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BENEFITS OF E-PROCUREMENT

Traditionally, procurement was manual process comprising of paperwork that involved a lot of essential procedural barriers. The advent of E-procurement not only brought about reduction in paperwork and manual intervention but has also proved to be cost efficient and more transparent. While many purchasing managers worry that it complicates the process and is difficult to learn, its advantages are becoming more evident as understanding of its many uses are becoming apparent. When things like reduction in procurement errors, costs, and paperwork are factored in, a switch to e-procurement brings in the right kind of environment and provides visibility into day-to-day transactions and makes it easier for users to get the supplies they need.

1. Cost Reduction Benefit

Since e-procurement is software based, not only does need for paperwork and external spend gets eliminated, but also improves quality and supplier performance. In addition, digitized procurement documents can be dispatched quickly bypassing purchasing of mail stamps.This leads to structured supplier relationships i.e. reduced time between order creation and order fulfillment, greater choice in selection of goods and services and formation of trading communities to consolidate buying power. This also brings about the opportunity to purchase surplus products and services below market price. The process enables real time tracking of supplies as there is less paperwork and less time devoted to the process of procurement itself. Thus time is freed up so that staff can turn their attention to the business of supply; not paperwork.

2. Transparency

A lack of control in the procurement of goods and services may lead to such problems as maverick purchasing practices, difficulty in maintaining audit trails and reduced visibility of overall spending. The traditional procurement process does not adequately address these issues. By automating the procurement process, e-Procurement systems can improve control of purchasing practices-procurement system ensures that the whole business is automated thus making it easier to write and analyze reports viz, items purchased, order processes and payments made. This, in turn, also confirms that procurement procedures are being biddable to the set policies.

3. Cordial business Relationships

Some e-procurement systems have automatic alerts set up for suppliers, so if the stocks are low, suppliers are signaled automatically and hence they can maintain the stocks as per requirement. This auto update creates a steady flow between demand and supply. Thanks to the electronic process, the suppliers get paid quicker which establishes and facilitates trusting relationship between supplier and customer. Compatibility between employee’s work-habits and e-Procurement systems enable employees to take control of their own purchasing decision while simultaneously automating procurement security procedures. This provides the employee with a feeling of empowerment and encourages responsible purchasing habits. Increased employee empowerment in turn leads to greater ownership of the purchasing process and therefore achieves accountability and transparency.

4. Integration

As e-procurement is inter-organizational in nature, two types of integration, internal and external can influence how a reduction in manual data entry can affect gaining benefits. Internal integration is concerned with establishing electronic interface between an e-procurement system and other internal systems for seamless data exchange. External integration involves making an interface with the suppliers’ front-end systems to facilitate electronic exchange of documents.
An e-procurement system has even the ability to support e-catalogues which promotes organizational policy to guide employees for buying from approved suppliers only.

5. Productivity

Automated procurement processes can yield significant time savings at all levels across an enterprise, increasing opportunities for employees to focus on more strategically important tasks and functions. Increased opportunity to leverage preferred vendor relationships – Buyers can search electronic catalogs containing goods and services from multiple suppliers and compare products and prices on-line. Real time communication allows buyers to check current prices and quantities. Suppliers can provide instant PO status. In addition, internal users can obtain the items they want from a catalogue of approved items through an on-line requisition and ordering system. Electronic catalogs provide a standardized listing of items allowing for easier item comparison. Business rules governing all users and all transactions can be built into the application. Regardless of where they’re located, buyers can access catalogs using web.

Studies thus indicate that e-procurement is all set for exponential growth and is the future of e-commerce and industrial growth. This translates into increased transaction volume that can easily overwhelm the capacity of an e-procurement system.

Future of E-Tendering

The rise in acceptability of e-Tendering has been noticed lately. Many organizations have benefited from the potential of e-Tendering in curbing irregularities in supply chain and streamlining the whole procurement process. Consequently, organizations have reaped huge benefits. This has created enthusiasm and curiosity in many other organizations to follow suit.

 

An e-Tendering platform has proved to be a boon for supply chain management. With the elimination of paperwork and transparency in dealings, many loopholes and cumbersome processes have ceased to exist. So not only is time saved, the whole process assures of privacy of data and security too.

 

Considering all the advantages of e tendering, more and more efforts in this direction are within the purview. This leaves less scope for irregularities. The realization that e-Tendering is indispensable for a hassle-free and streamlined procurement process has begun to set in. The number of steps involved in the e-tendering process is far less than the steps in the manual process, which results in the great amount of cost-cutting. The e-payment and e-tendering system are expected to help organizations make more profit from their products by the elimination of middlemen and the irregularities in the system. Furthermore, it would make the whole process less time taking and hassle-free. Responses from suppliers remain secure and privileged until the closing date. Implementing an E- Tendering system benefits all levels of an organization. E- tendering systems offer improved spend visibility and control and help finance officers match purchases with purchase orders, receipts and job ticket.

Organizations will gain full audit trail and process intelligence. A good platform will be data-centric meaning that every tendering process that will run will generate intelligence about the process and provide a full audit trail. This means more visibility on what was submitted and when. However, it also leads to gaining insight into the effectiveness of tender processes.

 

With its growth, E-Tendering professionals will increasingly want to position themselves as internal consultants – conduits to the outside realities of supply and demand, and internal partners in solving business problems. The end-game will be more collaborative and the powerful when more and more enterprises and organizations adopt e-Tendering and start reaping its benefits.

Keep your entire E-Tendering Contract Electronic with Lotusprocure.in

Lotusprocure.in   offers you an electronic bidding platform that allows all communications between the bidders and the public body, electronically, safely and in compliance with current legislation.

The entire process is carried out by guaranteeing the necessary legal and technical requirements, as well as compliance with the principles of freedom of access to bids, publicity, and transparency of procedures, non-discrimination and equal treatment among bidders. We thus ensure free competition and the selection of the most advantageous offer.

The e-tendering bidder system constitutes a complete environment that offers a summary:

• Agile communication with suppliers
• A powerful tool for preparing offers
• The electronic presentation of offers
• Electronic auction
• Management of corrections
• Clarification management
• Management of participation requests
• Management of negotiated offers
• Streamlining system
• Full integration with the Platform for the Processing of Procurement Records

The bidding companies can:

• Consult the files
• Receive notifications depending on the deadlines and the nature of the bids in progress
• Access all the information collected during the process
• Present e-Tendering Contract electronically, with full confidentiality guarantee through the most advanced encryption mechanisms

The Contractor body gets:

• The full digitization of your procedures in the field of recruitment
• Generation of a purchase need
• Approvals
• Receiving offers
• Evaluation of offers
• Award
• Follow up of the contract
• Closing of the file

The platform includes all the legal and technical requirements to grant validity to the bidding process and communications between the body and the bidders. For this, it has the electronic registration and the shipping documents.

Access to the electronic bidding platform is done via the web so that the user can connect at any time and from anywhere.

Lotusprocure.in   stands out as a leader and main actor in the implementation of platforms for Electronic Contracting, Electronic Tendering and Management of Procurement Records in India, and one of the main references in Madhya Pradesh (M.P.).

Why Rely on e-Tendering Contract Electronic Model

In view of the rapid expansion of dynamic electronic procurement, it is appropriate to define an e-tendering bidder system. This e-Tendering Contract electronic model of Lotusprocure.in relies on platforms or shared resources online and has proven to be effective both for the private sector and for the public sector because it enables:

• Publicize the competition with download of sheets and other complementary documentation.
•   Electronic submission of bids (encrypted and signed).
• To open the offers presented through electronic systems at the corresponding hiring tables.
•   Manage the electronic notifications that may be needed during the procedure.
•   Publish the classification of the bidder and the subsequent award of the contract.
•   Sign the contract through electronic systems.
• The final objective is to carry out a public procurement in which all phases of the procedure are carried out by electronic means.

Advantages e-tendering bidder system for all:

• Elimination of geographical and temporary barriers (24×7).
• Simplification and agility in the access to the procedures of hiring of the public administration.
• Reduction of costs in the negotiations.
• Greater speed and agility in the conclusion of contracts and in their phases.
• Market expansion.
• Security and speed of communications.
• Permanent access to all the information of the process in the different phases.
• It integrates, simplifies and normalizes the processes of supply, evaluation and adjudication between public administrations and private companies.
• Save the costs of management and adjudication of procurement procedures.
• Reduction of contracting deadlines.
• Absolute transparency of all phases of the offer, evaluation and award of contracts.
•  It increases the security and confidentiality of the process.

The main economic benefit of e-procurement & e-tendering bidder system as a service (ie as an electronic platform hosted in the cloud and shared by several public entities through secure Internet communication channels) for public administrations and bidders is the saving up to 20% of the costs of management and adjudication of the procedures.

Driving the Way through E- Procurement Solution

E -Procurement is the main key part to decide the achievement of a specific business. Various online organizations give a selection of other options to unravel issues identified with dealing with time, acquisition costs, basic leadership, and hazard administration through E-procurement locales. These arrangements help in improving efficiency and streamlining the acquirements process.

People might have the capacity to meet business objectives through customized arrangements relying upon business field and acquiring needs. Such arrangements empower associations in receiving rewards of cost-control and cost following, making portfolios as indicated by arranging sorts and accomplish quicker request handling. E-procurement arrangements give online robotization, adjusting associations to driving measures of e-business, expanding perceivability to corporate consumption and killing double request section prerequisites.

Different services of E-procurement arrangements incorporate customized online list, altered marking down structure, punch out inventory reconciliation, appropriate application joining and level document index information bolster. These arrangements by and large manage areas looking for data with respect to current frameworks, hierarchical procedures, business condition and profile. They may likewise help in actualizing these plans and measures required to guarantee achievement and reserve funds. E-procurement helps in changing over all manual paper – based acquirement system of every one of these perspectives into electronic technique.

E-procurement arrangements can be gotten through different online merchants that give preparing about utilization of different highlights and their points of interest. This causes, organizations to receive most extreme rewards of innovation and limit different imperatives of benefit picks up. E-procurement arrangements likewise enable organizations to dissect their E-procurement, development and spare a lot of printed material to lessen costs.

Online data may enable the client to pick up an unmistakable understanding and learning about E-procurement, including the reasonableness of its utilization as per business purpose. In any case, it is prescribed that organizations break down their needs of such an answer before obtaining it. If not required, it could bring about lost income because of interest in an innovation that was not required.

E-procurement work processes can be characterized, implemented and institutionalized crosswise over whole divisions, and numerous acquirement and production network administration has formed already embraced by a colleague be mechanized. For instance, computerizing buy requests and solicitations electronically decrease the requirement for manual printed material, and the colleague who manages this printed material is allowed to chip away at different assignments.

Also, E-procurement is a more proficient approach to oversee contracts online as it can be utilized to ensure that the greater part of your association’s agreements conform to applicable strategies. Instruments, for example, our own particular Tender Manager ensures that the whole offering process is EU consistent, from online reaction assessment to contract grant. Institutionalizing your procedures through E-procurement strategies will likewise eliminate avoidable authoritative mistakes which can happen with paper-based techniques.

lotusprocure.in shows point by point data on E-Procurement, E-Procurement Advantages, E-Procurement Services and E-Tendering visit lotusprocure.in.

E-Procurement Implementation – Its Benefits and Difficulties

E-Procurement can mean distinctive things to various individuals, it differs in scope, and can be condensed as an interface between organizations for the deal/buy of products and enterprises through an online stage. Most ERP systems now have the capacity to assemble or make e-acquirement arrangements, yet there are additionally countless that can be purchased independently however, it will clearly require greater investment, exertion and budgetary assets outline and construct and to permit interface with your key monetary system.

The extent of a system can differ impressively, yet could incorporate a few or the many of the elements:

•  e-Tendering – permitting the electronic offering or demands according to cites rivalries to occur.
• e-Auctioning – to guarantee greatest rivalry from your production network.
• Merchant or contract Management – the instruments to enable you to deal with your providers and stay up to date
•   Inventory management – it can be utilized to guarantee your stock levels are as they ought to be and permit programmed to recharge directly from your providers when levels fall beneath pre-decided levels.
•  Purchase Order processing – to either work with or supplant yours buy requesting, ordinarily with a work process to take into account arrange endorsements on the web.
• e-Invoicing – this is one of the key components and will bring about diminishing in exchange costs related to getting and paying of solicitations physically.
• e-Payment – the capacity of paying providers all the more effective and quicker, which can regularly empower you to arrange a markdown with your production network in return for them accepting instalment sooner than they generally would.

The main points of interest are that this will give you more control over yours spend, permits you inside purchaser’s access to every single potential provider in one place and brings various efficiencies into your store network at different levels. The capacity to deal with your providers through the system and to guarantee they were paid in great time will likewise enable your association with your suppler to chain.

There may be some difficulties with any of the best systems. There might be huge IT assets required inside, or a vast spending plan to execute such a system. This would especially be the situation in the event that you are utilizing an independent system, instead of a current module accessible in your ERP system. There may likewise be specialized constraints on yours or your provider side. Providers would need to put appropriate assets in place to empower a fruitful result of any e-obtainment system. The best systems are the straightforward ones for providers to use, as they will prompt a greater amount of your storage network becoming tied up with the undertaking.

In the event that you are considering utilizing an e-tendering system, you should do noteworthy research to ensure you get the correct answer for you. So, doing research and gather much more important information about the Electronic Tendering System, E-Tendering Invoice visit our sit Lotusprocure.in.

How Does an E-tendering Bidder System Work?

 

E-tendering bidder system is a solution to provide a platform for e-bidding. E-bidding is the process of digital bidding using the internet and all other digital devices and medium.

Lotusprocure.in e-tendering bidder system has different modules and components. These modules are the site administrator section, Buyer’s section (Employer), bidder’s section (All interested contractor or supplier) and a public view section.

Role in each module is decided for a component for certain extent. Site Administrator can register buyer or bidder and has an own password but can’t access bidding process. A buyer can publish or download or award a tender and to complete this process buyer needs a password. But a buyer can’t access to bidders page. A bidder can submit or modify a submitted bid and needs a password to accomplish these tasks. A bidder can’t access buyers page or not able to delete a bid. The general viewer can only view tenders but not able to access the any of the parts of the bidding process. General viewers don’t require any password to check tenders on the website.

Each of the modules facilitates certain tasks. In the buyer’s section buyer can offer tender notice and offer bid information to the supplier. Here, the all amendments are accomplished by the buyer. Once the Tender notice has generated it is viewable in bidder section. In Bidder section, now the bidder can bid on that tender and all the information is accessible to the bidder which is provided by the buyer. If Bidder needs to change his bid, he can modify, substitute or withdraw the bid any time before the period of bidding process ends. After the completion of a bidding process, bid evaluation is started. In bid evaluation process, the acquired bid is evaluated to award the tender. Once the winning bid is evaluated, buyer generates a notice to the successful bidder.

There are a few advantages are offered by e-tendering bidder system to a buyer. The same benefits are provided by Lotusprocure.in e-tendering bidder system. Lotusprocure.in e-Tendering Contract electronic is included in that.

• Buyers receive competitive prices
• Global reach i.e. Buyers can reach suppliers worldwide
• Bid comparison is made easy for buyer
• Efficient process, Time-saving in comparison to usual negotiations
• Effective Cost saving solution due to fewer person hours, less paperwork, and fewer travel costs
• Pool of market knowledge, Suppliers gain more knowledge of the market
• All bidders or contractor have access to the same information and the process is clearly defined
• Secure Bidding System
• Suppliers can react directly to bids from competitors

The information available on Lotusprocure.in site is information about e-procurement, tenders and awarded contracts. This information is made available to the general audience. If anyone has queries regarding e-tendering bidder system, a FAQ section available to learn about the process deeply.

The Terms in Procurement Glossary RFX RFP RFQ Management

 

Procurement is a long process and tedious process and so as the RFX. RFX is stand for Request for Information (RFI), Request for Proposal (RFP), Request for Quote (RFQ), and Request for Bid (RFB). RFX is has varied complexity level depending on the requirement of project and inclusion of the factors like how complete the requirement is? How many suppliers are participating? And how much competition is in supplier base.

Each kind of the RFX has a diverse primary goal. The major goal of an RFI is to make best use of potential assessment points while keeping contractor evaluation costs low. The end objective of an RFP is to decide which suppliers are promising to be the most competent of meeting organizational requirements and to choose those suppliers that should be invited to offer bids. The ultimate goal of an RFQ, and an RFB in the public sector, is typically to make an award decision.

The RFX procedure is often facilitated by an e-RFX platform that enables and automates the RFX process. Although there are different dissimilarity between any sampling of RFX platforms & products that a purchaser may select to review, there are a number of commonalities as well. The majority of platforms have a centralized data repository, templates for frequent bids & quotes, survey support, workflow capability, and side-by-side reporting.

Moreover, the more pioneering technologies will arrive with supplier portals that will connect your suppliers in the selection procedure.  Not only will they be able to go into their information directly, but they will be able to present suggestions and collaborate with you on process enhancements and innovative thoughts to make more efficient product innovation.

When it comes to improvement, RFX is now one of the least pioneering technologies on the market, but still one of the most significant.  The more time you have to concentrate on strategic planning versus tactical functions, the more likely you are to spot innovative results that will accumulate you bushels of money and boost the overall worth of your awards.  RFX was one of the large breakthroughs in strategic sourcing automation – & so was the additional introduction of collaborative supplier platforms.  The next most important innovation will be the incorporation of business intelligence that will let you distinguish supplier feasibility and value before your initial interaction, so you do not waste time viewing suppliers already recognized to be unsuitable to your line of business.

Open source procurement and Automation

Every organization required track purchase goods and services. Centralized software solutions have a high up-front licensing fee, expensive implementations, and the level of organizational training necessary to get the full value out of an enterprise-class procurement solution and for that reason, small businesses reject using.

Why do organizations need to automate purchasing?

Purchasing of the goods and services are a very time-consuming process in an organization. The manual process often leads to the mistakes and delays. Many small and midsize businesses (SMBs) can’t justify the cost of software. End-to-end procurement process consists of identification of need, an issue of RFP, response of supplier quote, turned into a contract, and purchase order. E-procurementsolutions automate the whole process and save the time and make it hassle free. It also saves the cost if implemented correctly. Reduce the complexity of transactions. Save organization or company from corporate abuse and fraud. Electronic Tendering System improves operating efficiency. The entire procure-to-pay process is automated by e-procurement solutions. It is clearly proved that automation of purchasing in a business organization helps to make the process effective and efficient.

What is open source procurement?

Small and midsize businesses are also required to make their procurement process easy and efficient to reduce expenditure. But also, the cost of enterprise software is very high and they are discouraged not to use these kinds of solutions. Open source procurement helps these businesses to adopt a solution that does not cost them high. Open source procurement solutions offer a simple and quick way to improve their purchasing processes.

What will an e-procurement solutions consist of in open source procurement?

Most of the e-procurement solutions are able to provide support to specific procurement process in an organization. It includes

• Supplier management
• Product catalog
• Purchase order management
• E-tendering functionalities

It provides

• Budgeting
• Purchase requests
• Approvals
• Document management
• Asset management features

Digitization and the Internet have changed many things and so as the purchasing of goods and services in a business as well. Every business required to grow to cope up with the big competition but also required to cut the cost. Electronic Tendering System and e-auctions have been taken place of the manual one and so as the organization adopted the web. Open source procurement leverages the small organizations to keep finances in control. These solutions and systems are fully reliable and efficient. Implementation of emerging technology is always the best way to keep up to date with the world.

Lotus Procure made e-Tendering very easy and effortless.

Convention tendering is very complex and tricky process, and when it comes to any large organization this manual method of tendering become more stressful. After the introduction of e-procurement, most of the processes become less hectic and less stressful. Implementation of e-procurement helps at all the level of company environment.  After the digitization in all the sectors, it was very crucial to serving digital economy in procurement sector as well. Now it has helped with better control, productivity, reduced cost and higher security.

Lotus Procure improved visibility, better control, and fair financial deals in e-Tendering. It manages tendering process online and this has been improved the accessibility of tenders. Enable people to download the tender and then submit the bid using this system without moving or taking so much time. The objective of offering this system is to provide the best value of the money via secure and transparent procurement process. All the multiple procurement needs are fulfilled and handled very effortlessly by the use of e-tender system. Lotus Procure helps to automate the tendering procedure.

In this system firstly suppliers are invited to sign up in the system. This is called the registration process and it is free of cost. Lotus procure is an online internet based tendering system which provides secure access through unique “username” and “password” to each qualified organization. This system is available in English.

Once registered sellers can update their provided information anytime and are recommended to change their “passcode” regularly.  Part of the registration method is the recognition of the varieties and classes of goods or services that the corporation is actively offering or selling, using a standardized categorization list offered by the system.  This will guarantee that the organization will be able to obtain information regularly about ITBs, market surveys, RFPs, RFQs, notices of the award of contracts, and other data information that is directly significant to the existing business portfolio.  All the relevant information is exchanged in digital form.

After registering in the system, a supplier can view the list of tender contracts, awarded contracts, able to quote for tender, able to receive contract information and documentation and send and receive correspondence.  Getting started with this system is not that tough, through the tender option supplier can browse the list of tenders and contracts and able to get details in which you are interested. All the tender information is provided in sorted form.

Lotus Procure is the best assistance in the complex tendering process and helps you to reduce the stress of the tendering process and make every step effortless for you. It makes you more focused for a winning bid or finding a contract that matches with your company portfolio. By using Lotus Procure web based e-tendering solution, the intensive task of tendering will become faster and easier. Be the part of the revolution and make better future for your organization.