E-tendering is used by many companies as it helps them to find the best suppliers for upcoming purchases at the right price. But, how is e-tender done by professionals?
In this article, we will talk about e-tendering and how it works. We will check the benefits you can gain and its disadvantages so you can decide if it suits your business.
After you read this article, you will have an idea about e-tendering. Thus, it will allow you to assess if it will be good to use one in your business. Additionally, you will know why many organizations utilize e-tenders.
What is E-Tendering?
E-tendering or electronic tendering is the process of using e-procurement platforms to automate solicitation bid tenders and assess suppliers.
E-tendering may be complicated but it simply refers to the process of managing tenders digitally. Before the internet and other technological advancements, all processes in procurement are done manually.
It involves creating and sending requests for tenders to selected suppliers and the evaluation of the received information. Thus, leading to a short list of suppliers.
E-tendering often happens during the selection process. However, it can affect the specification and contracting phase.
E-tendering is an essential part of the e-procurement process as it facilitates the way of sourcing suppliers efficiently.
The e-tender examples include the following:
- Government contracting
- Universities or other organizations
- B2B business transactions with suppliers or vendors
