eSourcing or Source-to-Procure (S2P) is the process that creates supply channels that procurement teams use to acquire supplies for the organization. It comprises efforts to create and maintain a supply base ideal for the organization’s needs by vetting suppliers and maintaining supplier relationships. Hence, Source-to-Procure involves all the upstream activities starting from spend analysis, category management, identifying and evaluating suppliers, management of RFIs, RFPs and RFQs, supplier management to contract management.
eProcurement or Procure-to-Pay(P2P) which is also known as electronic procurement is the online process of purchasing products and services from suppliers. It involves processes such as requisitioning, generating purchase orders, receiving, and generating invoices and payments.
