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.
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.
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.