Vendorful vs Bonfire
Bonfire is a cloud-based sourcing solution with that is primarily — though not exclusively — oriented around public sector procurement. They offer a modern e-sourcing solution coupled with some basic vendor and contract management features. If you were to strip away commercial focus, however, Vendorful and Bonfire share many features in common. The main differences between our offerings relate primarily to depth: Vendorful offerings on both Strategic Sourcing and Supplier Relationship Management (SRM) are deeper than Bonfire’s. In Sourcing, we offer a pipeline tool to manage and monitor all savings and cost avoidance opportunities ahead of your sourcing team, not just for events that are run on our platform. A related feature is Intake Forms, which enable anyone in your organization to kickstart a sourcing event, whether or not it leads to a formal RFX or reverse auction process. While most of our customers use Vendorful for as much as they can, organizations may still have process that run offline or through third-party systems. Our approach is to support and interoperate with these wherever possible. Vendorful also distinguishes itself from Bonfire by providing supplier/vendor discovery tools to help expand your supplier network. In SRM, we offer Spend Analysis — again for all vendor-related spending, beyond just the events that are run on our platform. And at the intersection of Sourcing and SRM, we offer Due Diligence and Compliance Questionnaires, to help manage risk for both prospective and existing vendor relationships.