ENGAGE YOUR VENDORS
Still relying on spreadsheets, documents, and email to plan and manage sourcing activities? Are you ready to bring your process into the 21st century?
Vendorful's e-sourcing software streamlines and automates highly-manual processes like managing sourcing pipelines, tracking savings, and running RFPs. By eliminating the "paper pushing" aspects of these process, procurement teams and lines of business can focus on strategic value and drive improved outcomes.
Plan and track sourcing activities, run RFX, and leverage reverse auctions
Winning with Vendorful
Automating Vendor Management and Scorecarding
Klein Tools' primary motivation was to improve their RFX process. They had been running a complex process for a long time and they knew they could make improvements. The old way included:
- Excel spreadsheets.
- Emails to share RFQs inside and outside the organization.
- Emailing suppliers - with all correspondence being between individuals.
- Having to consistently build reports for management to provide updates up the chain of command.
Klein was prepared, and management and the supply chain team knew they needed:
- better visibility across cross-functional stakeholders.
- to be prepared for personnel transitions so that they could manage and maintain the information from each
individual event and make it accessible to all stakeholders.
What happened when they switched to Vendorful?
Run eRFX in Record Time
Most organizations feel stuck when it comes to sourcing events. They can resign themselves to email and attachments or fight with cumbersome enterprise procurement suites, which don't actually save time. Vendorful's modern approach to e-sourcing software emphasizes ease of use and collaboration for both buyers and suppliers.
Collaborate with key stakeholders
Leverage the expertise of colleagues in lines of business in establishing requirements, drafting questionnaires, and evaluating supplier bids. Chat, video conference, and work together in real time.
Speed up your process
Custom configurations allow buyers to get a "running start" when creating sourcing events. Automatically attach key documents, establish terms and conditions, and more.
Seamless side-by-side analysis
Vendorful delivers apples-to-applies comparisons automatically, no copying and pasting required. "Blind" evaluation can be leveraged to remove unconscious bias.
Reverse auctions for fast, market-driven negotiations
Buyers who leverage reverse auctions typically see savings of 5%-20% per instance. Usually lasting under an hour, Vendorful's reverse auction software allows suppliers to compete against each other price to earn your business.
Buyers can configure their reverse auctions as they see fit. From auction style, to bid ceiling and minimum decrements, to lots and line items, buying teams can customize their events the way they see fit.
Real-time network monitoring
Network performance is monitored in real-time for all participants to ensure fairness. Vendorful identifies and corrects for network latency, clock skew, and more.
See bids within milliseconds of when they arrive. Vendorful displays an updating chart and leaderboard so you can easily observe savings from previous bids, supplier rank, and bid delta.
Plan sourcing events and track savings
From supplier onboarding to quarterly business reviews to corrective action plans and more, organizations have their own ways of doing things. Vendorful allows these organizations to codify their workflows in a point-and-click interface that marries data and process. The result? A win for both ease-of-use and compliance.
Custom sourcing pipeline fields
No professional services required. Vendorful provides easy access to configure your sourcing pipeline the way you want it. You decide what information to track and with a few clicks of the mouse, you're done.
Set goals and measure attainment
Quotas aren't unique to sales teams. One use of a sourcing pipeline is for savings tracking. Document your goals and see how you measure up — all in one interface.
Slice and dice the data however you see fit; filtering is supported across an array of fields that your team configures. Understand the nuances of your data and use that to make informed decisions.
Vendorful e-Sourcing key features at a glance
Closed and open events
Restrict RFX to invitees or open them up to the public.
Field and answer specific supplier questions about RFX.
Determine who gets to do what on a per-event basis.
Real-time chat, video conferencing, and collaborative editing.
Easily search for and access every RFX and/or reverse auction you've ever run.
Simplicity for suppliers
Built-in collaboration tools for suppliers who want to pull colleagues into bids/auctions.
Tight SRM integration
Search and filter invitees as sourcing capabilities interface seamlessly with SRM.
Plays nicely with Excel
When running RFX, upload and edit Excel pricing tables in Vendorful.
Quickly see visual breakdowns of RFX and reverse auction results.
Want to see Vendorful e-Sourcing Software in action?
How many sourcing events do you not run because it's impossible to justify the time and expense to run it? Vendorful's e-sourcing capabilities eliminate time-consuming manual processes and maximize supplier engagement, helping procurement teams identify and engage with the best suppliers for their needs.