Technology is redesigning business landscapes as we know them across the board. Businesses that fail to adapt to instant market changes and fluctuations will not cope with operating how they originally have been in the new competitive climate. RFQ, RFP and RFI software provides the ultimate leveraging tool for businesses that seek a streamlined, efficient procurement process. Keep reading below to learn about RFQ, RFP, and RFI software, How the software supercharges your business and takes your company to the next level by saving money on goods and services.
Critical Spend Analysis
RFQ, RFP and RFI software contains a purpose-built, in-app accounting feature that supports reverse auction resourcing information and increases your companies spend visibility and trends. For example, say you had two suppliers that are offering the same product, Robust RFQ, RFP and RFI software can provide you with important data updates on which supplier would make the most sense for you to use. The software uses the following information to make educated predictions:
- Defining purchasing trends
- Market influencing conditions
- Vital information for negotiation of favorable terms with suppliers
- Where you can save money
- Various supplier strategies
Supplier Chain Management
When you fail to have a robust RFQ, RFP and RFI software solution in place you waste valuable time and money, which could be used to better secure inventory for your business. Having access to information that details your procurement process instantly improves your business’s accuracy and product data.
This means that you will always have the right amount of goods and or services ordered for your business when you are doing purchasing. e-Sourcing software also allows you to obtain an accurate long-range tracking solution so you can manage your supply chain effectively.
RFQ Sourcing and Bidding
A large pain point of sourcing and bidding for goods is communication to suppliers. Traditional methods of RFQ sourcing saw methods like emails and, excel sheets are no longer a productive means of operating. The shift in the industry’s global marketplace demands faster means of procurement and e-Sourcing through software solutions. Technology can support all RFQ and RFI formats while sending you updates on the supply chain and changes that commonly occur when you participate in the bidding process. e-Sourcing assists with the following
- Cost analysis and breakdown throughout the bidding process
- Integration with all systems (Open API)
- Supplier & Product Bidding updates
- Fully Customizable Reports specific to your business model
- Extensive reporting
- In-depth data that guide important business decisions
- Real-time current comparative of all suppliers
Supplier Profiles: Create and Maintain
Typically, companies that acquire RFQ, RFP and RFI software, do not update the technology or take full advantage of the supplier profiles and information available to them. As a result of this, companies approach each bidding environment as if it were their first time using the software.
Businesses that are attempting to establish a robust buying position when requesting vendor quotes, must know their suppliers better to obtain the best quote. This, through software like ProcurePort, is made easy by viewing, updating and comparing supplier profiles. Profiles provide an overview of key information that procurement managers can use when comparing quotes. The information profiles may include:
- Understanding and Comparing vendor cost structures
- Direct competitors
- Pros and cons of each supplier
- Suppliers target market and clients
- Full in-depth analysis on product, pricing, and location
When you implement RFQ, RFP, and RFI software into your company, Procurement teams are enabled to produce custom templates to develop supplier profiles and periodically update them. Incorrect information can cause businesses to miss out on purchasing opportunities and generally lowers brand and business reputation.
RFQ Software Creates A Positive Saving Environment
A simple and effective RFQ process alters the bidding negotiations. Typically, suppliers want to work with buyers that implement and use fast, and effective approval systems, that compete for new business. This leads you to the best products, services, and prices. Simply put, the buyer-seller interaction becomes enhanced through your skills at creating automatic contract awards, assist in electronic signing, and using addendums loaded on RFQ software. In addition to this, by automating your tasks and the process you can hire fewer staff, and keep costs as low as possible. This in turn drastically increases your return on investment and provides your business with a gold standard procurement process.
Want to learn more about how RFQ, RFP and RFI software impacts your business to create a flawless procurement process? Contact one of our solution specialists to see how ProcurePort can help.