E Procurement, also known as electronic procurement, is the official business definition for the process of buying and selling goods and services through an electronic platform. This process has become increasingly popular in the 21st century, as it allows for faster, more efficient purchasing and procurement processes. Through e procurement, businesses are able to purchase goods and services from any number of vendors with relative ease. This type of procurement process can be used for both businesses and individuals.
The first step in e procurement is the selection of the vendor from whom the goods or services will be purchased. This selection process may be based on a number of factors such as price, quality of product, or past performance. Once a vendor is chosen, the e procurement process continues with the negotiation and purchase of the goods or services. This process may include the signing of contracts, the transfer of electronic funds, and sharing of