E-Procurement
The use of electronic systems and digital platforms to manage procurement processes, from supplier selection to purchase orders and payment processing.
Implications
The use of electronic systems and platforms to manage the procurement process, including the sourcing, ordering, and payment for goods and services, often leading to greater efficiency, cost savings, and transparency in purchasing activities.
Example
Example: A multinational corporation implements an e-procurement system to streamline its purchasing processes, allowing employees to order office supplies online, track deliveries, and automate invoice processing.
Related Terms
Different from traditional procurement, which involves manual processes, e-procurement uses digital tools to automate and enhance the purchasing process.
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