E-procurement does away with the need to complete time-consuming procurement-related processes including:
- An eprocurement tool and eTenders
- Exchanging supplier contracts, and
- Completing questionnaires for supplier onboarding.
Through the use of a centralized platform, the process connects multiple entities and processes. One of the most crucial elements of e-procurement is vendor or supplier management. As a result, supplier information management and supplier relationship management are also included.
Among e-other procurement’s essential elements are the following:
- E-sourcing involves defining needs and screening prospective suppliers. E-tendering entails requests for information, proposals, and quotes;
- E-auctioning involves assessing vendors, contract administration, and negotiation; e-ordering and payment involve issuing requisitions and purchase orders and receiving requested goods.
- Analytics: view expenditures and take necessary corrective action.