Top 5 Advantages of eTendering

procurement and e-tendering

Before using a procurement or e-tendering system as an industry norm, it’s critical to understand the rationale and benefits.

You also need to know what the solution is. E-tendering simply consists of procurement and tendering methods and processes that have been moved to an online and/or a cloud-based environment.

The advantages of e-tendering reach all levels and departments of a company. If you’re not familiar with such benefits, keep reading.

Photo by Den Harrson on Unsplash 

1. Lowering Overhead

In addition to improving efficiency and widening the bandwidth, E-tendering helps businesses lower their procurement overhead as time moves forward, leading to increased savings. Therefore, a reliable e-tendering system will guarantee financial stability when implementing a solid procurement process.

2. Valuable Data Insight

The term “big data” is another popular buzzword in today’s business. The more data a firm has on a specific client, procedure, or technology, the more data it has to make better decisions. One of the most significant advantages of e-tendering is having access to many models and data that would be hard to track and use manually otherwise. 

3. Access to High-Quality Suppliers

Using an eTendering system will provide consistent feedback on supplier performance as you learn how to use the system, develop the databases, and look at the portals you use to select vendors. Also, because suppliers are competing for your business in this sort of environment, the “best man” generally wins, which is one of the significant advantages of eTendering. 

4. Higher ROI

With a set of high-efficiency and higher-quality vendors that can improve product quality and turnaround times, eTenders will inevitably increase ROI. As you move into the digital world, your procurement department will have less overhead.

5. Ease of Use

Change is difficult to accept, but one significant advantage of eTendering is its straightforward project management feature that saves you time and effort, allowing you to spend more time on activities you must do.

Converting to digital can help you improve connections with stakeholders, locate new trusted vendors, and interact more effectively with your team.

Bottom Line

Businesses reap plenty of rewards from incorporating e-tendering into their procurement strategy. As technology advances, its involvement in company processes will become unavoidable.A reliable procurement and e-tendering solution can give you a major competitive advantage. We at Penny offer a wide range of procurement and e-tendering systems that fit your needs and goals. Just contact us and find the right one for your business.

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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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