e-Procurement

e-Procurement (electronic procurement) in procurement refers to the use of digital technologies and online platforms to manage and automate the purchasing of goods and services. It covers the entire procurement lifecycle—from requisitioning and supplier selection to ordering, invoicing, and payment—through electronic systems.

Key Components of e-Procurement:

• e-Sourcing: Identifying and selecting suppliers via digital tools.
• e-Tendering: Issuing and managing bids and RFPs electronically.
• e-Auction: Conducting online auctions to negotiate prices.
• e-Catalogs: Browsing and purchasing pre-approved goods/services.
• e-Invoicing and payment: Digitizing billing and payment processes.
• Spend analysis: Monitoring and analyzing procurement data.

Benefits of e-Procurement:

• Efficiency: Automates manual tasks and speeds up procurement cycles.
• Cost savings: Improves supplier competition and pricing transparency.
• Compliance: Enforces procurement policies and approvals.
• Visibility: Offers real-time tracking and reporting on spend.

e-Procurement systems are often integrated with ERP tools and are used in both private and public sector organizations.