What is BizBid?
BizBid is a software of E-procurement and E- tendering, is the purchase of supplies, equipment, works, and services through a web interface or other networked system.
How BizBid Works ?
To Send a Procurement Request
Different department of a company like mechanical department, electrical department and store send procurement request and is collected by purchase department and from this, purchase department will sort the item in different categories and create a tender, which will be uploaded to the portal for the vendor to quote.
Vendors To Fill Quotation
After knowing by vendors that the purchase order is out on the portal by the company, they upload their quote according to the product on a portal by filling login ID password on the portal.
Automatic Evolution Of Different Quotation
Conventionally, when vendors send quotations to the company, Purchase Executive create the excel sheet where one column for vendors and another for a quotation. The headache of applying, calculating, and always be afraid of mistakes is inevitable so now BizBid has an automatic evolution of quotation with L1(Lowest 1), L2, L3 so there are no chances of mistakes happening there.
Assessing the Lowest quote, purchase department approves the quotation according to the product requirement. BizBid also compares vendor’s quotations according to Company’s budget.
Send Purchase Order [P O]
After approving the Quotation, Purchase Executive issues the purchase order on the vendor’s name on the portal according to the requirement of the company. BizBid ensures that vendors have perceived purchase orders and it’ll automatically send the Email confirmation to vendors.
5 reasons why you should use BizBid
E-procurement is useful because it guides you through a very structured process. Unlike traditional tendering processes, E-procurement takes you step by step through the tender and sometimes requires you to complete one part before you can progress to the next.
By leveraging volume, structuring supplier relationships, and making system improvements for the reduction of external spending and upgrading quality/supplier performance, companies can efficiently achieve significant cost reduction with e-Procurement eliminating rework, errors, and paperwork.
Visibility of Spending
By centralising the transactions and their tracking, the ease of reporting on requisitions, processed orders, purchased items, and payments are enhanced, while at the same time ensuring compliance with existing/established contracts.
By enabling internal customers to obtain items from a pre-approved item catalogue through an online requisition and ordering system, the release of procurement staff from handling low-value orders/transactions can be facilitated. Thus E-Procurement can enhance productivity by letting the staff focus on strategic sourcing and improvement of supplier relationships.
By standardising approval processes/workflows ensuring the right authorization per transaction, spend can be directed to the drawing off of existing contracts. This also helps in improving compliance to policy, with users being able to locate products/services quicker from preferred suppliers, reducing the creation of maverick purchases.
Usage of Technology
By using software tools like electronic requests for information (e-RFI), requests for quotation (e-RFQ), and requests for proposal (e-RFP) for the creation of standard procurement documentation, organisations can make the best-priced framework agreements, thus helping in long-term cost-reduction and enabling companies in re-routing and utilising their resources towards more strategic initiatives.
Top 5 Advantages of Using BizBid
To Reduce Manual Process
BizBid helps in reducing manual processes. So, With BizBid, each and every data can be saved and stored electronically. Hence, it reduces paperwork and everything can be stored easily
To Reduce Manual Error!!!
Electronic paperwork is streamlined and thus easier to check for errors—there’s no messy printing to get in the way either. Along with this, past orders are more easily referenced, meaning there’s a greater chance that your company can compare orders to ensure new ones is correct or not. Hence, it helps in reducing the manual error
Have Transparency In The System
Generally, a transparent procurement system ensures that all the team members, as well as the qualified suppliers, have equal access to all system elements, including procurement methods, legislation, evaluation criteria, technical specifications, supplier rights, etc.
Get a Fast Outcome
BizBid helps in time-saving. As the electronic handling of tasks supports and simplifies the purchasing process, transaction speed is increased. It is not manual work so you get a speedy result
Comparison Between Vendors’ Quotation
BizBid helps you comparing the multiple vendors’ quotes automatically. The headache of maintaining an excel sheet and looking out for manual error will be gone. You can get an accurate comparison and also can refer in the future for upcoming projects. BizBid will help you to narrow down the comparison and helps you to get the best deal for you.
Review Price And Record For Future reference
Not only is effective procurement planning beneficial for real-time performance measuring, but it can also be really useful when developing and perfecting an effective procurement strategy or model to be re-used and modified across various projects or future plans. Having measured performance, further analysis can then be undertaken to decide which methods are effective and which need further development, paving the way for an effective strategy to be created, based on real data of what has previously worked.
Since BizBid reduces the cost of search, increases access supply availability, enables real-time control of spending, increases management information, and increases control, respondents perceived they had increased their leverage in buyer-supplier relationships