Description
A large number of project initiatives by the government agencies involve a Solution for a given situation rather than simply the purchase of goods. This calls for preparing a Request For Proposal document and inviting RFPs by floating the RFP document. Once the proposals are received these need to be properly analyzed and a suitable vendor is selected.
Online procurement (e-procurement) is a technology solution to facilitate corporate buying, using the Internet and other Information and Communication Technologies (ICT). The advantages of e-procurement include reducing administrative costs, shortening the procurement cycle time, lowering inventory levels and the price paid for goods, and preparing organizations for increased technological collaboration and planning with business partners. The potential is so great that e-procurement has turned the formerly looked-down-upon traditional purchasing function into a competitive weapon.
The most important aspect of the entire procurement chain is the development of the Contract and the Contract Management once the project has been assigned to the selected vendor.
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