How Technology Has Transformed the RFP Process

The sourcing process is a very clear-cut process, you search for the right vendor, request information and then choose the right fit for your business needs. However, the process has never been simple or streamlined. There were rounds of communication, lost data, information that was missed and ultimately it was not the ideal vendor-buyer relationship that was anticipated. Technology has now transformed the RFP process, allowing software platforms such as FlexRFP™ to help guide this process, streamline communication, and create better opportunities with your vendors.

When it comes to creating an RFP that drives a successful transaction, there are a few key components to consider:

  1. Determining and outlining the specific goals of each project with a detailed scope of work.
  2. Your RFP should clearly differentiate your wants, needs, and showcase what you’re looking for in a winning bid.
  3. Your document should be organized and to the point.

The basics of an RFP may stay the same, but the traditional process versus e- sourcing process is very different. Traditional focuses on paperwork, emails, spreadsheets, documents, and relying on others to communicate back to you. Whereas, with e- sourcing software, you can eliminate the paperwork, reduce communication time, and provide all of the required details with ease. Your company will experience lower costs, improved internal and external communication, fewer errors, and the ability to focus more on strategy, rather than paperwork.

When it comes to the RFP process, we have taken the time to outline the general process from identifying your need, through the negotiation process all the way through the purchase completion. For FlexRFP ™, this RFP process is unified and ultimately faster. With FlexRFP™ you have the opportunity to:

–          Improve purchasing approval and supplier evaluation

–          Improve bidding, negotiation and selection process

–          Improve measurement, and supplier performance management

To learn more about how technology and FlexRFP™ can help transform your RFP process, and improve your buyer-vendor relationship, check out our whitepaper here.