All You Need To Know About The Tender Process
4 Steps Of The Tendering Process
Tender is a process through which large organisations or companies select suitable candidates to complete their work. It is an excellent opportunity for both suppliers and buyers. Through this process, buyers get the best quality service or goods according to their requirements and budget. Likewise, new emerging suppliers get the opportunity to showcase their talent or goods.
People who need services or goods are called buyers. People who provide the services or goods are called suppliers. A tender is an offer or a proposal that suppliers submit to buyers. In their tender, suppliers mention how they will do the job, the total cost, and why they are the right company for the job. Here are the five steps of how tender works:
A pre-qualification questionnaire (PQQ) is a form that buyers ask every bidder to complete. The purpose of this questionnaire is to shortlist the candidates. In addition, buyers sometimes conduct pre-tender interviews to shortlist the candidates.
Invitation To Tender (ITT)
The selected candidates are then invited for tender or to submit their proposals. Suppliers who get an invitation to tender are confident because they already pass the pool of competitors. However, sometimes buyers skip the PQQ step and directly send the invitations to tender to the most competitive suppliers in the industry.
The selected supplier then gets the contract to start working on it.
No matter whether you win the project or not, always ask for feedback. It is crucial to identify your strengths and weaknesses to improve your services and future tender applications.
A tender process is advantageous for both parties because, through this process, they find out exactly what they want, meaning the work is effectively completed to a good standard.