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.

Benefits of Supplier Management

Smart supplier management takes off the load of manually managing suppliers and helps supply chain leaders automate and modernise their processes with agility and resilience.

Reduces overall costs - An intelligent supplier management solution helps companies reduce costs without compromising the quality of suppliers while opening a gateway for long-term cost savings. Improves process efficiency - Businesses can make data-driven decisions based on supplier evaluation reports and optimise costs with minimal supply chain delays.

Minimise supply chain risk - Facilitate organisation-wide visibility by eliminating blind spots and minimising supplier disputes by using centralised supplier management solutions.

In-depth performance analysis - Rank suppliers based on individual profiles, audit reports, assessments, and scorecards, to boost longer contract terms with quality, enterprise-grade suppliers.

Learn more about Procol’s Supplier management solution.