E-Tendering 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. Procurement software solutions such as ETendering can streamline your procurement process and help in gaining access to a whole slew of metrics and data that would otherwise be impossible to track and utilize manually.
While each organization is unique in their procurement needs, the benefits seen from implementing e-tendering processes slightly varies from company to company. That being said, there are some major trends in the benefits of e-tendering.
- Add on to 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, there is an apparent increase in efficiency
- Savings plus -The increase in efficiency, increased bandwidth of the procurement department leads to higher procurement-generated savings year after year. It offers better turnaround times and better quality products, eTenders, and ROI increase. There is also less overhead within the procurement department as you move over into the digital world.
- Transparency: how visible everything is to everyone involved and the audit trail it leaves behind, all contribute to transparency. 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 finds out the information they need because it’s right there in the system.
- Better Vendors: through the e-tendering software, the pool of vendors still has to compete for bids, however, the quality of the contract is nearly guaranteed. With the security of a strong and resilient supply-line established and maintained through e-tendering systems; consumers will grow to trust the security your brand can offer.
- Reduced Overheads: As a result of the other benefits like increased efficiency, and increased bandwidth, the overhead of the procurement department is reduced as time moves forward, and the savings continue to increase.
The best part is that since everything is digitized and saved so there’s no chance of losing important documents or any discrepancy. Everything is digital and right there in front of you
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