E-procurement

E-procurement is the process of buying and selling supplies and services over the Internet. It differs from e-commerce in that it makes use of a supplier’s closed system typically available only to registered users.

When implemented properly, e-procurement opens the lines of communication between a company and a supplier by creating a direct link and facilitating interactions such as bids, purchase orders, and emails.

Procurement professionals can quickly locate products from preferred suppliers and are limited to the purchases they can make, so inventory is better controlled.