ERP procurement Definitions

  • B

    Bullwhip Effect

    The bullwhip effect is a supply chain phenomenon describing how small fluctuations in demand at the retail level can cause progressively larger fluctuations in demand at the wholesale, distributor, manufacturer and raw material supplier levels.

  • P

    procure to pay (P2P)

    Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services.

  • S

    strategic sourcing

    Strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used so that an organization can leverage its consolidated purchasing power to find the best possible values in the marketplace.

  • U

    upcharge

    An upcharge is an additional fee that is added to a bill after a contract has already been negotiated.

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