E-Procurement

E-Procurement refers to business-to-business (B2B) or business-to-consumer purchasing of goods and services over the internet. It includes requisitioning, ordering, purchasing and tracking these activities over the Internet.

E-Procurement software makes the procurement process faster than a paper-based system since employees from different departments can order the items they need from a centralized system. It allows the procurement department to setup approval workflows to ensure that staff of a company purchase goods according to company guidelines and budgets. It also improves the efficiency of the procurement workflow since approvers can approve purchase requests from wherever they can access the e-procurement software. The software includes features for creating and managing requisitions, supplier maintained catalogs for up-to-date pricing and availability, purchase order creation and management, receiving goods and managing the vendor pay cycle.

Features of E-Procurement Software

  • Company staff can create requisitions. Procurement staff can view these requisitions and aggregate them into purchase orders.
  • Vendor maintained catalogs allow for up-to-date pricing and availability of goods and services.
  • Creation and management of purchase orders including routing purchase requests for approvals.
  • Receiving goods and checking them into the system allows for more efficient tracking.
  • Reconciling received goods against vendor invoices and managing the vendor-pay-cycle.