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What is 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 and technologies to streamline and enhance various procurement activities, including requisitioning, sourcing, supplier management, and purchase order processing.

e-Procurement systems often include features such as online catalogs, supplier portals, e-invoicing, and electronic purchase orders. These systems enable procurement professionals to collaborate with suppliers, monitor spending, enforce procurement policies, and optimize supplier relationships.

The adoption of e-Procurement solutions results in increased efficiency, cost savings, improved transparency, and better compliance with procurement guidelines. It also provides valuable data for decision-making and strategic sourcing initiatives.