E-Procurement

Home / Glossary /

E-Procurement, or electronic procurement, is a digital process that involves the purchase and sale of goods and services through web-based software. The E-procurement process automates manual and repetitive tasks and streamlines functions such as vendor management, E-Auctioning, category management, purchase order (PO) integration, E-Invoicing, and contract management, among others. The process is designed in a way to centralise information for organisations, facilitate simplicity, and improve cost-efficiency.

The goal of E-Procurement is to source goods/services at the right price while evaluating and maintaining a healthy relationship with vendors. Additionally, organisations can set guidelines and select bidding algorithms for better negotiations.

How does E-Procurement work?

When implemented in the right way, E-procurement nurtures a relationship between organisations and suppliers. As a process, E-procurement comprises multiple components, including:

  1. E-Informing, which involves sharing purchasing information and requirements from internal/external parties.
  2. E-Tendering, which involves sharing and receiving tenders through digital platforms.
  3. E-Auctioning, which involves organising online auctions to sell goods/services through competitive bidding and smart algorithms. eAuctions enable maximum participation from vendors and ensure transparency in the bidding process.
  4. E-Invoicing, which involves sharing and processing invoices with customers for payment.
  5. E-Ordering, which involves creating purchase requisitions (PRs) for purchased goods/services.

Learn more about Procol’s E-Procurement solution.

When implemented in the right way, E-procurement nurtures a relationship between organisations and suppliers. As a process, E-procurement comprises multiple components, including:

  1. E-Informing, which involves sharing purchasing information and requirements from internal/external parties.
  2. E-Tendering, which involves sharing and receiving tenders through digital platforms.
  3. E-Auctioning, which involves organising online auctions to sell goods/services through competitive bidding and smart algorithms. eAuctions enable maximum participation from vendors and ensure transparency in the bidding process.
  4. E-Invoicing, which involves sharing and processing invoices with customers for payment.
  5. E-Ordering, which involves creating purchase requisitions (PRs) for purchased goods/services.

Explore More from Procol

Discover expert tips, how-to guides, industry insights, and the latest procurement trends.

Procurement

Why Contract Management is Crucial for Business Success?

In today’s complex business world, contract management is key to maintaining...

Procol • October 9, 2024

Procurement

Top Auction Software for Procurement in 2024

Introduction Auction software has become essential for procurement specialists and enterprises....

Procol • October 9, 2024

Procurement

Why is Contract Management Software Essential for Businesses?

In today’s fast-paced business world, good contract management has become essential...

Procol • October 1, 2024

Procol Can Revolutionize Procurement Approval Workflow for You

Connect with an expert who can share more about our solutions and answer any questions you have.

Get Free Demo

Trusted by leading procurement teams across the globe

reliancedalmiaquippohavells-newhavells-newhershysvip

Get a Free Demo