What term describes the process of tracking and managing the procurement process in B2B transactions?

The term that describes the process of tracking and managing the procurement process in B2B transactions is e-procurement. This concept specifically refers to the use of digital tools and platforms to facilitate the purchasing of goods and services by businesses. E-procurement enhances efficiency by automating various stages of the procurement process, allowing businesses to streamline their purchasing workflows, gain better control over spending, and enhance supplier management.

E-procurement systems typically include functionalities such as electronic purchase orders, vendor selection processes, and invoices, which provide greater transparency and reduced costs associated with manual procurement methods. This contrasts with project management, which focuses on planning and executing specific projects rather than ongoing procurement activities. Supply chain management encompasses a broader scope that includes all aspects of moving products from suppliers to customers, while transaction processing refers to the recording of financial transactions but does not encapsulate the entire procurement process.