E Procurement Definition

E-procurement, also known as electronic procurement, is the process of procuring goods and services online. E-procurement allows businesses to streamline their procurement process, saving time and money.

E-procurement platforms provide a central marketplace for businesses to find suppliers and request quotes. Quotes can be compared side-by-side, making it easy to find the best deal. Orders can be placed directly with suppliers, without the need for paper invoices or manual purchase orders.

E-procurement platforms typically offer a range of features to help businesses manage their spend. These may include spend analysis tools, contract management features, and supplier performance tracking.