automates the process of receiving, reviewing, and approving invoices for payment.
- Spend analysis: Provides visibility into the company's spending data, allowing companies to identify areas where they can reduce costs and improve supplier performance.
- Supplier management: Allows companies to manage supplier information, performance, and compliance in a centralized location.
By automating and streamlining these processes, e-procurement can help companies to reduce costs, improve efficiency, and gain greater visibility into their procurement activities. It also can help in the reduction of errors, increase transparency and compliance, and better supplier management. Additionally, e-Procurement can help companies to reduce paper usage, increase the speed of processing, and improve supplier relationships.
See Also