E-Procurement in The Energy Industry
Fairwayrock.com is a marketplace created to reconnect suppliers with Industry, ensuring fair and transparent trade. Traditionally, procurement in the energy industry has involved lengthy and costly processes which Fairwayrock aims to rid the market of.
As found by Nelson et al. (2001), purchasing accounts for the majority of organisational spending.
As technology advances, it becomes critical that E-Procurement is considered by organisations within industry. Ong, 2002, stated “From a conceptual perspective, eProcurement is very similar to the classical tendering process: it helps companies source input products and services at the lowest possible cost while ensuring that those inputs meet technical and other specifications.” Many companies globally are moving to procurement electronically (Cips.org, 2019), however, Fairwayrock discovered there was very little available to make this a viable option within the Energy Industry.
Croom & Jones (2007) studied e-procurement across various public sector industries and suggested that e-procurement is broadly applicable and has great benefits such as time and cost efficiency. They also found that the success of e-procurement adoption comes from addressing the internal service quality attributes of e-procurement processes.
While Fairwayrock is not an e-procurement website but a marketplace, it is a means by which e-procurement can be carried out, housing millions of products and hundreds of suppliers.
Exploring research such as this paper, it is exciting to see the potential that Fairwayrock has. Not only can it be viewed as a site from which e-procurement can be accessed, it is a marketplace which helps new and smaller businesses enter into the playing field. Keeping industry procurement fair in this way further benefits organisations, as competition between firms online prevents prices from being inflated for procurement and purchasing houses.
From welding sets to life jackets to chairs, find the equipment you need for your company and employees at Fairwayrock.com.