E-Procurement Solutions Definition

E-procurement, also called electronic procurement, is the business-to-business purchase and sale of goods and services over the internet. E-procurement platforms enable businesses to find and compare suppliers, request quotes, and place orders electronically.

E-procurement can be used for indirect purchases, such as office supplies or marketing services, as well as direct purchases, such as raw materials or industrial equipment. The e-procurement process generally includes these steps:

1. Searching for suppliers: Businesses can use an e-procurement platform to search for suppliers that meet their specific needs.

2. Requesting quotes: Once a business has found one or more potential suppliers, they can use the platform to request quotes. This allows businesses to compare prices and terms before making a purchase decision.

3. Placing orders: After choosing a supplier, businesses can place orders electronically through the platform. This streamlines the ordering process and helps ensure accuracy.

4. Tracking orders: E-procurement platforms typically provide tools for tracking orders and payments. This helps businesses stay on top of their spending and avoid surprises at invoice time.