Lotus Procure is a system that can automate all the tendering activities. One can refer to the system as an e-Tendering System, e-bidding system, e-procurement system or Electronic Tendering System. Automating the entire tendering process that involves procuring services and goods refer to activities starting from purchasing the requisition to when the contract is awarded. The tendering process involves authenticating important information before it is accessed and transferred from one user to another. Users of the system are the buyers and suppliers. Since the system ensures the necessary security measures are in place, the procurement process becomes transparent. Other advantages that such a system presents include ease in forecasting the demand and reducing the risks associated with security of supply and price fluctuations
The two main parts that make up the Lotus Procure are the following:
- Creating and approving purchase requisitions
- Publishing invitations to tenders
The Lotus Procure is an e-tendering system that presents government agencies and private companies with the opportunity to experience efficiency, cut on expenditure and make purchases with a lot of ease. The system uses a powerful technology that makes it fast to navigate from section to another. In order to achieve such features, the Lotus Procure system has integrated the necessary tools. For instance, the Bid and Tender Management features facilitate the management of sourcing professionals and other purchases. The tools also make it easy to make procurements and communicating with different members of the team. Members of a team are usually the service providers and product vendors. While using the Lotus Procure system, one should not worry about managing the contacts of clients and other stakeholders. Managing deadlines is also possible while using the system. One can also access other features such as tracking requisitions and tender information that include old records. Accessing such information on manual filing systems is usually a time-consuming process. In some cases, the organizations may lose the information through vandalism or unintentional damage.
Integrating suppliers into the system is always an important step that will make the purchasing life cycle proceed without any problem. After the integration, suppliers will be able to access the Bid and Tender Management tools. With those tools, managing requisitions, bidding information, tender documents, among other activities, will be easy.
The solutions to the procurement operations are handled using the following ways
- Indent Management
- Managing Contracts
- Managing Invoices