E-Procurement

e-procurement, also known as electronic procurement, is the process of purchasing goods and services through digital channels, particularly the Internet. By utilizing e-procurement, organizations can streamline their procurement processes, reduce costs, and increase efficiency. The benefits of e-procurement include the ability to compare prices and suppliers, automate repetitive tasks, reduce paperwork, improve supplier relationships, and enhance transparency and accountability.

e-procurement can also help organizations achieve better compliance with procurement policies and regulations, as well as provide better control over expenditures and inventory. Implementing an e-procurement system can involve several stages, such as identifying procurement needs, selecting suppliers, issuing purchase orders and invoices, as well as receiving and accepting deliveries.

e-procurement systems can vary in their complexity and sophistication, depending on the size and needs of the organization. Various e-procurement systems and platforms are available in the market, including private e-procurement systems developed for specific organizations, as well as government-supported systems like the Government e-Marketplace (GeM) in India.

These platforms offer a range of features, from requisitioning to purchasing, contract management, and payment processing.