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ROLE OF E-COMMERCE IN PROCUREMENT MANAGEMENT
Preety
Abstract:
Procurement management plays a vital role in the success and efficiency of any organization's operations. With the advent of e-commerce, traditional procurement methods have undergone significant transformation. This paper explores the role of e-commerce in procurement management, examining its impact on efficiency, cost-effectiveness, transparency, and strategic decision-making processes. The integration of e-commerce platforms into procurement management processes has revolutionized the way organizations source goods and services. E-commerce facilitates a streamlined procurement process by providing access to a vast network of suppliers and vendors, thereby increasing competition and driving down costs. Moreover, the automation of procurement tasks, such as requisitioning, ordering, and payment processing, reduces the administrative burden on procurement professionals, allowing them to focus on strategic activities. E-commerce platforms also enhance transparency in procurement operations by providing real-time access to information regarding supplier performance, pricing trends, and market dynamics.
