What is eProcurement?

 

eProcurement

            eProcurement, also known as electronic procurement or online procurement, is the process of purchasing goods and services through an electronic platform, rather than using traditional methods such as paper-based purchasing or telephone orders. This process involves the use of the Internet, electronic communication, and electronic data interchange (EDI) to exchange information and documents related to the procurement process.

eProcurement systems typically include features such as online catalogs, request for proposal (RFP) and request for quotation (RFQ) tools, electronic bidding and auctions, and electronic payment and invoicing systems. These systems can be used by both buyers and sellers to streamline the procurement process and reduce the time and cost associated with traditional purchasing methods.

eProcurement can be used by businesses of all sizes, as well as by governments and other public sector organizations, to manage the purchase of a wide range of goods and services, including office supplies, raw materials, and capital equipment. The use of eProcurement can help organizations to improve efficiency, reduce costs, and increase transparency in the procurement process.

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