Includes bibliographical references and index.

Chapter 1: Setting the StageSupply (Chain) Management and Strategic Sourcing The Increasing Importance of Supply Management Concluding Thoughts Chapter 2: Why You Cannot Neglect Electronic ProcurementThe Opportunities Are on the Table A Brief Illustration of the Impact of Electronic Procurement Benefits of Electronic Procurement VisibilityCommunicationEfficiencyAutomationStandardizationAvailability Process benefitsAdditional driversBuyer Beware: Drawbacks of Electronic Procurement System CapabilitiesImplementation CostsReduced Human Interaction Internal Resistance Supplier Limitations Security The Importance of Preparation PlanningSystems Analysis and Planning Systems DesignDevelopment Integration and TestingImplementationOperations and Maintenance Further Consideration Concluding Thoughts Chapter 3: The Evolution of Electronic Procurement A Common Theme: Facilitating Information FlowsElectronic Data Interchange Materials Requirements Planning Manufacturing Resource PlanningEnterprise Resource Planning (ERP) SystemsIntegration and Implementation BenefitsImplementation Considerations ERP Systems as an Enabler of Competitive SuccessAdditional Applications Concluding Thoughts Chapter 4: The Advent of the Internet and Online Reverse AuctionsTapping into My Evolving Research StreamMaking the Online Reverse Auction DecisionBundling ResearchAdoption ResearchAvoiding Mistakes and Developing Best PracticesMechanics of Online Reverse AuctionsSupplier BenefitsConcluding Thoughts Chapter 5: Online Reverse Auctions: Challenges and Best Practices The Importance of Having the Right Bid PackagePreceding Work on Item and Bundle CharacteristicsThe Importance of PreparationThe importance of Education and Training Moving Toward Self-proficiency and the Role of the Online Auction ProviderValue Added Benefits Offered by Third-Party ProvidersDispelling the Myths Surrounding Online Reverse AuctionsOnline Reverse Auctions are Only About PriceOnline Reverse Auctions are Only Suitable for CommoditiesOnline Reverse Auctions Damage Buyer-Supplier RelationshipsSavings in Online Reverse Auctions will Decrease over TimeOnline Reverse Auctions Are a Passing FadAn illustrative Example of a Successful Online Reverse Auction ImplementationConcluding Thoughts Chapter 6: Becoming Mainstream: Electronic Sourcing SuitesStrategic ModulesOnline Reverse AuctionsSpend Analysis Performance ManagementContract Management Operational ModulesCatalogue Management Requisition Management Purchase Order Management Invoice Management Electronic Sourcing Suite Provider LandscapeConcluding Thoughts Chapter 7: The Potential of Social MediaDefinition and BackgroundStudy DesignWhat Is Social Media?How Is Social Media Being Used?Why Is Social Media Used Not More Often?How Can Social Media Be Used to Drive Business Performance?Concluding ThoughtsChapter 8: Outlook to an Exciting FutureBlockchain Big Data AnalyticsData VisualizationArtificial Intelligence and Cognitive ProcurementConcluding Thoughts.

This book responds to the increasing speed with which the domain of electronic procurement has been evolving, as well to the significant advances predicted to take place in the near future. Covering the fundamentals of electronic procurement as well as advanced applications, the main focus is on the critical importance of information technology for modern supply management professionals. Tracing the evolution of electronic procurement over the last 20 years, the book illustrates how the concept has evolved from a novel idea into a standard approach that cannot be neglected, fundamentally transforming business as usual. The transformation is highlighted by the evolution of online reverse auctions, as well as the ensuing expansion of technology to virtually all aspects of strategic sourcing in the form of integrated electronic sourcing suites. Several advances and new applications of electronic procurement are presented, with an emphasis on how social media can be leveraged for supply management and its associated significant potential.