E-tender system is a virtual tender platform between buyers and suppliers. It is an online interface which makes advertise about the commercial, governmental and global tenders. So this kind of system makes advertisements about upcoming tenders in which you are interested. The system used to make suppliers aware about the tender is known as E-tender alert services.
The electronic tender system replaces the old manual tender system and creates an efficient environment for both tender buyers and suppliers. It automates the process and overcomes the drawbacks of old ones. Also, the tender bidding system has been transformed completely and enabled the procumbent process to connect with the larger network. Electronic Tendering Bidding system has facilitated the whole system online and one of the hassle-free bidding environment between buyer and seller. E-tender is a complex and tedious process and it does not finish over here. Other steps also followed by using online space. After the completion of bidding process and selection of the winning the bid, payment process has taken place. All the payments are done digitally using the internet. This process is highly secure and efficient and effective as well. This process is known as e-tendering invoice system.
Before going to understand e-Tendering Invoice system we need to understand what is e-Invoicing?
e-Invoicing offers the real switch from manual paper to fully digital communication for main business processes in the procurement phase. Using an e-Invoicing system, a supplier can send an electronic invoice and a buyer is able to receive, verify and pay it online. Many electronic Invoicing solutions deal with country-specific legislation, often creating barriers to cross-border trade.
e-Tendering Invoice system is also same as mentioned above or we can say invoicing electronically in e-procurements is known as e-tender invoicing.
What are the benefits of e-Tendering Invoice system in electronic Tendering?
- e-Tendering Invoice system simplifies the complex process of the tendering and procurement. All the invoices are handled digitally and paid online.
- All the process followed is secure and seamless.
- Reduced expenses, efforts and time of communication between suppliers and buyers
- Increase efficiency in electronic business processes
- Stimulation of greater competition between organizations
- National-wide interoperability between all e-Invoicing solutions
e-Tendering Invoice system and Electronic Tendering Bidding system
In Electronic Tendering Bidding system, in the post-award procurement phase when the tender assigned to contractors an e-invoice generated which is paid to the suppliers. A supplier organization sends an e-invoice to a buyer. The invoice shows the buyer reference element to spot the individual who made the purchase. The digital workflow system informs the buyer that an e-invoice has been received. The system is able to match the digital invoice with the proper order. The buyer checks the invoice and verifies the quality of services and/or quantity of goods. The buyer then approves the invoice and the document is electronically processed for payment.
The Internet has provided us a better-connected world and all the business environments are adopting its capabilities and usability by implementing in their business process so as the procurement systems.