Discuss the advantages and disadvantages of e-procurement to both buyers and sellers.?
Advantages of e-procurement are:
1. Reduce Costs- It saves money by restricting duplicate spending and leveraging volume buying, etc.
2. Transparent Spending- E-procurement makes it easy to write and analyze reports on the procurement systems.
3. Increased productivity- E-procurement is less time-consuming than traditional procurement. Records stored electronically make it easier to submit to tenders.
4. Increase transaction speed- E-procurement is time-saving and efficient. Electronic handling of tasks simplifies the purchasing process, e-enabled relationship with suppliers, Transaction speed is increased.
5. Standardized Buying- Electronic purchasing method makes it easier for every department to conform to company procurement standards.
6. Reduced Errors- Errors can be reduced and rectified easily through e-procurement.
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