Working together with your team and your supply chain to manage the bid process can be a challenge in today’s globalized marketplace. You are potentially working with multiple stakeholders in different offices, countries and time zones.
In this previous blog, we discussed how real-time collaboration is key to optimizing workflow and enabling all contributors to contribute fully to the bid management process.
Here we will explore what you need to know about tendering software and how it can help your business to streamline its tender management process.
1. What is e-tendering software?
A digital solution for running the tendering process from one, centralized source. Rather than requesting proposals or inviting to tender by email, through social media platforms like LinkedIn, or by phone, then manually collating and comparing the information received, tender software runs the bid process from invitation all the way through to contract management for the selected vendor.
An integrated solution that manages the tender process from start to finish is valuable to both the senior management team, the procurement department and vendors.
2. How can using tender software benefit me?
E-tendering software offers you a full and easily accessible overview of all elements of the tendering process. By using one central cloud-hosted solution, all stakeholders have access to real-time information in a standardized, comparable and reportable format. Bids, questions, communications, and responses are all held in one place. This increases transparency. Automation reduces the time and resources required to manage the bid process for both vendor and buyer, meaning that both parties can concentrate on what they do best rather than unnecessary administration.
3. Why is electronic tendering better than traditional tendering?
When it comes to building a business case for investment in an e-tendering solution, demonstrating the potential ROI should be a relatively easy task. Using email and Excel to manage your current tendering process may work, and it may not cost anything to use pre-existing software. However, in calculating the opportunity cost of opting not to invest in digitally transforming your tender process you must take into account the time taken to individually contact vendors, collect and standardize information from disparate sources in different formats (and potentially different currencies).
Having a clear picture of your tender process will save money in an explicit sense in terms of saving man-hours, but the benefits of streamlining the process will also maximize savings opportunities and give your organization more control of the bid process from start to finish.
4. What e-tendering solutions does ProcurePort offer?
Our tender software is part of a contract management and e-tendering software package that has the ability to manage your contracts from the invitation to tender, right through to management of supplier performance, contract completion and exit.
Our secure, cloud-based solution is a valuable tool which provides one single cloud-based repository for all documents and correspondence. This level of automation is key to eliminating the potential for human error and the risks involved with managing your supplier contracts through manually managed paper or electronic filing systems.
Create, manage, distribute and evaluate tenders using the easy-to-use e-Tendering solution by ProcurePort, then there is no need to duplicate workloads as the information will be seamlessly integrated with a digital contract management solution.
Do you want to work hard or smart?
e-Tendering is part of the digital transformation which is so rapidly changing the landscape of procurement and supply chain functions within businesses. The benefits for those who adopt digital solutions to power their procurement process are opportunities for efficiency and collaboration that can help your business free up time and resources to innovate.
To discuss how your business could benefit from automating your procurement process, and whether e-tendering and contract management could be the next logical step for your organization, contact our office to speak to one of our expert team.