{"id":46181,"date":"2022-03-09T09:51:04","date_gmt":"2022-03-09T09:51:04","guid":{"rendered":"https:\/\/softco.com\/glossary\/eprocurement\/"},"modified":"2023-06-07T15:16:45","modified_gmt":"2023-06-07T14:16:45","slug":"eprocurement","status":"publish","type":"glossary","link":"https:\/\/softco.com\/uk\/glossary\/eprocurement\/","title":{"rendered":"eProcurement"},"content":{"rendered":"\n
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eProcurement<\/h1>\n<\/div><\/div>\n\n\n\n
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A Simple Guide to eProcurement<\/p>\n<\/div><\/div>\n\n\n\n

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Electronic procurement, or eProcurement, is a method of supplier exchange that focuses on the sale and purchase of goods and services, primarily through a networked system, or a web-based platform. It is a commonly used B2B, and in some cases, B2C process that helps businesses procure goods from vendors. <\/p>\n\n\n\n

What is eProcurement?<\/h2>\n\n\n\n

eProcurement is defined as a digitized transaction process that involves companies using connected interfaces to buy or sell goods and services.<\/strong><\/p>\n\n\n\n

The technology makes it easy for businesses to streamline all transactions and automate interactions between vendors and other partners throughout the value chain. With the help of electronic procurement, companies can introduce greater speed and efficiency throughout their procurement department.<\/p>\n\n\n\n

eProcurement software generally contains an array of different features that are designed to improve the effectiveness and efficiency of procurement departments. <\/p>\n\n\n\n

The History of eProcurement<\/h3>\n\n\n\n

The precursor to eProcurement was actually the electronic data interchange (EDI), which was first released in the 1980s. With the help of EDI, users could freely exchange and share files or other documentation online. It greatly boosted the speed at which companies were able to conduct business, as businesses no longer had to rely on physically sending documents to complete transactions.<\/p>\n\n\n\n

This allowed vendors and buyers to transmit purchase orders or invoices more efficiently. Eventually, email and e-Procurement technologies took over, making it easy for businesses to quickly send electronic purchase orders, receive confirmations, and invoices from vendors. <\/p>\n\n\n\n

How Does eProcurement Work?<\/h2>\n\n\n\n

Instead of having to manually carry out repetitive and laborious tasks related to procurement, e-Procurement automates the entire process. AP and procurement teams no longer have to worry about exchanging supplier contracts or getting suppliers to fill out onboarding questionnaires. <\/p>\n\n\n\n

Instead, through an eProcurement portal, employees now have the technology to quickly search through digital catalogs and choose what they want to buy. They can also manage purchases based on purchases. <\/p>\n\n\n\n

The process of eProcurement is predicated on bringing several vendors together on a single platform. Most eProcurement software also offers vendor management features, letting them manage and maintain their own profiles. <\/p>\n\n\n\n

Key Features<\/h3>\n\n\n\n

Most e-Procurement solutions offer several key features, such as:<\/p>\n\n\n\n