The competitive bidding environment is becoming complex and dynamic by the day with emerging technologies and role of digital platforms becoming increasingly important. The complex redundant paper process was traditionally seen as a labour intensive process with various teams and resources being used in a single bid. However, with the advent of e-tendering, platforms have the ability to process multiple bids thus undergoing a seismic shift in the way bid management is viewed. In this article, we shall highlight the impact of technology on tenders and bidding process and how the electronic procurement has leverage over traditional tender procedures allowing authorities and contractors to increase volume of bids floated and participated alike.
Digital transformation in bid management is not only about an electronic platform but an advanced analytics option that allows significant opportunities to streamlines processes. It takes away the dependency on traditional worksheets and email trials for managing bids with interactive systems for communication. To transform an organization from a traditional to a digital setup for bidding requires a clear vision and a strong leadership that can believe in the commitment to change. Key gainers of this process are not limited to efficiency and transparency but also reshaping the way companies strategize their approach to win contracts. The different ways in which technology may impact the tender bidding process is listed below
- Streamlining the process
One of the biggest advantages of moving to a digital process for tendering is that it allows streamlining of all operations. It eliminates the need to have different teams working on different parts of the tender including technical, financial, legal etc as the platform can integrate the common points and add specifications to individual contracts. In this way, authorities can post multiple contracts using a common framework while customizing bids individually for creating a bid package. For suppliers, this enhances their chances of bidding on multiple contracts as they can re-use the common documents for different bids published by the same authority. Through a single sign on (SSO) technology, bidders can bid on multiple projects via the platform without having to re-submit their documents for individual contracts. Managing the entire bidding process for companies has become easier with the advent of creating a “contractor profile” which is customized to the customer’s individual bid preferences. Some of the best tender platforms also allow multiple audit trails ensuring that all steps in the bidding process are documented thus ensuring transparency in bidding process.
- Options for Collaborations
The advent of electronic tendering allows both the buyer and supplier to get more collaborations easily. It overcomes challenges for having more suppliers bidding in the tender process for the buyers whereas it creates newer opportunities for suppliers to expand their markets. The use of a unified platform eliminates dependencies to have physical offices in different countries for suppliers while allowing buyers to gain better control over the procurement process through a streamlined process with effective protocols for managing the tenders. Cloud based platforms allow teams to collaborate in real time with tools such as instant messaging and video conferencing eliminating the geographical diversity of buyers and suppliers alike.
- Data Analytics
Electronic procurement not only offers more visibility to the buyers for their requirements but also assists them in analysing the market. On the supplier side, data analytics in the form of past procurement records and market research activities can be conducted effectively using electronic tendering. The tender portals also offer effective past bidding data that can help bidders in future bids. Market research activity can be conducted effectively using these platforms as they offer rich information on procurement data. Analytics in the form of frequency of similar tenders posted can also be found out through these portals that can aid decision support systems for companies aiming to enter a specific market. The use of informative dashboards and summaries of key metrics can help suppliers to track, monitor, progress the market requirements effectively and in turn develop solutions that can match those requirements. On the buyer side, the analytics can be in the form of the number of bids received, the average cost per bid, the number of new bidders showing interest etc. These metrics can also help them in ironing out future bids to attract more suppliers and make their bid competitive.
- Security & Compliance:
One of the major area in which electronic procurement scores above traditional procurement is the security and compliance issues. The paperwork involved in compliance and security matters was tedious and time consuming is now replaced by a unified all in one portal designed to save time and effort in searching for necessary documents. The modern day tender bidding websites provide an all in one document section that is customized to the supplier’s profile ensuring they only do the legwork once and can find all necessary documents in one place. The redundancy in complying with the norms and security protocols for repeat bidders has almost eliminated through the use of tender portals. Some of the best tender websites also provide up to date compliance protocols in one place so that bidders can spend more time on preparing the bid rather than obtaining compliance regulations for individual entities.
To conclude, it is best to think of technology as a boom for bidders interested to bid in international and national tenders. Tender aggregator websites can provide amazing results for bidders who look to participate in international government tenders. Tender Impulse is one such service which aggregates global tender information and customizes it to users specific requirements ensuring that you do not have to search for bids individually. It is a platform that is used by public authorities to exclusively post their bids so that they can obtain maximum exposure on their invitations. It is worthwhile considering a subscription to such website in order to maximize chances of participation in multiple bids in turn increasing your chances to succeed in public contracts.
