What does the term 'e-procurement' imply in supply chains? 🔊
The term 'e-procurement' implies the use of electronic systems and technology for managing procurement processes, including sourcing, purchasing, and supplier management. E-procurement simplifies and automates repetitive tasks, enabling organizations to streamline operations, reduce costs, and enhance efficiency. This approach allows for real-time tracking of orders, better inventory management, and improved supplier collaboration. By leveraging digital tools, e-procurement enhances transparency and accountability throughout the procurement process, leading to better vendor selection and more informed purchasing decisions.
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