STEPS OF PROCUREMENT AND BID MANAGEMENT

-


 1. Bid Planning: This stage involves defining the objectives scope and requirements of the procurement bid. It also includes developing a bid timeline identifying key stakeholders and establishing evaluation criteria.


2. Bid Document Preparation: During this phase the procurement team prepares the necessary bid documents such as the RFP bid instructions terms and conditions and technical specifications. These documents outline the procurement requirements and serve as the basis for vendor submissions.

3. Bid Advertising and Outreach: In order to attract a wide range of qualified vendors it is important to advertise the bid publicly. This can be done through various channels such as online bid platforms industry publications and direct communication with potential vendors.

4. Bid Evaluation: Once the bid submission period closes the procurement team evaluates the received bids. This entails reviewing vendor proposals assessing compliance with the requirements and conducting a technical and commercial evaluation. The evaluation criteria should be defined in advance and communicated to the vendors.

5. Vendor Selection: Based on the bid evaluation the procurement team selects the most qualified vendor(s) for further negotiations and potentially awarding a contract. This stage involves reviewing vendor qualifications conducting reference checks and comparing proposals against the evaluation criteria.

6. Contract Negotiation: After selecting the vendor(s the procurement team engages in contract negotiations. This includes discussing terms and conditions pricing deliverables and any other relevant contractual matters. The goal is to reach a mutually satisfactory agreement that meets the organization's needs.

7. Contract Award: Once the negotiations are concluded the contract is awarded to the selected vendor(s). The award decision should be communicated in writing to the successful vendor(s) and unsuccessful vendors should also be notified accordingly.

8. Contract Management: Following the contract award ongoing contract management is essential to ensure compliance monitor performance and address any issues or changes that may arise throughout the contract term. This includes regular communication with the vendor tracking deliverables managing payments and enforcing contract terms.

Overall effective procurement bid management requires careful planning clear communication and adherence to robust processes. It helps organizations streamline their procurement activities maximize value for money and minimize risks associated with purchasing goods and services


Comments

Post a Comment

Popular posts from this blog

Strategic Management Process

-
Image
STRATEGIC MANAGEMENT PROCESS   Strategic management process consist of four basic elements i.e. situation analysis, strategy formulation, strategy implementation and strategy evaluation. All of these four elements are essential to execute a management plan in contemplation for required changes and improvements in a plan.  Situation Analysis Situation analysis is a comprehensive assessment of market presence in a company that rely on internal and external parts. It helps to analyze the capabilities and effect of business climate on the company. It inspects the recent and potential consumer of business and how they counter with products and services  Strategy formulation  Strategy formulation is a process that includes establishing and planning the policies of companies. It is segmented into three organizational forms named operational, competitive and corporate. Operational policies are connected with several sectors like human resources, marketing, finance and produc...
Read more

Traditional Procurement VS Modern Procurement

-
Image
Procurement is also known as the process of buying which companies adopt to buy their firm raw material, components and other resources to perform their operation. The traditional methods of purchasing were only restricted to focus on three basic criteria’s that is delivery , quality and cost. Later the researchers identified the importance of issues related to environment and its concern. Keeping environmental challenges in view the concept of green procurement which is even known as environmental purchasing was added as an essential in the firm supply management decisions. Over the previous year green procurement has been gaining a considering attention in both industry and academics, the prime reason is the further issue of global warming, changes in climate and also to prevent the natural resources from being depleted. Therefore, our research primarily focuses on green procurement and its contribution towards enhancing the performance of the firm.
Read more