I vividly remember receiving my first RFP when I was the co-founder and CEO of an online video platform company called Twistage. The issuer was an international newspaper and the mere fact that we had somehow landed on their radar was beyond exciting for us. Our team spent hours and hours preparing our answers and still more time copying and pasting as we merged the separate documents we had created. Around two months later, we were informed that we had advanced to the final selection round. While we ultimately didn’t win the deal, it was clearly a memorable experience. By the time we received our seventh or eighth RFP, however, the bloom was off the rose. We came to view these requests as time sucks, but it was next to impossible to say “no” to new business opportunities.
Fast forward a few years and Twistage was acquired by a publicly-traded Fortune 1000 company. Here, we would have a team of people whose sole job was responding to RFPs. Although it sounded like it would be orders of magnitude better, it seemed that our core team was still pulled into every response. But it was hard for me to be frustrated because I had, at this point, seen the challenges of the other side of the sourcing process.
Days after the acquisition of Twistage was announced, I was asked to review some vendor contracts for our parent company. I was shocked to see what we were paying and to whom. How did we choose these vendors? Who negotiated these deals? Where I had once seen procurement specialists, category managers, and sourcing teams as the enemy, I now had tremendous sympathy for them! They didn’t like RFPs either. See, while the underlying idea is a solid one, the actual process leaves much to be desired.
How is that cars are beginning to drive themselves and we can video chat in high resolution around the globe, but sourcing remains largely unchanged. Email has shifted the medium from physical to digital, but the process itself looks much like it did before we sent people to the moon. We think that’s crazy, which is why we created Vendorful. Our platform dramatically reduces the time and effort involved in purchasing, while at the same time improving the quality of the decisions. We believe that technology can—and should—help you get more for less. Vendorful is what we’ve built to turn those beliefs into action.
We invite you to contact us to learn more.