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.