Organisations around the world are bidding for large projects or procurement plans. Both private and public sector organizations invite all eligible companies operating in a particular industry to submit their bids for contracts in the tendering system. The final contract was awarded to the company, which offered the lowest price for the best quality product in the system.
Nowadays, people can easily submit bids for different countries online. In electronic or online bidding systems, the entire bidding cycle is conducted on a virtual platform. In this system, contractors interested in bidding log on to the relevant bidding platform and submit their bid proposals there. They must submit their prices and product details to the online platform.
Some of the main advantages of the electronic tendering system are as follows:
▪ The electronic tendering process is well organized and well structured. In a typical online platform, bidders are guided through the bidding process step by step in an orderly manner.
▪ Electronic tendering facilitates paperless transactions. In this system, the whole bidding cycle can be completed smoothly without any physical documents. This factor always makes it easier to keep, store, and track records of important files.
▪ Electronic tendering systems have increased the overall speed of the bidding cycle, and communication between buyers and bidders has become more convenient and efficient. If the bidder has any questions or questions, they can easily ask and answer on the relevant electronic bidding platform without any delay.
▪ With an online platform, buyers can more easily manage and compare all bids from multiple bidders to find the company with the best value for money.
– Tender information for domestic and international projects can be found online through the electronic tendering website. They can easily obtain bid details about bid specifications, deadlines and results online, thus saving time and effort.
Like other aspects of life, modern technology has made the bidding system more convenient than ever before. 8Manage SRM, an electronic tendering platform with full process automation, has been continuously updated and iterated since its launch to fully meet the needs of modern enterprise tendering and procurement management.
1. Easy to create tenders
In 8Manage SRM, different bid properties can be set up as needed, and rules can be set for each bid with different bid properties. You have complete control over all aspects of the bidding, including the way the bidding is done, the way the suppliers are pre-selected, the type of bidders, and so on.
2. Inform suppliers quickly
The 8Manage e-bidding platform can send e-invitations to candidate suppliers inviting them to bid. With built-in communication tools, the system brings buyers and suppliers closer together. When the final selected supplier is determined, the system will automatically send the announcement of winning the bid to the selected and unsuccessful suppliers.
3. Automatic generation of electronic contracts
When the final bid selection is made, the 8Manage system automatically generates the electronic contract from the electronic tender page. The supplier can then begin to deliver deliverables in accordance with the deliverables milestones set out in the procurement contract, and the system will automatically trigger the approval and acceptance process upon receipt of the deliverables.
4. Intelligent summary
After bid opening, 8Manage SRM automatically collects all tender and bid statistics such as supplier participation, shortlisted rate, successful project completion rate, late delivery rate, return rate, etc. You will be able to clearly determine which suppliers are best qualified to provide the goods and services you need.