The Top 5 Benefits of eTendering
The term eTendering can be a confusing concept if the term isn’t fully explained to a buyer who’s just in the process of taking their procurement processes online. Generally speaking, eTendering refers to those processes, as it is an electronic (digital) way for the buyer to advertise their needs, connect with a supplier, and ultimately draw up a contract.
There are different types of eTendering portals where buyers can connect with suppliers, and from there, contracts can be finalized. Procurement software solutions such as eTendering can streamline your procurement process overall, making this one of the many benefits of eTendering—however, there are many others. Below, let’s take a look at the top five benefits of eTendering.
1. An Increase in Efficiency with eTendering
While there are certainly advantages and disadvantages of eTendering, the advantages of eTendering and the advantages of eSourcing far outweigh the disadvantages. With going digital, there is an apparent increase in efficiency, as you’re no longer working with hard copies, spreadsheets, emails, or dealing with these sorts of problems that can take up time and delay the entire procurement process and ultimately the supply chain cycle.
2. A Higher Quality Vendor Pool with eTendering
When you use an eTendering system, over time as you learn how to do eTendering, build your databases, and look at databases in the portals you use to select vendors, you will be able to see feedback on vendor performance, which will ultimately allow you to choose the best vendors. Also, in this type of environment, vendors have to compete against each other for your contract, so quite often, the “best man wins,” which is a big benefit of eTendering.
3. Increased ROI with eTendering
When you have the combination of increased efficiency and better quality vendors, hopefully offering you better turnaround times and better quality products, eTenders and ROI increase is certainly connected. There is also less overhead within the procurement department as you move over into the digital world.
4. Transparency and Spend Visibility with eTendering
Another benefit of eTendering is how visible everything is to everyone involved and the audit trail it leaves behind. Not only does this provide a fair chance to your suppliers (so this is a benefit of eTendering to them as well), but it also allows any member of your team to check-in and find out the information they need because it’s right there in the system.
5. eTendering is Easy to Use
It can be tough to embrace change, but an obvious benefit of eTendering is that it is a simple contract management tool that saves you so much time and effort on paperwork and legwork and more time doing the things you need to.
Transferring over to digital can help you build better relationships with your strategic suppliers, find new trustworthy suppliers, and can help your team collaborate better.
Another good thing about having everything digitized and having your files saved (and backed up to a cloud!) means there’s no chance of losing important documents or being challenged on a discrepancy when you know you’re in the right. Everything is digital and right there in front of you.
To learn more about the benefits of eTendering, request an eTendering demo, or hear more about our other procurement software solutions, contact EC Sourcing today at 973-936-9672 to set up an appointment with a member of our team.