Understanding of e-Auction for Beginners

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What is e-Auction?

Electronic auctions are web-based auctions where preferred bidders submit offers digitally against the buyer’s specification. All announcements following and including the request to pre-qualified bidders to propose new costs and/or values must be digital. E-Auction can be used for buying/selling movable and immovable properties.

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What is the difference between in the auction processes, the conventional one and the online auction?

e-Auction offers the same bidding process as done in the offline bidding process. One of the main differences between is, the bidding increased sitting in front of PC. The auction participants are able to check the latest price and able to quote the higher price to be the top bidder.

Post e-auction activities

After the auction closed the winner of the highest bid intimated by the bank and Bidder needs to sign the relevant documents to finish the process and bidder have to contact the bank directly.

Advantages of e-auction –

  • Transparency in process
  • It will be clear to participants why they won/lost the e-Auction.
  •  This process makes participants clear that why they won or lost.
  • Real-time market information is provided to Participants.
  • Faster contract awarding process
  • Better than face-to-face negotiations and time-saving.

Limitations of electronic Auction-

  • There is much possibility of fraud
  • Participation can be Limited
  • There may be some security issues
  • Limited to Auction software
  • Lengthy cycle time
  • Monitoring time
  • Equipment for buyers
  •   Order fulfillment prices

What is the role of Digital Signature certificates in E-auctions?

To make this process secure, DSC or Digital Signature Certificates are used. These certificates are digital equivalent of physical or paper certificates. Examples of physical certificates are passports, drivers’ licenses or membership cards. DSC serves as proof of identity of an entity for a certain reason; for eg. , a driver’s license identifies the person who can legally drive on the road in a particular country. Likewise, a digital certificate (electronic format) can be presented digitally to prove someone’s identity, to access data or services online or to sign certain documents electronically.

Auction is a bit tedious process but due to advancement of the technology it has become efficient, executable, strategic process. E-Auction is one of the convenient forms of the traditional process and can be executed remotely.

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E- Tendering Advantage over Conventional one

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The e-tendering framework has turned into a most popular arrangement of tender management under the public procurement space. Digital tendering has helped companies to deal their procurement requirements more effectively and efficiently.

The manual tender system can be long and awkward and is frequently too expensive. Since supplanting traditional tender process with that of electronic medium has turned into the need of the time. With an exceptionally mechanized e-Tendering framework, tender determination, promoting, tender accumulation and additionally the assessment and setting of the agreement can be set at ease.

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What is E- tendering?

A web-based process wherein the total tendering process; from promoting to receiving and submitting tender related data are done on the web. This empowers firms to be more proficient as paper-based exchanges are decreased or eliminated, encouraging for a more fast trade of data.

E-tenders in general population are has seen quick development as of late. E-procurement tasks are regularly some portion of the country’s bigger e-Government endeavors to nationals and organizations in the computerized economy.

Advantages of E-Tendering

  1. Executing an e- tendering framework benefits all levels of an association. E- Tendering process offer improved spend control and visibility and help fund officers coordinate buys with buy requests, receipts, and employment tickets.
  2. Reduced expenses as compared to traditional paper-based response process

Simple to use software interface

Rearranged tender and procurement system for both suppliers and procurement officers.

  1. Round-the-clock simple and quick access to tendering data.

Standard indications of imperative due dates in the tender award process.

Gives more secure access to tender data than conventional printed copy process.

  1. Responses from providers remain secure and privileged until the end date.
  2. All communications can be followed in a clear legitimately binding audit trail

Executing an E- Tendering system benefits all levels of a company. Electronic tendering systems offer enhanced spend perceivability and control and help back and help finance officers match purchases with buy requests, receipts and job tickets.

What are the Instructions to be followed in e-Tendering Contract Management System?

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In e-tendering bidder system, Bidder required to enroll online on particular portal. Then after signing-in on target portal Digital Signature enrollment need to be done with an online token which is known as e-token. This e-token is offered by authorized Certifying Authorities and it must be obtained by them.

This process helps bidder to log into their account by using their used id and password which are provided at the time of Signup.

Digital Signature certification is only mapped to an account and can’t be used by someone else using different account. Only inactivation will work here and mapping will be done only once with the single associated account.

After getting the tender schedules, the Bidder should go through tender carefully after getting the tender schedules. The document must be submitted as per the tender documents to avoid bid to be rejected. Bidders, in e-Tendering Contract Management system are allowed to enter the Name and bid Values only. If there are any clarifications, this may be acquired online through the e-Procurement platform, or through the contact information specified in the tender document.

To proceed, bidder should prepare the bid tender documents to be submitted as specified in the tender list and these are preferred in PDF/XLS/RAR/DWF formats. If there is more than one document, they can be merged together.

The tender documents must be submitted online well in advance before the given time to avoid any setback or trouble during the bid submission procedure.

There is no bound on the extent of the file transferred at the server end. However, the upload is chosen on the Memory accessible at the Client System and in addition the Network bandwidth accessible at the client side at that point of time. In order to cut the document size, bidders are suggested to scan the file in 75-100 DPI so that the clarity is retained and furthermore the size of file also gets decreased. This will facilitate in fast uploading even at very short bandwidth speeds.

It is critical to note that, the bidder needs to tap on the Freeze Bid Button, to guarantee that he/she finishes the Bid Submission Process. Bids which are not frozen are considered as Invalid/ incomplete bids and are not believed for assessment purposes.

The e-tendering bidder system will provide a successful proposal message update after uploading all the tender documents submitted and then a proposal summary will be revealed with the date, time of submission and bid number of the bid with all other applicable details. The records put together by the bidders will be carefully signed utilizing the e-token of the bidder and after that submitted.

After the offer submission, the proposal outline must be printed and kept as an affirmation as a token of the submission of the offer. The offer outline will go about as a proof of proposal submission for a tender floated and will likewise go about as a section indicate in the offer opening event.

What is the process of the Electronic Tendering System registration?

Electronic Tendering System is a method of obtaining the things digitally utilizing World Wide Web and Indent Management and RFX Management is part of the e-procurement. These two words are mentioned here because of their participation in the system. This procedure definitely reduces the span of acquirement process and diminishes the vast majority of the indirect expenditure in the event that you enroll on electronic Tendering. Having entry to the tender data, enable you to buy delicate calendars and submit them on the online platform. Free and fair cooperation is possible with more straightforwardness.

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Proceed to Tenders Page and simply top off the enrollment frame. It will enable your user ID OR client ID on e-Tendering.

Ensuring to enrolling on e-Tendering, you are given username and password which is generally same for all of the websites. You can only login to the site utilizing this data and everyone is aware of this method.

You can access your record from anywhere in the world using provide data. The simple access requirement is a computer, Internet, and knowledge of the internet. Now, everyone has that capability in this digital era.

The password is encoded in Secret words at the database level, only you are aware of those words or characters. Even if the system administrator wants to access then it will be hard to do so because these words are encoded and encrypted. And it will be suggested the time to time to change of password to encourage the security of the record.

Following to enrolment of e-Tendering, you would frequently login into your record account and can find the data in respect to tenders. Similarly, you will get an email notification in regards to the production of the notice.

The document can be downloaded from the electronic tender website page on paying the necessary charges. You can fill the document archives and send online along with the inspected endorsements needed for the tender. Endorsements are a portion of the document reports. When downloading the document data, this information was additionally downloaded.

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With the registration of the e-Tendering, you are provided some amount of online space to upload your documents, information, and endorsements. If any changes are required in your profile, it is easy for anyone to change the information after joining the website. If any certifications are provided then it is easy to utilize them any time depending on your needs.

BG/DD taken for EMD is checked and must be attached to the specialized offered among the entire proposals. The firsts can be given to the organization among the specialized offer opening. Following and presenting your documents, you will get a sales receipt mail giving the position of the proposal.

At the point when your offer is opened, you will get a mail notification revealing the delicate elements, for example, the offer has been opened by this official organization, date and time of opening.

These are the basic steps of the online tendering system. It is very easy to follow and each site has these basic steps to follow. A few things will be different but not the all. There’s nothing much to struggle while registering for the e-tendering.

E-Bidding and e-Tendering: Procurement Made Virtual

New opportunities are now just an alert away with the online shift of the procurement process.

Tendering is an old tradition. It’s part of the procurement process between the seller and buyers. But tendering is a long, lengthy process full of paperwork. It cuts into time and resources of an organization. But the technological revolution and the internet have changed the entire process. Everything from advertising, processing, bidding and then awarding of tender is done online.

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The bottom line is to save time. The faster the advertisement reaches the interested organizations, the faster the processing of applicants and then the e-bidding begins. E-Tendering has made the entire process easier and more transparent. Through the online tender services, the information and alerts for new tenders are mailed to the organization on a day-to-day basis. This database has thousands of tenders at any given moment. The electronic tendering system is an easy adaptation of Globalization because with everything in open forum the connection goes beyond the local business. An organization can bid on a tender overseas as long as they have adequate resources.

With online databases for tenders, it’s easy to surf through the virtual web for new business opportunities. However, the tender alert system provided by the online services has proven to be a boon to the small business or business with threats of take-over and mergers looming over them. The bigger organization leads the race due to their reputation and resources.

Once an organization has filled out the online form, they can easily submit the required documents online too. Any query or request for information by the seller or the bidder can be made through the customer services by the online tender portals. This entire e-tendering process has thus enabled a closer and swift interaction on both sides. Where once the process was full of hurdles and monstrous paperwork, today it just needs a person in front of a computer screen and access to the internet. Before the bidding starts, an e-Contract is signed between the seller and e-Tendering bidder. The bidders are two or more.

E-Tendering bidder system has an online open forum/portal where the entire process is visible to the seller and bidders. As a result, there is a very minimal chance of favoritism. The organizations can keep track of various bids and the place their bid according to the best bid that has been placed at a certain time. Once the bidding closes, the seller ranks them according to some pre-determined criteria and then winning the bid is awarded the tender. The e-receipt is sent to the winning bidder who then pays using various online payment portals that are safe and quick.

Thus, organizations save time and still get a fair access to the best tenders, both public and private. The entire system is being made less complex each day and the time that has been saved on paperwork and waiting periods have only contributed to the overall development of the organization. And if one is counting the pros of the e-tendering transparency and a wider connective to business cannot be overlooked.

In an increasingly virtual world, e-Procurement isn’t just a new way but rapidly becoming the only way!

Procurement of Faster Tendering

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A better and faster collaborative space for an easy procurement process with barely a paperwork, E-tendering has made such an idea into a reality!

Tendering is a complex and exhausting process, or so it was until it all fully automated in the virtual space online. Procurement is the process of purchasing goods and services online. Tendering is a prominent part of this system. However, the traditional system was very long and difficult. But since the introduction of E-tendering, that entire process is now cost-effective, both for the buyers and the sellers. All the activities, like an advertisement, placing the order, bidding and finally the purchase of the tender are completely done online. It cuts back the excess loss of time and the unnecessary paperwork. And since it all happens online in public domain, the process is more transparent than ever. No more underhanded methods to gain the bigger tenders.

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Various tender service providers are available on the web to provide information about the tenders from across the sectors. These online services have a database of thousands of tenders which is regularly updated. Online tender services match these tenders with the profile or demands of their subscribers and mail the suitable tenders to the organizations, mostly every day. It saves the organizations the time to find the suitable tenders and makes sure that they don’t miss out of good opportunities.

The entire process is simplified even after the tender alerts are sent out to the organization. Complete description about the tenders is at the full disposal of the clients. The online tender services also provide efficient ways to communicate in case of any problem or inquiry. The organization can file their bids online, along with all the documents needed for the tender. An E-agreement is signed between the seller and buyers before the E-bidding starts.

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Electronic tendering bidding system has transformed the entire procurement process. It is more transparent than ever. It has enabled organizations to connect and bid internationally. It’s done entirely online between the buyers and the seller.  The organizations can place their best bids and see the others bids with whom they are competing. Once the bidding stops, the seller reviews the bids and awards the tender. The process doesn’t end here but it sure is easier due to the increased web space that organizations are making use.

Rather than the old and traditional billing and mailing ways, the post-award procurement process sees the real change. With help of an E-tendering invoicing system, a digital invoice is then prepared and mailed by a seller. The buyer verifies it and pays using one of the many online payment portals. As a result, the entire process begins, progresses and ends without any waiting periods or a need for physical presence. Both sides make profits and become better connected with even cross-border businesses.

Time, privacy, authenticity, transparency and development, E-procurement has enabled a space where it is only getting better each day. The world is bigger than ever yet more connected than yesterday.

E-tendering and E-bidding: Companions for Better Efficiency

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Advancement in the internet has thrown the entire process of business to business procurement into a digital overhaul. The automated electronic system has helped bridge the gaps between buyers and suppliers to conduct business in real time.

Whether small or large, the need for tenders is always present in organizations. The tendering process involves collecting and verifying important information before it is accessed and transferred between the buyers and suppliers. The entire system is so complex that the conventional procedures of bidding to evaluation is time-consuming and leave room for mistakes at each step. Thus, the entire process from advertising, receiving and submitting tender related information is done through electronic tendering systems.

E-tendering system replaces all the cumbersome paperwork with electronic alternatives to save time and money. With all the details and documents in an accessible virtual space, the buyers are able to easily store and easily compare all their data on spreadsheets. Now, the whole process of tendering from comparison to evaluation has been automated. The saved time has great returns to the organizations on both sides. E-procurement has resulted in better customer services for the buyers and bidders. Due to this effective structure, the responses to inquiries and clarifications are easily and quickly made within the tender period. It has also improved audit trail, for better integrity of the tendering process.

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Various Tender Management Tools are used in the system for faster navigation through one section of the database to another. These tools have also been proven effective in improving the communication between the different members of the team (i.e. service providers and product vendors).  Many sophisticated e-tendering systems try to include complex collaboration functionality using such management tools with the understanding the same tendering documents have to be accessed at various levels and by different people. The entire process of tendering of goods and services has been streamlined so that the responses from buyers and vendors are in a particular format. Tools are used to easily evaluate these formatted data.

E-bidding is another stage of E-procurement done entirely online between the buyer and bidder. It is more efficient than traditional methods, promotes competition and provides an electronic record. It helps make the entire process more transparent by keeping a check on unwanted pressure from third parties and for creating long-term archives of the bids/tenders. The cycle time of the entire process is cut down largely. After all the details about the product and cost are specified online, an E-agreement is signed before the E-bidding starts.

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A large number of large and small scale companies have international interests. With E-bidding occurring completely online, it offers more options for international business deals when compared to the traditional bidding process. Payments procedures are easy and quick after the bidding is finished.

Implementing an E-procurement process for tendering and bidding is beneficial at all levels of organizations and has been recognized as such by both the public and the private sector. Thus, even the most mundane tasks have been turned into highly time and cost saving with exciting benefits for the organization.

Electronic Tendering System with Lotus Procure

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Globalization wave has hit the world hard, time has become the most valuable asset in the frenzy to get tasks done at a rate just above the impossible. Internet is working as the middle man and as the top man. So for better efficiency and cost saving even the lengthy paperbound tender procedure has been made electronic. E-tendering is not only the need but the demand of almost every large and small organizations. The entire process from advertising, receiving and submitting tender related information is done electronic tendering system thus reducing the humongous by creating an e-tendering contract management system and e-tendering invoice system.

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Know All About E-Tendering in India

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The E-Tender or Electronic-Tenders is the process of tendering in which the all the activities like advertising of the tender, placing the order and awarding of the tender are done online. It is the totally online process and no paperwork is carried out during this process that means the related documents also submitted online during E-Tender process.

E-Tendering System is hugely adopted by the many Indian public sector companies’ as well private companies. E-Tendering process has many advantages over the traditional tender system. It is regarded more transparent, efficient, fast and easy process than the traditional tendering system.

Why E-Tendering system?

The traditional manual tender process is sometimes can be very long. The procedure sometimes takes two to three month to complete which can affect the costing and excessive burden to both the buyer and company, also it doesn’t have any ease of access to tendering process like the E-Tender process have. The e-tendering process reflects the modern digitalization word thus it is more accurate, transparent. There can be many features in E-Tendering process depend on the E-Tender service provider.

What is E-Procurement:-

In the short words, an E-procurement solution is purchasing the goods and service through online process. E-Procurement process covers processes like auction, reverse auction, catalogs, invoices and all other E-tendering process.

What are the Benefits of E-tender:-

Now as we all know the Electronic tender has many benefits to both suppliers and buyers, some of them are below.

  • Reduce the overall time of tendering process
  • Easy to manage for suppliers like the rejection of the bid, modifying the bid.
  • Quick access to all questions regarding the bid and can answer them instantly.
  • Improved quality of specification of tenders.
  • It is cost effective by reducing the paper process and other expenses.
  • Suppliers can receive the notification of online tenders
  • Suppliers can track their bid online

E- Tendering in India –

E-tendering is now very frequent in India. Many government bodies, as well as private bodies, are now fascinated towards E-tender. Many government bodies use their own E- procurement system but there are some organizations like “Lotus Procure” that make E-Tender process flawless and very easy to operate.

The Lotus Procure is an online platform which makes all the E-Tendering process very accurately like creating the tender, placing the bid and awarding the tender. There are also other benefits using Lotus Procure which you can know to go to their website http://lotusprocure.in .

 

Advantage of E-tendering

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Electronic tendering, in its least difficult frame, is portrayed as the electronic distributing, imparting, getting to, accepting and submitting of each of the tender  related data and documentation by means of the web, along these lines supplanting the customary paper-based tender  procedures, and accomplishing a more proficient and powerful business prepare for all partners included.

An Electronic tendering system is a gathering of clients, electronic media, computerized information and activities that can be performed, empowering those clients to associate. Activities change the e-tendering framework state. Dangers and conceivable security infringement characterize the subset of activities that change the Electronic tendering framework from secure to shaky states. The productivity of an e-Tender process appears to be all around bolstered globally. Many reviews checks the yearly expenses to customers, producing, duplicate and appropriate tender archives the way our forefathers would have done it (that is, on paper), can be cut by as much as 90% utilizing an e-Tender process.

Public sector associations utilize e-procurement, Electronic tendering for contracts to accomplish advantages, for example, expanded productivity and cost reserve funds (quicker and less expensive) in government acquirement, e-tendering and enhanced straightforwardness (to lessen debasement) in e-offering, acquisition services. E-procurement, e-Tendering in general society segment has seen fast development as of late.