Tendering and Procurement Management
In today’s competitive business world, many potential projects and services are put out to tender in order to provide to various suppliers with the opportunity to bid for the work.
In their bids, they will describe how their company will solve a business problem, provide the service required or supply the goods requested. They will also need to provide a competitive price for this work.
Now, in the digital age, tender and procurement management can be done far more efficiently than in the past when it was mainly done through a combination of phone calls, emails and faxes. The actual digital tools help the tender and procurements specialists to complete their tasks better and faster. Now it is easier to find and engage suppliers, to evaluate, compare, negotiate, contract and analyze the outcome.
Our solution for tendering and procurement management offers a systematic and controlled approach for selecting the goods and services needed for a company to stay sustainable. Manage your procurement well, and it will add value to all your business practices and save you both time and money.
- Requirements management - When the company needs goods/services, the company’s needs must be identified in order to choose which type of service or product will fit best. Then the buyer needs to find them at the best quality for the best price while also making sure the supplier is able to deliver;
- Finding and qualifying the suppliers – a list of all potential product and/or service providers is assembled. Part of the process, sometimes it’s useful to run RFIs to gather an initial set of information to pre-qualify suppliers;
- Requesting proposals – To make sure you buy the products or services under the best conditions – price, quality, etc. – you request proposals. Based on the results, you know with whom to start negotiations. The RFP results can be considered an overview of current market capability;
- Negotiating with suppliers – To achieve the best conditions regarding prices, terms and delivery, the buyer can negotiate with suppliers;
- Contracting – If both parties, the buyer and the supplier, agree on all terms (pricing, delivery, quality, etc.) they can make it official by signing a contract;
- Delivery – Throughout the delivery process, you need to evaluate the products and services delivered to ensure they are what you had planned to buy, they meet your quality standards, they arrive on schedule and you are charged the prices outlined in the contract.
Analyzing results – Once the project is complete, it is essential to analyze the process and evaluate its success as well as record observations for future projects. You may need to present the outcomes to company management or relevant stakeholders. The results can be used the next time you need to make a similar purchase.