What is eProcurement? Here’s What You Need to Know

Adaptation of technology has dramatically increased the volume of business conducted on the internet. Combined with the impacts of the coronavirus pandemic, almost every industry that can be done remotely is now online. This includes supply chain transactions for both buyers and sellers.

What is eProcurement?

EProcurement is the process of buying and selling supplies, equipment, and services through the internet or other networked system. The difference between eProcurement and eCommerce is that it uses a supplier's closed system, typically available only to registered users. This closed way of buying and selling creates a direct link and facilitates interactions such as bids, emails, and online purchase orders.

The Benefits of eProcurement

There are many substantial benefits of procurement management within a business. These include cost savings, shorter purchasing cycles, improved inventory control, and transparency.

Built-in monitoring tools can help control costs and maximize performance which will, in turn, reduce paperwork and overhead for employees. Buyers appreciate the access available to products, services, and prices. And, with transaction tracking, businesses can simplify orders, payments and requisitions, all of which can reduce delivery time.

Many businesses appreciate the transparency in eProcurement because all information is centralized and can be made available to management, shareholders, stakeholders, or the public as appropriate.

BigCommerce and BundleB2B

BigCommerce offers eProcurement software products designed to help businesses reduce costs and improve productivity. Among providers, features may vary, but most include supplier management, order fulfillment, inventory tracking, and document management.

The technology is designed to automate and centralized interactions between an organization, customers, and other chain partners to improve the efficiency and speed of procurement practices.

Learning the ins and outs of eProcurement can be challenging. But with our team behind you, we can keep you up to speed with emerging technologies and processes so that you can gain working knowledge and discover all the benefits it has to offer. Contact our team today and learn how we can help streamline your supply chain with eProcurement.

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