What is e-procurement?

Electronic procurement, or e-procurement, is the process of using an electronic method or process of using automated tools to streamline all stages of the procurement process. It comprises a wide range of activities like online sourcing (RFQs, RFPs, and RFIs), e-tenders, online reverse auctions, electronic invoices, and online catalogs. While e-procurement is the process, it can be enabled with the help of procurement software.

With traditional paper-based processes being replaced by digital ones in e-procurement, their efficiency increases exponentially, helping improve transparency and reduce costs across the source-to-pay and procure-to-pay process.