E-sourcing is the latest trend in conducting business. The term simply refers to the use of internet technology to buy or sell, to find professionals and suppliers and to negotiate the prices on services and goods to conduct business transactions. Typically, online marketplaces that provide these services depend on the use of sophisticated tools like e-tenders, buying and selling of trade leads, supply market analysis, , contract management, centralized trade management and e-auctions. The basic thrust of these tools is to help business owners achieve dramatic cost reduction and faster business success in a global market. Suppliers can easily identify and get into contact with prospective buyers and buyers can also access the most cost effective suppliers in their category, irrespective of geographical constraints.

Calling for tender opportunities is a special procedure that aims to generate competitive bids from numerous service providers before awarding work. E-tendering or electronic tendering is a system by which the entire tendering process is completed online, starting from the advertisement and listing of requirements through to awarding the contract. Therefore, obviously ads are placed online and all relevant documents are also exchanged electronically.

Using online directories to increase your tender opportunities can greatly reduce your costs. How? Well, in the traditional business model, buyers would generally send out tenders listing their specific requirements. Then, they would invite suppliers to submit quotes on prices. There would be a cut off date, after which the selection process would begin. It normally takes weeks, if not months, for all the bids to come in and for the buyer to evaluate bids. Another disadvantage is the fact that every supplier can submit their bid only once. They cannot adjust their prices later on.

Electronic tender opportunities present both the buyer and seller with a number of advantages. Since all the advertising is done online, considerable cost reduction takes place. Then, expenses related to printing, copying, postage, stationery are also saved.

For buyers and sellers who adapt to the electronic process of inviting and sending out tender opportunities, there are a whole lot of add-ons that make the entire process easy. For instance, the easy to use, customer friendly interface makes applying for bids or submitting a bid very easy. It is possible to send out regular reminders of upcoming deadlines or important notices. Bidders can access their tender information any time they want and make relevant changes to bid applications within the stipulated time period. The entire process is very much simplified for both suppliers and procurers. At the same time, security is in no way compromised. In fact, traditional hard copies are more vulnerable since they can easily fall into the wrong hands. In this case, responses remain secure until it is time to award the project. To make the process more transparent, it is possible to track all communications.

Thus, online tender opportunities go a long way to expand your customer or supplier base. They save time and valuable resources. They make the entire process simple and transparent. In short, they make it easy for you to get new business and make money.