What is Flip?

"Flip" is a function of a unified procurement software system that enables the natural movement of information through steps in the procurement process without the need for additional software tools or manual intervention.

For example, after a successful sourcing event, such as an RFP or auction, a buyer can automatically transfer item and pricing information to the right category contract template. In procurement, this process is known as “flip to contract,” but there are other types of “flipping,” including “flipping” a purchase order to create an invoice or “flipping” an expiring contract to initiate a new sourcing event.

Related Terms

What is Forward Auctions?What is Forward Commitment Procurement (FCP)?What is Fourth-Party Logistics (4PL)?