Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
E-sourcing
The electronic procurement of products or services using Internet-enabled applications and decision support tools. These tools facilitate interactions between buyers and suppliers through the use of online negotiations, online auctions, reverse auctions, etc.
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ECONOMICALLY DISADVANTAGED AREA BUSINESS (ED)
Small business eligible for certification as socially disadvantaged business or economically disadvantaged area business: A small business entity with its principal place of business in Minnesota organized for profit, including an individual, partnership, corporation, joint venture, association, or cooperative that is 51 percent owned and is operationally controlled on a day-to-day basis by citizens of the United States. The areas of economic disadvantage are determined by the US Department of Labor.
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ENERGY STAR
A federal standard applied to office equipment for the purpose of rating the energy efficiency of the equipment. Energy Star computers, monitors, and printers save energy by powering down and going to "sleep" when not in use, resulting in a reduction in electrical bills and pollution levels.
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ERP (Enterprise Resource Planning) System
A company-side information system for managing an organization's operational, support, administrative, human resources and financial resources. Electronic sourcing or procurement solutions often integrate with ERP systems.
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Early adopters
A group of consumers who are the first after the innovators to buy or use a new product or technology
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Economic Life
A method of costing out all of the various costs that will affect a commodity throughout its own life cycle. The tracking of costs is individual to each commodity one by one, rather than to the commodity population on an annual basis.
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EBITDA
Earnings before interest, taxes, depreciation, and amortization, a measure of a company%u2019s operating performance.
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EMERGENCY ACQUISITION
A threat to public health, welfare, or safety that threatens the functioning of government, the protection of property or the health or safety of people.
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Early Supplier Involvement (ESI)
The suppler management strategy which involves suppliers during the beginning of the product design process to draw on their experience and knowledge in an effort to better designs and illicit higher quality results.
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Eco-Management and Audit Scheme (EMAS)
Designed by the European Commission to be used to monitor and improve the environmental performance of organisations
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Economic Model
The concept of economic models has evolved over time as modern businesses shifted their thinking away from "transactional" economic models (you pay 218 Yuan to print more business cards at your Shanghai hotel), to output and outcome-based approaches (the supplier is paid when a certain output or strategic business objective is achieved).
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