How to Get the Most From Your eTendering Process
What is eTendering? eTendering refers to the process of conducting procurement online using a digital framework. No software is stored remotely on the computers of the buyer and supplier, and everything is stored in a web-based software system. The benefits of an eTendering system are many. Some advantages of eTendering for buyers include improved cost savings and more efficient bid evaluation.
Using an eTendering portal means less location restraints and more certainty for suppliers. Using the right tender process software can help streamline the eTendering process, making it intuitive not only for your team but for suppliers as well. To get the most out of your eTendering process, read below.
The eTendering Process: Maximizing Your Plan
To understand the importance of eTendering and get the most out of the process, you should take certain steps. The first thing to consider is to maximize your eProcurement planning. This includes:
- Have a plan or strategy in place not before purchase
- After, work on centralization in the areas of budget approvals and purchases post-acquisition, using eTendering/eSourcing software
Having a solid plan can help streamline eTendering, eSourcing, and the whole eProcurement process.
The eTendering Process: Solid Market Research
If you’re wondering, ‘what is the eTendering process?,” it includes the steps below once your plan and strategy are in place. Before you begin the procurement process, market research is crucial. You need a firm understanding of suppliers and vendors, and if they can fulfill the goods/services promptly. Performing market research also helps analyze your procurement needs, and offers you the ability to identify more reliable suppliers to meet your needs
The eTendering Process: Bid Solicitation
There is a bid and tender difference that should be considered.So, what is the difference between bid and tender? Sometimes these words are used interchangeably, but they are slightly different. A tender is essentially a request for proposal (RFP), while the bid demonstrates quantities and activities of everything necessary to complete the project. You can:
- Improve and centralize bid solicitation
- Become familiar with all bid types (sole source, best price, eRFx, sealed bid, best value, etc.)
- Be familiar with a registration of interest (ROI) tender when you anticipate many bid responses
The eTendering Process: Streamlining Your Selection Process
Once bids have been solicited, you must select the best supplier to meet your needs. Using the correct software can make bid selection more efficient and streamlined. Some of the things software can do to assist include:
- Rate and rank qualifications
- Compare vendor responses
- Automate scoring
- Evaluate post-purchase
Evaluating after the purchase is exceedingly important. Using comparison tools and analytics, you can directly note a supplier’s performance in the software.
The eTendering Process: Monitoring Performance
It’s a good idea to set reminders to remember to monitor supplier and vendor performance. This includes rating the supplier during and after purchase, using performance analytics. (Again, the right software is key). When you set reminders, be sure to review budgets, discounts, and rebates used during the process.
The eTendering Process: Close with Confidence
Closing with confidence is the last piece of the process. If the purchase is not renewed, close per the terms of the contract. This may require you to perform exit interviews or inspections. Address any problems or concerns compared to the plan and strategy you have in place. Closing out confidently can help improve the bottom line with your supplies as well.
To learn more about the eTendering process, or to schedule an eTendering demo, contact Simfoni eSourcing today at 973-936-9672 to speak with a team member. We want to help you re-imagine the way you look at procurement.