Unpacking Competitive Bidding Methods - a practitioners guide to help procurement professionals better understand each of the various competitive bidding methods and when the use of each is most appropriate.
EXECUTIVE SUMMARY
Everyday hundreds of organizations conduct competitive bids to pick the best supplier to meet their needs. Unfortunately, too many organizations are using the wrong tools for the wrong job often resulting in selecting the wrong supplier or developing a contract that is misaligned with the organization's objectives.
Simply put, using the wrong competitive bidding method is like putting a square peg in a round hole. Forcing it to fit is myopic and inefficient. To further complicate things, newer more collaborative approaches have emerged which tout the benefit of allowing buyers to gain insight and improved supplier innovation.
The question arises which tool is the right tool for my situation? We believe today's sourcing professional should understand and enthusiastically embrace the entire suite of tools in their sourcing toolkit to carefully select the technique that is most appropriate for their situation.
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