E-Tendering Leading The Way In Digital Economy
The E-Tendering system has become a very popular system of tender management under the public procurement domain. It has helped organisations to manage their procurement needs more efficiently and effectively.
The manual tender process can be long and cumbersome and is often too costly. Therefore replacing manual tendering process with that of electronic medium has become the need of the time. With a highly automated E-Tendering system, tender specification, advertising, tender aggregation as well as the evaluation and placing of the contract can be prepared at ease.
What is E- tendering?
It is an internet based process within which, the complete tendering process; from advertising to receiving and submitting the tender-related information are done online. This would enable the firms to be more efficient as paper-based transactions are reduced or eliminated which would facilitate a more speedy exchange of information.
E-tenders in the public sector have seen a rapid growth in recent years. E-procurement projects are often part of the country’s larger e-Government efforts to better serve its citizens and businesses in the digital economy.
Benefits of E- tendering
1. Nominal Cost: It’s costs are low as compared to traditional paper-based response process and has an easy to use software interface which enables simplified tender and procurement process for both, suppliers and procurement officers.
2. Spend Visibility: Implementing an E-Tendering system benefits all levels of an organisation. These systems offer improved spend visibility and control and help finance officers match purchases with purchase orders, receipts and job tickets.
3. Communication Support: All communications can be tracked in a clear legally binding audit trail which enables transparency and fluidic flow of information.
4. Privacy Factor: Responses from suppliers remain secure and privileged until the closing date which aids in the privacy.
5. Round-the-clock information: E-Tendering leads to quick and easy access to tendering information. It also helps in regular reminders of important deadlines in the tender award process which in turn provides more secure access to tender information than the traditional hard copy process.
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