Your Guide to FlexRFP eSourcing
A Request for Proposal (or RFP as it is more commonly known) is one of the most important pieces in sourcing and procurement and the overall supply chain. When a buyer sends out an RFP, potential suppliers know what the project is, its description, and what is needed. When an RFP is sent out, suppliers can then bid.
However, this can be a tedious process if you’re still sourcing using spreadsheets or haven’t made your procurement process digital quite yet. Having the proper eSourcing software is imperative to source quality goods at affordable prices and to ensure your projects are completed on time. A comprehensive and robust type of eSourcing suite is FlexRFP eSourcing. Read on to learn more about this type of eSourcing platform and how it can help streamline your sourcing process.
FlexRFP eSourcing: Project Types
FlexRFP eSourcing is a wise choice across many different options to choose from FlexRFP has been used on many different spend categories over the years.
The following is a brief list of the case studies you can find on their website:
- Raw and food ingredients
- Construction Materials
- Shipping and Small parcel
- Office supplies
- Corporate center renovation
- Manufacturing raw materials
- Car services
- It hardware and software
- Ocean freight
FlexRFP has been in use for over 21 years, which is ample time to show the effectiveness and usefulness of this eSourcing manager. On average, FlexRFP saved customers about 18 percent when compared to the baseline pricing currently. It also offers about 50 percent in cycle-time reductions and averages an admin savings of 40 to 60 percent for average projects. The software is easy to use and intuitive, so you can seamlessly onboard your entire team.
FlexRFP eSourcing: FlexRFP & Reverse Auctions
Reverse auctions are a common way to source when it comes to eSourcing. As opposed to a standard auction, a buyer will announce their needs in a reverse auction, and the suppliers bid against each other to gain the contract. There are several types of reverse auctions, and some are more transparent than others. Over time, and with the right software, you’ll come to know what type of reverse auction or eSourcing works best for your needs.
What FlexRFP eSourcing can do is make this process a little less tedious. It offers soft functionality through a cloud-based eRFx process and a secondary round of bids so auctions are intuitive. The “x” in eRFx stands for any request, not just an RFP.
It could be, for example, an RFI (Request for Information). Because of the efficiency of the software, you maximize your savings as opposed to other types of software or manual processes.
The Benefits of FlexRFP eSourcing
There are other types of RFP software, such as Bonfire eSourcing, but you’ll find that the rich features of FlexRFP eSourcing are perfect for your needs. It helps maximize your savings by:
- A template library so you can set up future projects quickly
- Having a score carding feature that lets you send out surveys and questionnaires
- Spend analysis tools to get a better idea of your spend
- Contract management features
- It comes in many languages (English, Spanish, French, German, Chinese, Italian, Portuguese, and many others)
EC Sourcing Group has performed several case studies when it comes to FlexRFP eSourcing. In one case, a client wanted to streamline ocean freight bidding.
The project goals included:
- Reducing analysis and reporting time.
- Maximizing savings.
- Communicating with suppliers effectively.
- Understanding supplier willingness to bid on a per lane basis.
The client used FlexRFP to work toward these goals. At the end of the project, the start-to-finish cycle time was reduced by 35 percent, the client saved roughly 19 percent overall, and the suppliers also liked using the software.
To learn more about FlexRFP eSourcing or to schedule a demo, please contact EC Sourcing Group at 973-936-9672 to speak with a member of our team. We want you to reimagine the way you look at procurement.