E-Procurement: A Significant Operation

E-Procurement

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.