Any form of business involves procurement, and for better cost and time cutting e-procurement is introduced in the market, as E-procurement eliminates the need to perform each task manually and switches to a better effective way.

E-procurement or electronic procurement is a process that involves the purchase and sale of supplies through a networked system. People still prefer the regular procurement process but soon E-procurement will change this scenario in the Indian business market.

Sectors using E-procurement and benefits are they reaping from the E-procurement service

Business to Business (B2B) sector does use E-procurement. It helps to automate the process rather than running down the whole long cycle.

It reduces the workload on the procurement team as it is an automated process. Even bulk selection, supply, and tracking become easy for the company and the other party.

Transparency and accountability increase along with better control over the process.

E-procurement gives the following features:

You can search online and select as per your preference, quality, and budget, or also can submit requisitions. Also, tracking delivery status becomes very easy.

How Indian companies/startups can leverage E-procurement to grow their businesses.

As E-procurement can turn out to be a way to keep everything organized and well manageable with suppliers and the receiver and also maintain a line-up of communication without any confusion.

As everything is well organized then decision-making regarding matters involving E-procurement will turn out to be quick and easy.

All the transactions which are happening are easy to track as it takes place through the internet and any old transaction can be rechecked without any hindrance.

Compare to the traditional way the new way is fast and easier to handle which helps in the growth of the business.

E-procurement: revitalising Indian businesses post-covid-19

Pre- and Post- Covid19 the business market faced a great loss as everything was shut down due to the lockdown and safety measures, except a few very essential sectors.

Safe distance and avoiding physical contact were Covid-19 norms and E-procurement has proven to be helpful, as the process does involve these factors. E-procurement got a major boost during the pandemic time as the majority of people started to use the Internet for their requirements. 

The government also promoted the online business biding idea to avoid the spread of the virus and it was a safer way compared to the traditional one.

Even after the lockdown ended and the risk of the virus lessens the shift to online activity still seems in use, and E-procurement is one of them.

During a crisis, E-procurement could be a way out, as automatic data analysis can help out in such situations.

Summing up!!!!

E-procurement is a major time and cost saver. The Indian market which majorly was seen using traditional procurement is adapting E-procurement with great speed due to various beneficial features which we had came to know through this article.

Due to easy to connect feature, e-procurement in the public sector is growing and emerging internationally whether it is a government or private project.