What is e-procurement?

E-procurement refers specifically to the use of electronic methods to purchase and acquire goods and services. This can involve various online platforms and software systems that streamline the procurement process, allowing businesses to order products and services digitally rather than through traditional, manual methods. The benefits of e-procurement include increased efficiency, cost savings, improved transparency, and easier tracking of purchases.

The essence of e-procurement lies in its ability to utilize technology to facilitate purchasing processes, reduce paperwork, and accelerate the transaction cycle—all of which can lead to more effective supply chain management. Thus, defining e-procurement as the electronic purchase and acquisition of goods and services captures its core purpose and significance in modern business operations.