Improved global connectivity and the adoption of technology have greatly increased the volume of business conducted via the Internet. With the impacts from the coronavirus pandemic, virtually every business that can be conducted remotely is now online. This includes supply chain transactions, as both buyers and sellers embrace electronic procurement or e-procurement. E-procurement is shown to increase productivity and transparency while reducing costs.
E-procurement is the process of buying and selling supplies and services over the Internet. It differs from e-commerce in that it makes use of a supplier’s closed system typically available only to registered users. When implemented properly, e-procurement opens the lines of communication between a company and a supplier by creating a direct link and facilitating interactions such as bids, purchase orders and emails.
