The fear of automation is everywhere. In a world where vending machines can do the same job as a retailer, the fears aren’t misplaced. However, the technological revolution has positively changed the business world in many ways.
For instance, data-sharing would be an excruciatingly cumbersome process if not for the hyper-connectivity facilitated by the cloud. Conducting various business deals would be practically impossible without e-mail. Scouting new employees would no longer be a seamless process if LinkedIn does not exist.
The bottom line is that the internet will play a prominent role in the evolution of the business world for years to come.
Back in the day, the traditional tendering process required heavy amounts of paperwork. However, the advent of e-tendering has changed things for the better. The tendering process now takes lesser time and is paving the way for collaboration across borders.
After e-tendering becomes accessible to a practically limitless pool of applicants. This increased outreach amplifies the efficiency of the procurement process.
So, if you’re wondering what structural differences separate e-tendering from its traditional predecessor, here is the information you’re looking for:-
Advantages of e-Tendering
- Traditional procurement requires physical interaction between entities involved in the tendering process. However, e-tendering facilitates the exchange of information remotely over the internet.
- The procurement process in itself is an intensive ordeal. The operational costs associated with conducting the process are not cheap either. However, e-tendering helps businesses in saving money during the tendering process. The online nature of this mode of procurement facilitates this outcome.
- e-Tendering isn’t as time-consuming as traditional tendering. Given the fact that e-tendering cuts out on several steps inherent to the traditional mode of tendering, it acts as a time-saving mechanism.
- e-Tendering enables tenderers to contend for international business opportunities. This global model of interaction also benefits buyers. By accessing bids from international service providers, they can acquire high-quality services for cheaper prices. Furthermore, the intensified competition encourages tenderers to bring their A-game to the table.
Disadvantages of e-Tendering?
A perfect business opportunity sounds nice as an abstract concept, but when you are neck-deep in the business world, you know that reality has a different face. Like most things in life, business opportunities can be disintegrated into a list of pros and cons.
A typical snake oils salesmen often act as if the cons on that list don’t exist. Thus, the greatest indicator of a trustworthy e-tendering system is that it doesn’t pretend to be perfect. So, what exactly are the flaws inherent to the online mode of tendering? Here’s a list of arguments that answers this question:-
- E-tendering comes with a lesser number of checks when compared to the traditional model of procurement.
- The upper-level management of most companies is seasoned in dealing with traditional tendering protocols. Thus, e-tendering poses an inclusivity challenge for companies. Getting the higher-level executives to jump on board for this new mode of tendering can prove to be a challenge.
- Even though e-tendering reduces paperwork, it comes with its complexities. Online systems often come with a learning curve. Sometimes, the simple act of publishing a tender on the internet can follow a difficult roadmap. Without a tech-savvy temperament, e-tendering can prove to be a nightmare.
- If an online tendering system crashes, all bids and tenders embedded in the system turn into online rubble. This hyper-reliance on a singular entity can prove to be a magnificent risk for tenders that involve monstrous capital investment.
- e-Tendering systems often provide logistic tools that don’t provide information relevant to the real world. Looking at fancy graphical interpretations of the tendering process does feel cool, but can end up being a waste of time.
So, it is clear that participating in e-tendering processes is not the equivalent of lying on a bed of roses. This technologically advanced means of procurement is composed of several roadblocks that businesses must be wary of.
Is e-Tendering Worth it?
As human beings, we don’t like being stuck in a single place for too long. We like the thrill of exploring new opportunities. So, it would be unfair to dismiss the potential that e-tendering possesses.
- Helps businesses in saving significant overhead costs involved in traditional tendering.
- It facilitates a hyper-competitive bidding environment that thrives on the transparent nature of the bidding process.
- Makes the procurement process faster by facilitating ease of communication.
- Facilitates international alliances among different business entities and thereby expands the horizons of the business world.
- Allows last-minute changes to bids within stipulated deadlines.
- Paints a definitive picture of the financial burden of the tendering process.
- It helps businesses save time and money by eliminating the need for the marketing.
Simply put, e-tendering is the future of the tendering ecosystem. It is a process that does have room for improvement. However, the foundation that it is built on is rock-solid and primed to last long.
Moreover, the business world does require an appetite for risk. So, if you’re planning on bidding on some international publishing tenders, go ahead and seize the day!