The process of calling for Tenders, Quotations, Expressions of Interest, or Requests for Information etc. is a recognised method of procuring contract goods and services.Typically, organisations will utilise the Tendering/Quotation process for a number of reasons. Some of these may include:
- Initiate a cost reduction program
- Standardise product purchases
- Reduce unplanned spending and drive down contract risk
- Maintain auditable supply and contract management processes
- Stimulate new product development with supplier innovations.