Procurement Glossary & Terminologies

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.

Learn more about Procol’s E-Procurement solution.