E-Procurement: A Significant Operation
E-procurement, also known as electronic procurement, refers to the use of digital technology to streamline and automate the procurement process of an organization. E-procurement involves supplier research, requisitioning, ordering, payment automation etc.
Benefits of e-procurement are better insights, minimizing time, minimal or no errors, improved spend visibility, and efficient supplier monitoring.
The steps involved in e-procurement are e-informing, e-sourcing, e-tendering, e-auctioning, e-ordering, and e-invoicing.
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