What is a transaction cost?
The costs of 'doing business' are called transaction costs and it is further classified as internal and external transaction costs. Market reviews, negotiations, supplier assessment are examples of external transaction costs while, discussing internal transfer pricing and developing service level agreements are examples of internal transaction costs.
Unified Procurement Platform
SMART by GEP® is a cloud-based, source-to-pay procurement software that delivers comprehensive spend, sourcing and procurement functionality in a single, unified platform native to cloud, mobile and touch technologies this would be below unified procurement platform