What is e-procurement and its example?

E-Procurement is the process of procuring goods and services or auction by utilizing internet-based information technology facilities that are generally in the form of a website or application. E-Procurement is widely used by every company to facilitate the procurement process. One example of e-procurement in Singapore is HashMicro's e-procurement. HashMicro provides the best e-procurement that can facilitate the procurement of goods automatically and efficiently. The practice of requesting, ordering, and buying goods and services online is known as electronic procurement, often referred to as e-procurement or supplier exchange. It involves business to business transactions. Utilizing an e-procurement system's optimum pricing and timing for purchasing goods or services is its main objective. It's crucial for firms to build relationships with suppliers if they want to achieve this goal. This makes it possible for procurement staff to bargain deals with suppliers.

What is the function of procurement in the company?

The function of procurement in the company is to ensure the procurement of goods and services can run on time by taking into account the specifications needed but able to minimize expenses in order to achieve the efficiency of the company's costs. Procurement also functions to make the company's procurement so that there is no purchased goods which stock is still piling up. And Also, Procurement involves every activity involved in obtaining the goods and services a company needs to support its daily operations, including sourcing, negotiating terms, purchasing items, receiving and inspecting goods if necessary and keeping records of all the steps in the process. In addition, Procurement is an important step in understanding supply chains, because it helps a company find reliable suppliers that can provide competitively priced goods and services that match the company’s needs. That’s the case whether the company is seeking raw materials for manufacturing, a marketing services provider or new office supplies.

What is the difference between purchasing and procurement?

Procurement is an activity such as identification of needs and vendor selection, while purchasing is a part in procurement such as ordering, receipt payment, and many others. In short, Purchasing is a procurement of goods but on a simple scale. It is is the process of finding and agreeing to the terms of a purchase. It includes identifying potential suppliers, negotiating contracts, and selecting the supplier that offers the best value for money. Purchasing is the actual act of buying goods and services. It is also known as the process of identifying, prequalifying, selecting and procuring suitable goods or services or work from third party suppliers through direct purchasing, competitive bidding or bidding processes while ensuring timely delivery of the right quality and quantity.

#1 Procurement Software for Philippine Enterprises

Q: What is Procurement Software?

Procurement is a form of activities carried out by the company to buy raw materials, various business equipment, production machinery or various building materials, repair equipment and services that are currently needed by the company. Procurement helps companies to procure goods that meet their needs and needs in the amount, location, quality, time and cost as low as possible. In addition, another goal is to help companies reduce costs as much as possible so that companies can get large profits. Therefore, the procurement process is one of the right ways to realize these benefits. In order to give businesses clarity, control over, and uniformity over their complete purchasing process, procurement software is essential. Employees can purchase all of their needs from procurement software in one spot. Due to the fact that everything is kept in a single spot that anybody can access based on their user permissions, many systems also enable improved supplier relationship management.

Gain full control over budgeting, approvals, and vendor management across every branch. Streamline purchase requests, automate reorders, and secure the best prices with a centralized procurement platform.

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The Benefits of HashMicro's Procurement System

Full Traceability

Track the products coming into your warehouse and get notifications when your order is shipped and received.

Easy Backorder Management

Adjust delivery schedules and vendor payments based on the quantity of items received.

Controlled Procurement Cost

Control procurement expenses through departmental budgeting and cost center allocation for each project.

On-time Payment

Track unpaid invoices with automated alerts to maintain on-time payments and prevent invoice backlogs.

The Main Features of the Procurement System

PO, RFQ & PR Management

Generate purchase requests and convert them into purchase orders instantly. Create and send quotations to multiple suppliers.

PR Approval
Management

Approve or reject purchase requests from all departments, locations, or employees with just one click. Minimize unauthorized purchases.

Online Portal
for Suppliers

Vendors can share digital catalogs through the supplier portal. Conduct tender processes and compare offers to secure the best deals.

Vendor/Supplier
Rating

Rate vendors based on product quality, delivery reliability, pricing consistency, and overall performance to identify your most reliable partners.

Blanket Order Management

Place recurring orders under pre-agreed pricing and delivery terms to streamline long-term supplier contracts.

Landed Cost Calculation

Determine the total cost of items delivered to your doorstep, including taxes, shipping fees, insurance, and currency conversion.

Purchasing System Integration

Inventory Management System

Integration with HashMicro’s Inventory Management System controls procurement costs and prevents unnecessary or excessive purchases.

Procurement

Accounting System

Forecast expenses and revenue related to purchased goods or services by integrating the purchasing system with the accounting system.

CRM-Sales

Limit purchases to requested items only to avoid overspending and buying unnecessary stock.

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Providing the right solutions for our clients is our focus and priority.

FAQs

Frequently asked questions about our software solutions.

We provide comprehensive support, including free consultations, blueprints, training, and user manuals, to ensure your ease of use of our software.

Our solutions are very comprehensive and designed for 15 industries. Our ERP system offers unlimited user licenses. Therefore, it can be used by everyone in your company at no additional cost.

HashMicro offers ready-to-use software solutions that can be quickly deployed, but they’re also fully customizable to suit your company’s specific needs. You don’t have to start from scratch, but you’re not stuck with a rigid system either.

Yes, our software has a mobile version to help you run your business better. Our mobile apps cover various functions, depending on the modules you are using.

HashMicro is web-based ERP software that can be run through the internet on any mobile device via any web browser.

We use PostgreSQL database management system, which ensures data security and scalable performance for many of simultaneous users.

We use Python, one of the most popular programming languages, to develop our software programs.

Explore Other ERP Modules

We also provide other modules that your business might need.

HRM

Ensure optimal workforce allocation, and facilitating real-time tracking of personnel involvement in inventory-related tasks

CRM-Leads

Improve your conversion rate by managing your prospective clients and monitoring sales team productivity with the CRM-Leads System.

Warehouse Management

Set up inventory capacity all over the warehouse. Keep track of incoming goods and outgoing items through a single system.

HashMicro Philippines

Unit 707. 7th Floors, One Park Drive, 11 Drive Corner 9th Avenue, BGC, Taguig, Philippines

+63 288 417 100

+63 995 203 6894 (WhatsApp)

[email protected]

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WHAT IS
Procurement Software?

Procurement software is a digital tool that helps businesses automate and manage their purchasing processes, from supplier selection to payment. It improves efficiency by streamlining procurement workflows, tracking orders, comparing vendors, and analyzing spending patterns.

Meanwhile, procurement refers to acquiring goods and services, including raw materials, equipment, machinery, building materials, and repairs. A well-managed procurement process ensures that these resources are obtained in the right quantity, at the right location, time, and quality while minimizing costs.

Furthermore, with a centralized procurement management system, employees can manage their purchasing needs in one place while administrators maintain visibility over orders and spending. Many procurement solutions also support supplier relationship management by keeping all purchasing activities accessible and organized under user-based permissions.

A procurement system is a tool that automates acquiring goods and services, such as purchasing, ordering, and supplier management. E-procurement, or electronic procurement, involves using internet-based platforms (such as websites and applications) to conduct procurement activities like online purchasing or auctions.

A notable example is HashMicro's e-procurement system, which helps businesses access the best prices and ensure timely purchases, ultimately enabling procurement teams to negotiate better deals with suppliers. An essential goal of using e-procurement systems is to optimize pricing and timing so that companies get the best value while strengthening supplier relationships for future negotiations.

Effective procurement ensures that goods and services are acquired on time, according to the required specifications, while minimizing expenses to maintain cost efficiency. It also helps avoid overstocking by aligning purchases with actual needs.

Secondly, procurement covers all activities in acquiring the goods and services a company needs for daily operations. These include sourcing, negotiating terms, making purchases, receiving and inspecting goods when necessary, and documenting each process step.

Beyond internal operations, using a procurement system is also critical in supply chain management. It enables companies to identify reliable suppliers who offer competitively priced goods and services that meet business requirements—whether for raw materials, marketing support, or everyday office supplies.

Procurement is the broader strategic process of acquiring goods and services. It includes activities such as identifying business needs, selecting and evaluating suppliers, negotiating contracts, and managing vendor relationships.

Purchasing, on the other hand, is a subset of procurement. It refers to the operational steps involved in buying—such as placing orders, receiving goods, and processing payments.

In short, procurement is about strategy, while purchasing focuses on execution.

Effective procurement is vital because it reduces costs, prevents overstocking, and avoids delays by ensuring businesses receive the correct goods at the right time and price.

In addition, it strengthens supplier relationships through consistent evaluation and better contract terms, which helps reduce risks related to quality, pricing, and delivery timelines.

Moreover, with accurate procurement data from purchase order software, companies can forecast demand more effectively, track spending with greater visibility, and align purchasing activities with broader business goals.

Procure-to-pay (P2P), also known as purchase-to-pay, is the end-to-end activity to purchase goods and services from external suppliers. It covers every step from identifying a purchasing need to recording the transaction. The goal of P2P is to ensure efficient, accurate, and cost-effective procurement.

Procure-to-pay typically includes creating purchase requests (RFPs), generating purchase orders, receiving goods or services, and processing supplier invoices. Many companies rely on purchasing software to automate these steps.

In a standard P2P workflow, the buyer submits a purchase request for approval, then works with procurement to issue a purchase order to the vendor. The vendor fulfills the order and sends an invoice. The accounts payable team verifies the invoice, processes payment, and updates financial records.

Sustainable procurement, sometimes called sustainable purchasing or green procurement, is a formal approach to purchasing goods and services at the best price and value while minimizing the associated ecological and ethical impacts. Companies using continuous procurement are proactive in selecting vendors that adhere to clearly defined standards. They also establish their own internal controls to reduce waste, create positive ecological and social impacts wherever possible, and engage in responsible corporate citizenship.