What to Look for in eTender Process Software
Performing stages of procurement management manually can be tiresome and time-consuming. As a result, the efficiency rates go down, communication is slow, and completing all manual tendering steps from beginning to end can make procurement difficult.
However, an eTendering process is much more seamless, allowing for integration, collaboration, and efficiency. Read on to learn more about the importance of eTendering in procurement , the advantages of eTendering, and what you should look for in eTender software.
The eTendering Process: What is eTendering?
It’s important to note that when performing any eTendering process, all of the software used by both buyers and suppliers is not housed on any specific terminal or computer. Instead, eTendering is a completely digital framework, and buyers and suppliers can log into an eTendering portal to fulfill all process steps, typically on the internet.
The eTendering Process: Benefits for Buyers and Suppliers
There are myriad benefits for both buyers and sellers with eTendering. For buyers, some benefits of the eTendering process may include:
- Streamlined bid evaluation. Because all of the information is stored in a common eTendering portal, easy access to this centralized information is helpful.
- Having transpecery and structure. All “paper trails” will be dated and timestamped, and with everything being centralized to one portal, team members can also get real-time updates.
- Improved savings. Because eTendering simplifies the process, it leads to more efficiency and better profits.
- Better relationships with suppliers. Using eTendering builds better relationships with your strategic suppliers and helps you discover new vendors more easily.
Keeping suppliers and vendors in mind, they benefit from the eTendering process because:
- There is less time looking for new contacts. eTendering is a great way to foster new relationships.
- Suppliers have unrestricted locations. Instead of only dealing with local companies, suppliers can now conduct more business globally.
- There is increased trust and certainty. eTendering lends to building better buyer-supplier relationships, particularly because everything is so transparent.
What Is the eTendering Process?
The eTendering process consists of several steps and substeps. From start to finish:
- Basic supplier qualification
- Public invitation
- Advertisement of tender
- Prospective tenderer views the advertisement
- Tender submission
- Registration to tender for a contract
- Answering the tender
- Tender is submitted
- Close of tender
- Close of tender
- Principal opens tender
- Tender evaluation
- Tender evaluation process and scorecarding when applicable
- Qualification questions with finalists
- Second round bids, if applicable
- Tender award
- Acceptance of tender
- Formal contract is signed
- Document retention
There are many moving parts to the process. However, it is much more streamlined than operating manually.
What to Look for in eTendering Software
When looking for an eTendering solution , there are a few key items to look for. First, the system should be cloud-based, with proven security. This way, buyers and suppliers have access to this digital framework and their data is secure. Automation is also important. The cloud-based repository where you store your information minimizes the chance of human error.
Preset templates are also valuable to have. Instead of drawing new content every time for every new transaction, preset templates allow you to drag and drop to create new content. Integration with award optimization is also an important feature to look for.
To learn more about the eTendering process or request an eTendering demo, contact EC Sourcing Group today at 973-936-9672 to speak with a professional. We want to help you reimagine how you view procurement.