Why choose FlexRFP?
- Easy enough to launch your first RFP today
- Wide and deep enough to manage ALL categories and projects – inside the solution
- Requires no training for suppliers – making it easier for you
- Seamlessly integrates with your process
Regardless of the type or frequency of your RFPs, the goal of successful procurement is to minimize expenses while maximizing quality and terms of the transaction. How you design and administer your RFPs can have a big impact on the results. FlexRFP allows you to streamline the process of setting up and delivering RFP’s, increasing throughput.
If lowering expenses is an important sourcing objective, a reverse auction may be the solution. Also known as a ‘procurement auction’ or ‘sourcing event’, a reverse auction requires vendors compete on price to fulfill your product and service needs.
A “Soft Auction” is a similar bidding process that incorporates offering feedback to suppliers and conducting a secondary rounds of bids. FlexRFP offers a unique set of tools to facilitate both of these options.
Not all sourcing events are complicated. But when the scope of your initiative is more complex and the budget is sizeable, inherently there is more room for error. For these events accurate process management is essential for keeping the project on track and delivering the desired outcome.
In addition to all the tools you need to achieve great savings, FlexRFP includes tools to manage all aspects of your project from start to finish.
Our process management module allows you to map out your plan in advance, coordinate the activities of internal and external parties, and accurately communicate all details of the sourcing initiative with everyone involved.
From a management perspective, this tool set is ideal for knowing where you are in the process at any point in time and keeping personnel aware of their responsibilities through automated alerts.
Imagine how simple it would be to produce measurable cost savings if you knew what the company was spending by SKU, commodity or item for the entire company. What if you could then break down that same information by division, profit center and product line?
Companies and organizations have spend data that resides in different procurement, payment and financial systems. When these systems don’t talk to each other, it’s a good bet that you’re leaving money on the table.
Spend analysis tools allow you to combine data from different payment systems into a single dataset. In addition, datasets are enhanced by adding organization, commodity dimensions and other key procurement information. The result is a powerful framework for examining and analyzing spend.
Managing supplier relationships and using resources efficiently is essential for getting the most out of your supply chain. One of the most effective ways to achieve better ROI on your commodity purchases is through organized supplier data (pricing and terms), synchronized with internal systems. When this data comes together, the value of your relationship with a given supplier is easier to measure. With this level of insight, it becomes easier to:
- Assess vendor capabilities, financial solvency, product/service quality and pricing
- Continually measure and manage vendor performance in order to sustain and improve the effectiveness and efficiency of your supply base
- Ensure that all supplier-related documents and periodic questionnaires (IT, risk, and general) are received on time and in the desired format
- Keep track of questionnaire due dates and document expiration dates
- Automate much of the negotiations process and simplify supplier on-boarding – making it easier to establish an initial relationship for both parties
For many CPO’s, managing contracts across multiple vendors and business units is a sizeable challenge. In a recent article we highlight some of the common shortcomings of contract management, and possible solutions for staying on top of this data.
Ideally, you should be able to manage this information from a single interface, using automation to alert your team to important dates and scheduled modifications. Contract data that is difficult to query or access will inevitably come back to haunt the organization. In some cases, the repercussions can be significant like an unanticipated rate hike or contract renewal.
Schedule a Demo
Schedule a demo to see how we can help streamline your sourcing process, reduce spend and deliver measurable savings.