Traditional procurement methods are known for their lengthy processes, lack of transparency, higher costs, and limited supplier options. An Omani technology startup aims to transform how companies and organisations purchase goods and services from their suppliers, creating more value, efficiency, and transparency in procurement activities while reducing risks, biases, and expenses.
BidBid Technology, a new startup based in Muscat, has developed a ‘game-changing’ solution for businesses seeking to streamline their procurement and purchasing processes.
Hani Macki, the founder and CEO of BidBid Technology, believes that the firm’s innovative live bidding platform has the potential to revolutionise the procurement landscape by providing transparency, efficiency, and substantial cost savings.
The BidBid Digital Platform introduces a dynamic approach to e-tendering and e-auction processes, significantly simplifying the complexities associated with traditional procurement, Macki told Muscat Daily in an interview.
“With its secure, encrypted, and transparent system, BidBid Digital Platform ensures that companies can maximise their returns while minimising risks,” Macki noted. He emphasised that the digital platform includes a complete audit trail and a customisable Management Information System (MIS) to enhance governance and transparency.
“Small and medium-sized companies receive quotations from suppliers by email, fax, or in sealed envelopes, while large companies use expensive sophisticated systems to obtain electronic quotations. These companies still need to negotiate prices with each supplier, which is a less transparent and lengthy process,” Macki pointed out.
“BidBid Digital Platform solves this lengthy process through live bidding. All a company needs to do is onboard their approved list of suppliers and ask them to quote their prices. All competing suppliers can view the prices offered by other suppliers but cannot view who is bidding, thereby ensuring the company gets the best price possible from its suppliers in a cost-efficient way,” he explained.
One standout feature of the BidBid Digital Platform is its ability to empower suppliers. During live bidding, suppliers can view the bidding prices while keeping the identities of other bidders confidential. This unique feature, according to Macki, fosters competition and immediate price improvements, ensuring companies receive the best possible deals in a fair and secure manner.
BidBid Technology offers a comprehensive range of live bidding services across various categories such as insurance, uniforms, deposit rate maximisation, currency exchange rate improvement, stationery, safety equipment, pantry items, facility management services, and more. As Macki explained, companies only need to invite their approved list of suppliers to participate in live e-tendering or e-auctions through the BidBid Digital Platform to start bidding instantly.
Highlighting compliance and reliability, BidBid Technology’s digital platform has already successfully passed technical evaluations conducted by the Ministry of Transport, Communication and Information Technology and was given a ‘no objection’ to proceed by the Central Bank of Oman.
Among the prestigious clients that have already adopted BidBid Technology’s innovative solution are major entities like Omantel, Muscat Stock Exchange, Enhance Group, and OHI, among others, Macki noted.