E-Bidding and e-Tendering: Procurement Made Virtual

1. E E- -Bidding and e Bidding and e- -Tendering: Procurement Made Virtual 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 has changed the entire process. Everything from advertising, processing, bidding and then awarding of tender is done online. 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 takeover and mergers looming over them. The bigger organization leads the race due to their reputation and resources.

2. 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!