e-Procurement

e-Procurement involves the online conduct of business-to-business procurement processes using web-based applications. The significance of e-Procurement is that it enables buyers to locate potential suppliers, review product choices, select products and make purchasing transactions directly over the Internet. Typical e-Procurement applications include web-based ERP solutions that automate transactional procurement processes. e-Sourcing can facilitate the location of potential supply sources, e-Tendering can facilitate simplified quotation and tendering processes, e-Auctions may allow reverse auctions and e-Marketplaces bring together multiple sellers in a single environment. The significance of e-Procurement is not simply the automation of workflows such as requisitioning, creating purchase orders, and receiving and paying for goods. e-Procurement solutions change the sourcing process by facilitating the value propositions of multiple suppliers to be accessed in one place and at one time to create a ‘one-stop shop’ for all categories, and reduce the friction involved in traditional commerce. See also e-Marketplace.

Masterclass – Operational Excellence for Procurement training is available at Academy of Procurement.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.