Procurement Glossary & Terminologies
Electronic Tendering, or e-Tendering, is an advanced procurement procedure that helps to enhance compliance, visibility, and decision-making along the S2P journey. E-tendering involves sending or receiving tenders through electronic/digital procurement mechanisms. It improves efficiency by streamlining the procurement process and giving access to a pool of higher-quality vendors.
To facilitate an effective method of sourcing suppliers or vendors, e-Tendering is a critical step in the e-procurement process. A high level of security is required to manage all the documentation online. Digital tendering automates tasks related to handling bids, enabling more efficient and controlled procurement. Consequently, making it simple for the procurement manager to manage and assess bids.
Benefits of E-Tendering
Here are some reasons why your company should select an e-tendering procurement system:
Higher cost savings since e-Tendering eliminates paper-based processes. It eliminates the need for a tendering procedure that necessitates newspaper publication of a tender notice.
Transparent system: Provides suppliers with quick and transparent collaboration while providing complete visibility of all procurement process activities. There is no room for misunderstanding because the audit trail makes spending visible.
Simple to use: In a traditional tender, design flair and consideration of criteria outside of those asked for may negatively affect the result. It decreases administrative work and speeds up turnaround. Since everyone responds to identical questions in an e-tender and frequently within a predetermined word limit, it should be more straightforward for the assessor to make an objective choice.
Better vendor database: The e-Tendering system enables the creation of a pool of the best vendors and the monitoring of vendor performance. In this case, merchants compete for your business, and you choose the best vendor by comparing their offers.
Increased Productivity: Efficiency is increased because everything is done digitally using e-Tendering. The purchase process is no longer delayed by switching between sheets, excel files, emails, etc.
E-Tendering allows you to access and manage information through a single site, making evaluation simpler. This will enable you to compare and assess vendors.
Benefit of technology: With this digital tendering format, you can pick up where you left off without worrying about losing information or missing context.
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