The Tendering Process In E-Procurement Software

01 - September - 2021

What is Tendering?

Tendering is the process of inviting bidders to submit their bids for a product or offer at a fixed price and within a finite deadline.

 

The tendering process in E-procurement software

The process of buy/selling goods, products, services and inviting bidders for biding via a web-based portal is called e tendering or tendering in an e-procurement system.

In the e-procurement system, tenders are floated over web base portal to invite bidders, bidder receives an invitation and responds on the same portal within a defined deadline.

 

Importance of e tendering

E tendering guides you through the well-structured, defined, fair, and transparent step-by-step process. Unlike the typical tendering process

  • Lesser the paperwork and manpower
  • Increase accuracy
  • Helps in audits trail
  • Help to provide a fair chance to all bidders
  • Help to maintain a record of every transition
  • E tendering maintains a record of vendor performance by which also helps you to select the best vendor
  • E Tendering increases efficiency and quality in tendering process by which also increases ROI.
 

Business bid’s tendering process

Business Bid, a cloud-based interface for building an RFQ - filled with queries and price sheets. An easy-to-use interface allows companies to simplify supplier selection, analyze bidding data, and make informed purchasing decisions, quickly.

This feature allows for greater efficiency when managing the data while placing you in a better position to negotiate your company's needs.

 

There are small, easy steps to create RFQ.

Buyer / Host enters General information about products or services required. By specifying the end date and time. Time zone, currency, Terms and conditions, and Payment terms.

The buyer then adds a Questionnaire, A questionnaire helps to gather information from suppliers or qualify them. You can define questions that can be answered in free-text, checkboxes, multiple-choice, yes-no, and allow suppliers to add attachments if needed.

Buyer adds items, enters quantity, budgeted price for each item, and other specifications of items that are required for RFQ.

If the user wants to add specifications, pictures, diagrams, tables, or other attachments, add them in the document section of the RFQ

Buyer/Host then select single or multiple suppliers, by inviting new suppliers or can select existing suppliers from the database and publish the RFQ.

RFQ invitation will be sent to all invited suppliers via email and for an existing supplier, an alert notification will be shown on their business bid account.

 

Technical and Financial Evaluations and Scoring

The host will email the evaluator to evaluate and score the vendor on the basics of the Questionnaire, question, and section weightage. It helps buyers with vendor selection. After scoring by evaluator, finance committee members then select the best supplier/vendor for items or products.

 

Benefits for Business bid E Tendering / RFQ tool

Hassle-free Review

It allows users to evaluate and compare any request. Its related bids as well as supporting documents. Only on one click user can create one or multiple Purchase orders.

Significant Time Saving

the tool allows efficient flow and cuts out the repetition by less relying on manual tasks and using automation to generate reminders, communicate updates and link relevant documentation

Minimization of Discrepancies

Ready-made templates and one-click function by which users can create RFQ easily and quickly with single or multiple items without risk or any human error. The central dashboard provides access to previous orders and allows comparisons of current supplier biddings. Real-time and secure messaging allow for faster and secure communication between Buyer and vendor.

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