What is Flip in Procurement?
A unified software system for procurement has a ” Flip ” feature that enables information to flow naturally across process phases without requiring extra software tools or manual intervention.
For instance, a buyer can immediately transfer item and pricing information to the appropriate category contract template following a successful sourcing event, such as an RFP or auction. This procedure is called a “flip to contract” in the procurement industry.
However, there are other kinds of “flipping,” such as “flipping” a purchase order into an invoice or “flipping” an expired contract into a fresh sourcing event.
