We all know that in business, time is money. As a procurement professional whose job is to secure reliable vendors for clients, it is imperative to take advantage of all the resources available to you such as automated RFI templates to make the outsourcing process more efficient. When first engaging potential suppliers, you may request an RFI, RFP, and RFQ from each of them. Gone are the days of using manual processes to receive bids and price quotes. Cut your RFI process time by 90% with an automated eProcurement solution from ProcurePort.
The Importance of a Request For Information (RFI)
Regardless of the industry, you operate in, the issuance of an RFI is an integral part of procurement vendor selection. An RFI is designed to provide as much relevant information about the vendor as possible. This may include information regarding the vendor’s products or services, capabilities, expertise, experience, and strategies. The procurement manager then uses all this data to compare different service providers so candidates can be shortlisted.
Procurement Vendor Selection Can Be Time Consuming
A procurement professional cannot spend endless hours sifting through the different bids that come through from service providers. In order for the procurement vendor selection process to be efficient, it is key to adopt automated RFI solutions such as those provided by ProcurePort. Using our streamlined RFI template your procurement team can get the job done faster because this software has an inbuilt scoring system that will highlight the top vendors once all the data has been submitted.
Stay Competitive By Adopting The Latest eProcurement RFI Solutions
Technology is redefining how business is done in every sector of business. In fact, technology is changing so fast it has outdated Moore’s Law. Moore’s Law, just in case you were not familiar with it, was the first to attempt to define the pace at which technology is changing. The procurement industry has fully embraced technology, as it has significantly done a lot to improve operational efficiency. In the past, a lot of time was spent manually evaluating RFI, RFP and RFQ sent in by scores of vendors. Now, thanks to innovative eProcurement RFI solutions from ProcurePort, procurement times can be reduced by as much as 90%.
eProcurement RFI Solutions At Your Fingertips
If you’re now wondering which RFI eProcurement solution to use, look no further than ProcurePort’s cutting-edge RFI templates. There is a reason this RFI software is trusted globally by sourcing professionals and organizations including Union Pacific, Hud.Gov, and conEdison Inc. This software is:
ProcurePort RFI software is hosted in a Tier IV Data Centre that is SSAE 16 Type II compliant which means we take your privacy and security very seriously. Sending out RFIs and carrying out a procurement vendor selection process has never been more secure.
According to the Harvard Business Review, the average work-week is now 72 hours for most entrepreneurs and managers across the country. However, 21.8 of those 72 hours were shown to be wasted – used in low-level activities that had little to no value for the business.
In order to help you use your time wisely, ProcurePort’s RFI template is automated and designed in such a way as to reduce and eliminate all time-consuming procurement activities. This centralized template ensures that all information is captured and stored easily allowing you to pick your final service provider faster than before.
Our RFI solution is fully integrated offering third-party software integration support and a host of other convenient features such as advanced reporting for response comparison, currency conversions, supplier acceptance sign-off for terms and conditions, secure login for suppliers, and more, including support for various question types.
Information is Gathered in a Structured, Formal, and Comparable Way
Essentially, the RFI acts as a form to identify the key characteristics of companies and organizations in a consideration criterion, so that you can screen out vendors, suppliers, or companies based on a selection criterion. The goal of the RFI is to create a manageable list of 3-4 agencies or companies that meet supply requirements. Because of its detailed nature, the RFI provides information that is gathered in a formal, structured, and comparable manner. By structurally arranging information, it is possible to compare suppliers and make informed cost decisions based on available vendors.
Better Supplier Visibility and Selection
As a standard business process that collects information about a pool of vendors, and makes informed procurement decisions, the RFI provides better supplier visibility. The RFI is a solicitation sent to a broad base of vendors for conditioning the supplier’s minds, identifying opportunities, developing the strategy, and building a database for an upcoming vendor competition. By sending the solicitation, it is possible to learn and understand more about suppliers, including the nature of their products, prices, availability, and trust. The RFI enables purchasers to make informed buying decisions by gaining better visibility on suppliers.
How to Improve the RFI Process
As a contractor, there are many ways to improve the Request for Information RFI process:
- Using RFI template – Using a template not only makes it possible and easier for you to include different sets of information, it also makes it easier for suppliers to respond with what you’re looking for.
- Pictures and construction drawings – Pictures enable suppliers to get a better sense of what you are looking for.
- Utilizing a software system – Utilizing an automated software system will make your RFI process better organized, faster, and ensure better access to procurement documents to employees in the organization.
If you are the recipient of an RFI, there are things you can do to improve the RFI process:
- Responding diligently and quickly will give you an edge over competitors, thus increasing your likelihood of getting the contract.
- Also, provide a detailed RFI response to ensure you answer all the questions and worries captured in the RFI sent by the purchaser.
- Ensure that the RFI is clear and detailed enough to enable you to understand clearly what the buyer is asking for.
- Finally, do not be afraid to reject or decline a job if your company or agency does not meet the purchaser’s requirements. This transparency increases the chances that the purchaser may contact you in case of future assignments.
Request A Free Demo of ProcurePort RFI Software
Are you interested in this procurement solution but would like to test drive the RFI software first? Request a free demo today. To talk to someone in greater depth about our entire RFI, RFP and RFQ suite don’t hesitate to contact one of our solutions specialists.