E-Procurement is an online procurement strategy that is progressively becoming more popular with businesses globally. These days, more businesses are beginning to see that e-Procurement trumps traditional procurement when it comes to efficiency. With e-Procurement, the purchasing and processing phase is simplified and sped up as a result of real-time interaction with pre-approved suppliers and trading partners, regardless of location or time.
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Supplier consolidation – also known as vendor rationalisation – is a supply chain management strategy that aligns with the common goal of procurement, cost reduction. It involves reducing the number of suppliers a company does business with, in the belief that supplier consolidation is cost effective and improves operational efficiency.
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