eAuctions, also known as electronic auctions, are online platforms or systems used in the procurement process to facilitate competitive bidding for goods or services. They provide a digital environment where suppliers can submit bids and compete with each other in real-time to win a contract or purchase order.

eAuctions offer various formats such as reverse auctions, where suppliers compete to offer the lowest price, or forward auctions, where buyers compete to secure the best terms from suppliers. These digital auctions promote transparency, efficiency, and cost savings by driving competition, encouraging price discovery, and enabling buyers to obtain the most favorable terms from suppliers.

Please see Reverse Auctions for more details on their application

eProcurement, short for electronic procurement, is the digitization and automation of the procurement process using technology and online platforms. It involves the electronic sourcing, ordering, and management of goods and services. eProcurement systems facilitate tasks such as online supplier registration, electronic bidding, purchase order generation, invoice processing, and vendor management.

These systems streamline procurement operations, reduce paperwork, enhance transparency, and improve efficiency. They enable organizations to automate routine tasks, increase procurement accuracy, track spending, enforce compliance, and analyze data for better decision-making. eProcurement enhances collaboration between buyers and suppliers, optimizes supply chain processes, and ultimately helps organizations achieve cost savings and operational excellence.

Sustainable Procurement is the commitment to considering environmental, social, and governance factors (ESG) in procurement decisions. These factors should be applied across all aspects of the procurement cycle. It means that the procurement processes comply with environmental laws, fair labor practices, resource consumption targets, and other core principles of ESG. These factors are becoming more important to overall business performance due to increased consumer requirements for sustainable goods and services. Due to this, sustainable factors are now a key pillar of the business requirements gathering activities.