E-Business Solutions

Understanding e-procurement

THE BUSINESS PRESS is replete with articles promoting the benefits of the internet. Hardly a day goes by without another forecast of exponential growth in some internet arena or other, or another e-buzzword added to the CEO's dictionary of jargon.

One of the more recent examples is e-procurement and virtual markets.

Analysts estimate that companies can incur anything from one-third to two-thirds of their operating expenditure on procurement - with a potential saving of 10-20% from participating in an e-market.

Predictions, as always, vary but some commentators predict a $1.5 trillion boom in B2B e-commerce by 2004.

Given this hyped background, the pressure of stock market perception, of shareholder interest and the possible financial benefits demand that e-procurement be addressed with some urgency.

However, strategic decision makers are faced with a relatively embryonic concept, characterised by uncertainty and complexity.

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