E-Procurement: A Significant Operation

E-Procurement

E-Procurement definition specifies it as the purchase or sale of products or services through digital mediums. Contrary to physical procurement, E Procurement uses digital networking and information systems that operate through the internet. This form of sale or purchase transaction can take place through a business-to-consumer (B2C), business-to-business (B2B), or business-to-government (B2G) contract. 

Many organizations use ERP software to source their requirements through eProcurement. With the advent of technology, organizations are integrating new platforms for their E-Procurement needs. These tools help organizations bring transparency, flexibility, and agility to procurement processes by automating major portions of the procurement function. E-proc also helps businesses optimize important tasks like contract management, supplier bids, tracking the movement of goods, and making payments. Many organizations, for example, use electronic procurement ("e-procurement") solutions to automate routine purchase order preparation, whereas others use sourcing management teams to improve the outcome of supplier evaluation and selection efforts.