How Tender Tracking can Benefit Your Company in Tender Monitoring

Posted by Vee Track on September 19th, 2019

Tender- What is It

Wikipedia states that when you request for tenders, you are asking for a formal, basic and a structured invitation to your clients to submit their bids for buying or supplying any kind of products. Usually a tender comprises of huge sums of money, where the tender submitting party must compete with other such providers who are giving a competitive bid for the product or service.

To be able to receive the contract, you need to keep a constant tab on your competitors and for that you need to track your tender. However, this process is not that simple. Try and understand what tender tracking is to be able to receive the bid every time you apply for it.

Understanding Tender Tracking

Once you start tracking, you will understand where in public and private sector the opportunity lies. This should be added with monitoring the industry news and accessing meaningful market. You will also receive a good competitor insight that helps you to keep your business status abreast and stay a step ahead of your competitors.

Tracker helps you access documents that can inform you where opportunity lies and there is a likelihood of opportunity. You can upload your work and develop upon those responses that look promising. You have the benefit of collaborating with others at any point in time and from anywhere if you have done it in digital tracking mode.

Benefits of Tender Tracking

• There are multiple benefits of tender tracking. It enables organization-wide, well organized and strategic approach towards buying through creating an environment that is taking care of all the stakeholders. These stakeholders are procurement companies, suppliers, management bodies who take the decision and auditors. The entire process happens in a fair and transparent environment.
• In case you are using a tender tracking tool, your entire rigid process is converted into flexible and a result-oriented platform. This tool would enable you to transform your silo practices into a comprehensive, collaborative and group procurement place.

However, if you think working with tender tracking tool isn’t an efficient practice, the following benefits will tell you something different. Check the following benefits and decide:

Efficiency Increases Multi-Folds

1. The entire process of procurement cycle is shortened. It helps you to allocate resources and strategize your time for critical issues.
2. The tender cycle is very tedious and lengthy. It starts with procuring goods and services, where requisition form must be filled and monitored till you receive your contract. Using a proper e-tool for tender tracking can help minimize the monitoring tediousness of the process.
3. Easy streamlining of last-minute changes in tender tracking.
4. Faster and easier options to answer questions while the tender is getting processed.
5. You don’t need to visit your customer every time, as you can operate online. Tender tracking tool is secured and you can achieve cross border tendering as well.

Cost Cutting

1. You can receive more profitable deals as you are aware of your traits.
2. Reduction in take-off errors also costs
3. Minimize use of hard copies in tracking the tender trends
4. No investment required to participate for the vendors as you work paperless
5. Less advertisement cost
6. As you are constantly tracking, you don’t have to spend extra finding the status
7. Reduced labor cost and tender distribution
8. Reduced hassles in communication that gives you higher accuracy

Quality Improvement

1. You can visualize the status of each of tenders using a tracking function that is both comprehensive and reduces time for tracking the status.
2. You are now a part of streamlined workflow as your document submission happens faster enabling you an improved information distribution.
3. Your goods, services and vendor knowledge is better as you now have a centralized repository that can provide you instant access to updated information.
4. You have a detailed history of your purchase so that you can negotiate efficiently with vendors
5. Better quality of tender and its nuances with the response from your client
6. You now have better access to quality management
7. You are at a better position compared to your competitors

Tenders are a vital part of your life in case you are a vendor supplying services or goods. In order to be ahead of the market competition, you need to make tenders comprehensive and competitive. However, to make sure you have won the bid, tracking your tenders is very important. In this digitized world, you can leverage the benefits of online tender tracking tools to stay ahead of competition and be the first one to win the bid.