Send for bidding is the ability of a unified procurement software system to flip a purchase requisition into a sourcing event in order to obtain competitive bids on the items in the req.
Send for bidding software generates a purchase order and then creates a request for bids/quotes for that order and sends it out to all relevant vendors. And when the vendors send in their price quotes, the company can select the one with the lowest cost and highest reliability.
Sending software for bidding can help companies save money by getting the best deals. A lot of time and resource is saved because all these bid requests do not have to be sent manually. Furthermore, the bid responses are automatically categorized and organized by the software to make it easy for the procurement team to decide.
The send for bidding software works in a few simple steps. First, only team leaders and managers with access can sign into the software. Once they are in, they must put their material requirements in different categories. Bid requests will be generated for each category. These requests will have to be sent to higher management for approval.
Once approval is given, the software will send the bid requests to relevant vendors in each product category.
When vendors open the bid, they will be given some fields to fill up and submit their quotes. When each vendor submits the bid, their status will be displayed as completed on the bid request. The company can track when all vendors have sent in their bids. It becomes very easy to pick out the bid they like the best and sign the contract with the chosen vendor.