e-Procurement
eProcurement is defined as a digital B2B business process that utilizes internet technology to centralize purchasing workflows and streamlines business transactions like procuring goods and services to reduce costs and improve purchasing processes. eProcurement software replaces paper-based operations by automating traditional procurement processes and helps analyze spend for strategic cost-saving operations between finance and procurement. eProcurement software integrates spend analysis, eSourcing, e-auctions, procure-to-pay (P2P), marketplaces, and contract management. The centralized system increases efficiency and reduces the overall cost of procurement.
WHAT IS APT ePROCUREMENT?
The practice of purchasing and selling materials and services through the Internet is known as e-procurement. It varies from e-commerce in that it utilizes a supplier’s closed system, which is usually only accessible to registered users. When correctly implemented, e-procurement creates a direct relationship between a company and a supplier, making interactions like bids, purchase orders, and emails easier.
eProcurement is defined as a digital B2B business process that utilizes internet technology to centralize purchasing workflows and streamlines business transactions like procuring goods and services to reduce costs and improve purchasing processes. eProcurement software replaces paper-based operations by automating traditional procurement processes and helps analyze spend for strategic cost-saving operations between finance and procurement. eProcurement software integrates spend analysis, eSourcing, e-auctions, procure-to-pay (P2P), marketplaces, and contract management. The centralized system increases efficiency and reduces the overall cost of procurement.
COMPONENTS OF APT ePROCUREMENT
E-procurement is a process that has various components and operations. These elements determine the procurement’s ability to perform effectively.
Industries: Contracting, Construction, Engineering, Production, Manufacturing, Rental, Civil, MEP, Public Services, Logistics, Property, Defence & Government services.
The following are the components:
- Management of Indent.
- Creating an RFP.
- Submission of a Bid.
- Open and Closed bids.
- Technical Bids and Techno Commercial Bid evaluations.
- Comparisons, Negotiations & Contract Award.
- E-Auction.
- Selection and Finalization of Vendors.
- Contracts and Vendor Management.
- Retendering.
Management of Indent
It is the initial stage in the e-tendering, indent creation, or requisition creation process. This is followed by a review and approval process. It is also referred to as the workflow involved in the production of tenders and the indenting procedure defined by procurement departments. Complete works are submitted and obtained through the internet via e-Procurement.
Creating an RFP
A few key phrases used in e-procurement procedures include Request For Proposal (RFP), Request For Information (RFI), Request For Bids (RFB), and Request For Quotes (RFQ). This also entails establishing commercial certification standards. This draws several potential bidders and encourages them to participate in the business.
Submission of a bid
Bidders are required to register on the e-procurement site before submitting their bids, which must include all technical information and commercial procedures. Only the bidders who submitting the proper information and documents will get approved by the procurement team as per their terms and conditions. Bidders will get a portal with login credentials. There is no way to know about the other bidders or any other information.
Opening and judging of bids
After the vendors’ information is uploaded to the e-procurement site, they are evaluated for their legitimacy, which is where the process of e-Auction takes place. All supplied information is double-checked for accuracy and compatibility. Vendors get approval from the procurement team.
E-Auction
An e-auction is conducted only based on needs. These auctions are where commodities that need to be acquired are judged worthy of being procured. Bidders can only do the bid once the bid request received in their portal. They can revise bids, do the final negotiation and receive the order through the system.
Selection and Finalization of Vendors
Following the e-Auction, one or more vendors are chosen, and a Purchase Order is issued by the specifications. The procurement process comes to a close with this phase. Each updates and notifications will be received on the portal and by emails as well.
Contract and Vendor Management
Maintaining vendor contact information as well as creating a catalog with all commercial information on bids. All the vendors and their bid history will be there in the eProcurement system. Procurement team can give the ratings and feedbacks as remarks to each vendors according to product and services.
BENEFITS OF APT ePROCUREMENT
Procurement management within a purchasing company can benefit significantly from e-procurement, which includes:
Increased Productivity through improved efficiency in areas like ordering, invoicing, approvals, and payments by automating processes.
Cost savings due to the elimination of paperwork and the expenditures associated with paper procedures.
Reduced Business Cycles through the use of real-time as part of the automation process and increased transaction completion capability.
Standardization of business workflows, purchase order approvals, and quotation and proposal requests.
Transparency and Control of Tracking promote visibility by ensuring end-to-end transparency of all procurement transactions.
Key features & Advantages:
- Paperless process, fully electronic and operate from anywhere.
- Highly confidential.
- Easy to operate and time saving.
- Transparency and legality.
- Proof of concepts, technical clarifications and visibility.
- Attach with Technical scope, drawing and resources.
- Fully secure, maintain confidentiality and competency.
- Save Time, energy and money.
- Multi-currency.
- Multi Language.
Features
e-procurement & Bidding Software from APTERP – APTW3 on cloud, web and mobile.
1. Available in any languages. Also in all platforms Web, Cloud and Mobile – all in one.
2. Independent platform & work on MAC, Linux and windows OS.
3. Bidding – closed and open bid, Suitable for contracting, constructions, Enginering, CIVIL, MEP, public services, assets, vehicle & property management.
4. Customer registration, evaluation’s & approvals.
5. Meet item requirements, specifications, easy access on bid submission. Item(material, service, machines, assets, product & property).
6. Tracking Financial, Commercial & PMP Requirements and set objectives.
7. Communication, documentation and document control online.
8. Fully Secured, scalable and maintaining full confidentiality & transparency(internal and external). Use via Web link and OTP enabled.
9. Each bid opened intimated as email and can use as web-link. Vendor selections based on set criteria, performances & previous experiences.
10. Multiple bids, revisions and final negotiations. Bid closing and acknowledgment.
11. Internal Workflow management & bid status check, project awarding and acceptance.
12. Connected with APTW3 – full ERP system. Avilable in modular on web/cloud without any infrastructure.
