A
Addressable Spend
Addressable Spend refers to the portion of a company's total procurement spending that is under the direct control and management of the procurement department. It encomp...
Auction Software
Auction Software refers to specialized software applications designed to facilitate online auctions and bidding processes. These software solutions are widely used across...
C
Category Spend
Category Spend, also known as Category Management Spend, refers to the allocation of a company's procurement budget across specific categories of goods or services. It in...
Contract Management
Contract Management is a critical business process that involves the creation, negotiation, execution, and ongoing monitoring of contracts between an organization and its...
D
Direct Categories
Direct Categories, in the context of procurement and supply chain management, refer to the specific goods or materials that are directly used in the production or manufac...
Dutch Auction
A Dutch Auction is a unique type of auction in which the auctioneer starts with a high asking price and gradually lowers it until a bidder accepts the price. Unlike tradi...
E
E-Auction
e-Auction, short for electronic auction, is a digital or online auction platform that enables buyers and sellers to participate in auctions electronically. Unlike traditi...
E-Marketplace
An e-Marketplace, short for electronic marketplace, is a digital platform that connects buyers and sellers for the purpose of buying and selling goods and services online...
E-Procurement
e-Procurement, or electronic procurement, refers to the digitization and automation of the procurement process within organizations. It involves the use of digital tools ...
F
Forward Auction
A Forward Auction is a type of auction where sellers offer goods or services, and potential buyers bid competitively to secure those items. In this auction format, the pr...
I
Indirect Categories
Indirect Categories, in the context of procurement and supply chain management, refer to goods and services that are essential for an organization's internal operations b...
J
Japanese Auction
A Japanese Auction, also known as a candle auction, is a unique auction format that involves the gradual extinguishing of a candle or other light source. In a Japanese Au...
N
Non-addressable Spend
Non-Addressable Spend refers to the portion of an organization's expenditure that falls outside the control and responsibility of the procurement department. This spendin...
O
Order-to-Cash
Order to Cash (O2C) is a comprehensive business process that encompasses all the steps involved in receiving and fulfilling customer orders, from order initiation to paym...
P
P.O (Purchase Order)
A Purchase Order (P.O) is a legally binding document issued by a buyer to a seller, outlining the details of a proposed transaction for the purchase of goods or services....
Procure-to-Pay
Procure to Pay (P2P) is a comprehensive business process that covers all the steps involved in procurement, from the initial identification of a procurement need to the f...
Procurement Software
Procurement Software refers to a category of software applications designed to facilitate and automate various aspects of the procurement process within organizations. Th...
Purchase Requisition
A Purchase Requisition, often abbreviated as PR, is a formal request made within an organization to initiate the procurement of goods or services. It serves as the initia...
Q
Qualified Bidder
A Qualified Bidder refers to a potential supplier or vendor who has met the specified criteria and requirements set by a buyer or organization to participate in a procure...
R
Reverse Auction
A Reverse Auction is a unique type of auction where multiple sellers compete to win business from a single buyer. In a Reverse Auction, the buyer sets the initial terms, ...
RFI (Request For Information)
A Request For Information (RFI) is a formal document or inquiry that organizations use to gather information from potential suppliers or vendors before initiating a forma...
RFP (Request For Proposal)
A Request For Proposal (RFP) is a formal document that organizations use to solicit detailed proposals from potential suppliers or vendors when they are considering a sig...
RFQ (Request For Quote)
A Request For Quote (RFQ) is a formal document used by organizations to request price quotations or quotes from potential suppliers or vendors for specific goods or servi...
RFX
RFx is a collective term that encompasses various procurement-related documents, including Request For Proposal (RFP), Request For Quote (RFQ), Request For Information (R...
S
Sealed Bid
A Sealed Bid, also known as a closed bid, is a procurement method in which potential suppliers submit their bids for a specific project or procurement opportunity in a se...
Sourcing
Sourcing, in the context of procurement and supply chain management, refers to the process of identifying, evaluating, and selecting suppliers or vendors to provide goods...
Sourcing Software
Sourcing Software, also known as e-sourcing software or procurement software, refers to specialized software applications or platforms designed to streamline and automate...
Spend Analysis
Spend Analysis is a systematic process used by organizations to examine and evaluate their procurement expenditures in detail. It involves the collection, categorization,...
Strategic Sourcing
Strategic Sourcing is a procurement approach that focuses on identifying, evaluating, and selecting suppliers strategically to optimize an organization's procurement proc...
Supplier
A Supplier is an individual or organization that provides goods, services, or materials to another organization. Suppliers play a crucial role in the procurement and supp...
Supplier Management
Supplier Management is the process of overseeing and controlling interactions and relationships with suppliers or vendors that provide goods, services, or materials to an...
Supplier Relationship Management
Supplier Relationship Management (SRM) is a strategic approach that organizations use to actively manage their relationships with key suppliers or vendors. It goes beyond...
T
2 Way Matching
2 Way Matching is a critical component of the procurement and accounting processes within organizations. This method involves a meticulous comparison of two crucial docum...
3 Way Matching
3 Way Matching represents a comprehensive approach to procurement and accounting that goes beyond the standard 2 Way Matching process. In addition to comparing the suppli...