 eBidding is part of a purchasing system that utilizes dynamic pricing to derive true market prices for products or services in response to current market supply and demand conditions. eBidding is done when a purchasing officer receives a Purchase Request (PR) and places a Request for Quotation (RFQ) to all the suppliers. Suppliers are allowed to view their competitor’s price without accessing other supplier details. This function also receives quotations, compares the bid and suggests the best quotation for purchase. It compares the quotation from all suppliers who are participating in the bid. The concept is based on ‘best practices’ implemented in other countries.
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