Tender Process – The tender process steps generally include the call for submissions, the bid submission, the selection process, and the formation of the contract.

Tender Evaluation – It takes into account components like Cost, Quality, and Technicality of various bid proposals while finalizing a contract recommendation.

Recommendation – After completing all the process the contract move to the recommendation stage.

Awarding – The most qualified tenders are selected for the awarding process.

Rating – After awarding, rating can be happen, based on contract.

Good contractor management – is the process that ensures both parties in a contract fully meet their respective obligations as efficiently and effectively as possible, in order to continually deliver both the business and operational objectives required by the contract.

Data security and privacy – When choosing a CMS consider if the system meets your data and governance requirements. Also ensure that the system allows you to setup permissions to control access to documentation and sensitive information.

Auction– Auction produces fair market value through competitive bidding, allowing you, the buyer, to make a smart buying decision with a seller that is committed to sell.

Forward auction – Forward auction in which the price of the product or service increases with every bid.

Reverse auction – Reverse auction in which the price of the product or service decreases with every bid.

Awarding – The most qualified tenders are selected for the awarding process.

Rating – After awarding, rating can be happen, based on contract.

Next Generation Procurement –is the key to unlocking faster, more accurate decisions that drive business outcomes across organizations.

Procurement focus – Procurement teams will focus on digitization, sustainability, strategic sourcing, vendor relationships, and vendor risk management.

Procurement needs – a new perspective that is forward-looking, focused on aiming to maximize third-party relationships, innovation, integration, collaboration and data-driven performance.

The cloud based model has flourished within the procurement software market as technology continues to improve, benefiting buying organizations of all shapes and sizes.

A procurement solution such as Source Suite gives a robust bid and vendor management solution at a fraction of the cost of traditional installed procurement software.

The cloud based model has flourished within the procurement software market as technology continues to improve, benefiting buying organizations of all shapes and sizes.