e-Procurement: Procurement Process for the Tech Savvy Organizations
Business enterprises both large and small deal with exchange of goods and services and the transaction
is either in the same form or in cash.
The process of buying of supplies and...
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e-Procurement: Procurement Process for the Tech Savvy Organizations
Business enterprises both large and small deal with exchange of goods and services and the transaction
is either in the same form or in cash.
The process of buying of supplies and services, for use in the
business process is termed as procurement.
With technology being integrated into every system, most
business houses use automated tools for procurement.
The tools like the enterprise resource planning
and EDI aid procurement specialist with the buying process.
Technological innovations and growth of e-commerce have given rise to electronic procurement.
Also
referred to as e-procurement this process involves the use of electronic media for acquiring materials and
supplies.
However, irrespective of being a consumer or a retailer, for the home front or for the business
organization, the first step in every procurement process is identification and recognition of the
requirements.
The process involves generating a
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