A well-run procurement operation relies on transparency and efficiency, and a digital platform combines the best of both worlds. You can create, edit and maintain effective requests through a single source, nurturing open relationships with suppliers and promoting visibility throughout the entire process for buying personnel.
The time savings are abundant with eRFx tools during each phase of the process, from outreach to closing the deal.
The Creation Phase
The eRFx tool replaces what was formerly done in Word or Excel by using templates to avoid reformatting for every interaction. The standardized templates allow the buyer to simply fill in the appropriate information for the RFI, RFQ or RFP and submit.
The response phase
Deadlines are easily managed with the eRFx software's answer quality and supplier progress tracking features. The buyer can view exactly when the recipients have opened and answered questionnaires as well as monitor incomplete entries. Notifications are also sent to suppliers with reminders of upcoming due dates. These features prompt regular communication with suppliers and keep deadlines top-of-mind.
The evaluation phase
The automated eRFx system controls the format of both questions and answers, applying uniform questions with matching entry perimeters to each supplier. This feature reduces the time spent combing through responses and makes it easier to evaluate answers line by line. The eRFx tool mitigates over-spent time reviewing individual responses by providing an all-in-one report, qualifying and quantifying each answer's weight by predetermined values set by the buyer. This also means irrelevant information is restricted, therefore eliminating non-essential commentary from being included in the returned request. Each report can be exported independently into a spreadsheet or PDF, creating an ideal starting point to evaluate feedback.
Buyers and suppliers benefit from the ease of two-way information sharing with eRFx software, while also allowing for simple knowledge exchange among internal team members.
External information sharing
All relevant documents are compiled into links and sent as a single message, simplifying back-and-forth communication between the buyers and suppliers.The buyer can add new or supplemental information directly into the eRFx tool which prompts a notification for the supplier that additional input is required. Real-time updates are available on the platform, eliminating the need for confusing email threads or version controls of documents. The correspondence between the two parties is stored and visible at any time to approved personnel. This transparency is paramount to the functional relationship of both organizations.
Internal information sharing
Important information like supplier contact information, project history and supplier files are available through the eRFx platform, independent of the employee who originally entered the data. Stakeholders and spectators can also be invited to view entire transactions and relevant documents.These features allow efficient knowledge exchange during times of team expansion or transitions and during audits.
Process improvement results in overall increased functionality and efficiency of your team. Work quality will remain intact, while also allowing additional time to be spent on other value-added tasks.
Structured, transparent and uniform corporate process
The uniformity of eRFx templates simplifies buyers' processes and reduces risk of error when initiating a new supplier interaction. This standardization also provides the buying organization a structured, predictable look, giving the brand a sense of professionalism to both repeat and new supply organizations.
Independent of the employee
Key information is archived and unable to be permanently deleted, reducing knowledge loss due to employee churn. Even projects from years prior are easily accessible to any approved associates, and references and confirmation of past interactions is simple and readily available.
Safeguard against ineffective use of time, money and resources by fortifying the procurement department with the knowledge and tools to best perform the job. eRFx software can boost the bottom line by removing barriers that are standing in the way of an efficient operation.