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E-procurement revolutionizes traditional procurement by automating processes using internet technologies. It encompasses B2B, B2C, and B2G transactions, streamlining supplier sourcing, inventory management, and payment execution. This digital approach enhances operational efficiency, reduces errors, and provides valuable data for strategic decisions. While offering cost savings and transparency, e-procurement also faces challenges like cybersecurity and supplier adoption.
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E-procurement is the automation of the procurement process through internet technologies
Business-to-business (B2B)
B2B transactions involve the acquisition of goods, services, and works between businesses
Business-to-consumer (B2C)
B2C transactions involve the acquisition of goods, services, and works from businesses to consumers
Business-to-government (B2G)
B2G transactions involve the acquisition of goods, services, and works from businesses to government entities
The P2P cycle involves selecting goods or services, issuing purchase orders, and managing invoices and payments
E-procurement minimizes paperwork and reduces the likelihood of human error, leading to better spend visibility and transactional transparency
E-procurement enables quicker and more economical transactions, which can positively impact a company's return on investment (ROI)
The digital recording of transactions in e-procurement provides a rich dataset for spend analysis and more strategic purchasing decisions
E-informing involves sharing information online between buyers and sellers to ensure data accuracy and reliability
E-sourcing involves the identification and selection of suppliers through requests for information, quotations, and proposals
E-tendering involves soliciting bids from multiple suppliers in an online environment, increasing efficiency and security
E-auctioning allows suppliers to compete in real-time to secure contracts
E-ordering involves issuing and managing electronic purchase orders through EDI systems, automating the entire ordering process
E-procurement systems include tools for onboarding new vendors, facilitating a streamlined and paperless procurement environment
E-procurement systems offer tools for spend analysis and market research, contributing to a more strategic purchasing process
EDI systems facilitate the exchange of data and manage the flow of proposal requests, purchase orders, and invoices
Online marketplaces and specialized e-procurement platforms provide digital catalogs and detailed product information, facilitating supplier relationships and the bidding process
00
______, also known as electronic procurement, enhances the procurement process using ______.
E-procurement
internet technologies
01
The ______ cycle, also known as Procure-to-Pay, aims to improve the collaboration between ______ and ______.
P2P
procurement
accounts payable departments
02
E-procurement impact on paperwork and errors
Reduces paperwork and minimizes human error through process automation.
