Admin - 04/19/2022

Online Procurement, an international recognised term you have to learn about.

E-procurement or electronic procurement is a broad term used to describe the use of electronic methods, via the Internet, to conduct transactions between buyer and supplier businesses in order to increase efficiency and reduce transaction costs.

It is the buying and selling of supplies, work and services between businesses or between businesses and consumers or between businesses and governments using the internet.

It is, in the simplest terms, the process by which a buyer obtains the goods or services he/she wants via the internet. Through these services, he can search for suppliers, receive bids, conclude contracts and complete his purchases digitally.

Supply Cycle

3-step process (Source-Procure-Analyze)

E-procurement process covers all the processes of the transaction and could generally be described as a 3-step process Source-Procure-Analyze. Source has to do with the Supplier searching, Procure with the ordering process and Analyse with the feedback. Mainly Procurement is well adobpted in the sector of B2B e-commerce(Business-to-Business)and is operating in on-demand basis or in a software-as-a-Service

CHANGING THE WAY OF PROCUREMENT

Definition and models

Definition in simple terms can be "the use of web services for as a communication system between Suppliers and Clients". e-Procurement systems allow greater flexibility and control over every aspect of the purchasing process. From controlling who can input an order, to who can approve and purchase it, and finally, who can receive against or pay it—control is central to the modern e-Procurement system. You can even manage who can see the details of a transaction, and which details, after the fact. If you want control over not just what your organization spends but who in your organization can spend it, authorize it, and see it, then an advanced digital e-procurement system is what you need.