eProcurement

Question 1

E-procurement

Answer 1

E-procurement (electronic procurement, sometimes also known as supplier exchange) is the business-to-business or business-to-consumer or business-to-government purchase and sale of supplies, work, and services through the Internet as well as other information and networking systems, such as electronic data interchange and enterprise resource planning.[1]

Question 2

Procure-to-Pay Process

Answer 2

1. Identification of Requirement
2. Authorization and Final Approval of Purchase Request
3. Procurement (Identification of Supplier, Inquiries)
4. Receipt of the Quotation
5. Negotiation, Selection of the Vendor
6. Purchase Order Acknowledgement
7. Advance Shipment
8. Goods Receipt, Invoice Recording
9. Payment to Supplier ( 3 way match )