Eprocurement, or electronic procurement, is the business process of buying and selling goods and services through an electronic medium, such as the internet. It is a form of business-to-business (B2B) purchasing that enables organizations to streamline their purchasing processes, reduce costs, and improve efficiencies. It involves the use of electronic catalogs, electronic data interchange (EDI), and electronic payment systems to purchase goods and services from suppliers. Eprocurement also includes the use of electronic auctions and reverse auctions to obtain the best price for goods and services. Eprocurement is an efficient way to manage the procurement process, as it eliminates the need for manual paperwork and manual processes. It also helps to reduce the risk of fraud and error, as all transactions are securely stored and tracked electronically. Eprocurement is an important tool for businesses of all sizes, as it helps to improve the efficiency of their procurement processes and reduce costs.
