E-procurement

Definition

E-procurement is the process of purchasing goods and services through electronic means, typically over the internet. It streamlines procurement processes, reducing costs and enhancing efficiency for businesses.

Related terms

Supply Chain Management:

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

Purchase Order: A document issued by a buyer committing to pay the seller for the supply of specific goods or services at agreed-upon prices and terms.

Inventory Management:

The practice of ordering, storing, tracking, and controlling inventory to ensure that a company has the right amount of products at the right time