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Reasons your organization is no adopting eSourcing

Top 4 Reasons Your Organization is not Adopting eSourcing and How You Can Overcome Them

For any business that has used an eSourcing platform, the benefits are evident. Using tailored technology to streamline its procurement needs can provide an organization with significant cost savings, faster cycle times, more transparency, and better control over its sourcing requirements.

Despite the demonstrable success and a strong ROI story, eSourcing adoption remains low. As Jeff Gilkerson asks in his article for Spendmatters, “Why do 30 percent of organizations not have eSourcing tools when the benefits are widely known and accepted, the technology has been around for decades, and the tools can be obtained for a relatively low investment?”

Check out the following top concerns and some ideas about how you can overcome them.

  1. Employees are generally apprehensive about change

Any form of new technology can be overwhelming and intimidating for an organization. This is especially true for procurement teams that might be used to doing things the same way for years. Despite the fact that traditional methods of sourcing are tedious and time-consuming, there is a certain comfort in knowing that you’ve already mastered the steps you have to take to get the job done. A well-worn groove might have compromised structural integrity, but it is comforting. Conversely, anything that might disrupt a familiar sourcing sequence becomes a cause for apprehension.

Addressing potential discomfort from change requires patience from management and a commitment to support the transition to the new tools. Take the time to talk about the advantages of using an eSourcing platform. Make sure you answer the questions and dedicate time to train your employees so that they can see for themselves how eSourcing can help improve their productivity and efficacy.

  1. Some companies assume their sourcing needs can’t be addressed by technology

Without a clear understanding of eSourcing technology and what it can do, it’s very easy to assume that the platform simply won’t fit your specific requirements.

With a little research, however, it’s easy to see just how broadly applicable eSourcing platforms are, regardless of industry or nature of the business. No matter how large or small your company is, no matter how complex your project may be, eSourcing will likely prove to be a useful tool to streamline the bidding process as you search for partners and suppliers. But if you’re not convinced and have lingering concerns? Ask for a demo. Have a discussion with an eSourcing vendor. At the very least, explore the opportunities in front of you before resigning yourself to doing the same thing you’ve been doing.

  1. Some employees feel overwhelmed at the prospect of full transparency

There are numerous advantages to transparency. In fact, this is one of the main advantages of an eSourcing platform. Transparency, however, can have its drawbacks. In certain professional environments, an open process is one that is ripe for judgment as well as micromanagement. The irony here is that a strong eSourcing tool should empower — not disempower — procurement teams.

The key to managing this is to focus on processes and protocols. Leveraging a tool should provide tangible benefits and the opportunity to rethink and re-implement processes. By creating the right framework around the tool, an organization can mitigate the potential “risks” of transparency while setting up its procurement team for success.

  1. Procurement teams tend to use it without proper planning

Inasmuch as eSourcing platforms are intended to make everything easier for employees, it does require a bit of planning to execute everything seamlessly.

Often, in the interest of meeting a procurement team’s urgent sourcing requirements, stakeholders may point to eSourcing as a quick and easy solution, expecting immediate results. However, as with anything in business, great results require some forethought. As detailed above, you should be rethinking the process, not eliminating it. Even a great tool can be used incorrectly. To that end, clear objectives should be identified and workable criteria for evaluation should be defined. Remember eSourcing is a tool, not a replacement for critical thinking. You have to give the tool the right context and inputs to deliver the results you need.

Working with your procurement team regarding the best way to begin the eSourcing process is a great way to ensure that you drive the best outcomes.

When it comes to procurement technology, eSourcing platforms can prove to be a boon for all kinds of organizations. And while there are risks and concerns with adopting any new technology, a thoughtful approach should allow you to address them head-on.

Take advantage of Vendorful’s eSourcing platform and find out how we can help improve your procurement process. Send a message to Vendorful today.

Biggest challenges in eSourcing

4 Biggest Challenges in eSourcing

For a long time, procurement managers were focused on one thing—reducing costs.

Through the years, however, business needs have evolved such that cost efficiency, while still important, is now joined by a whole new list of concerns that can similarly impact a company’s bottom line.

Given this, procurement teams are now seeing their roles expand beyond simply finding the most affordable sources for materials or services. Procurement teams must also consider the broader relationship, including whether their chosen supplier reflects their own organization’s brand values and whether it’s a working relationship that will spur innovation or yield other less tangible benefits for the company.

Fortunately, eSourcing has proven to be an effective tool to help manage these concerns. eSourcing software offers robust tools and applications that facilitate traditional procurement processes with more efficiency. Still, to truly maximize what it can do for your organization, the following challenges should be addressed:

1. Declining value of cost-savings

Cost reduction has long been the primary driver of eSourcing. But often, focusing too much on affordability – especially after significant savings have already been achieved – leads to declines in quality or in service level, leaving businesses feeling unsatisfied with their suppliers despite achieving excellent pricing.

Of course, the ability of eSourcing to deliver cost efficiencies for businesses still remains very relevant, no matter how significant the gains made in the past. However, communicating to suppliers and upper management the importance of other factors in supplier selection is just as critical. At some point, this requires a significant shift from a business’s tendency to focus on year-over-year savings instead of considering the annuity value of past savings achievements.

2. Lack of support for eSourcing’s other benefits

This is the corollary to the declining value of cost-savings outlined above. To maximize the benefits of eSourcing, management and procurement teams must fully buy into the idea that there is much more to strategic sourcing than simply gathering the lowest bids for a project.

Ideally, eSourcing is designed to deliver high quality and relevant proposals for a particular project. This means bids must strike a good balance between cost and quality. Often, upper management is unable to recognize the relevance that quality plays into the whole procurement process—they’re too focused on the costs. Ultimately, this can serve to be detrimental to the success of any project, but especially when savings have already been achieved and the company is enjoying the ongoing dividends of those savings.

3. Insufficient understanding of objectives

With an eSourcing platform, it’s easy to host bidding events and send out requests for proposals (RFPs). However, to attract the attention of quality suppliers and ensure quality bids from them, you need to give them something solid to work on.

Knowing how to create an effective RFP and sending it out means understanding the reasons why you need to do it in the first place. This goes back to your objectives. If the team behind the whole initiative is not provided a clear understanding of what they’re looking for, it will ultimately lead to poor results.

4. Lack of insight into effective decision-making

Related to the previous point, an underappreciated aspect of finding the right suppliers is the proper evaluation of proposals. If procurement teams don’t fully understand their objectives, this also means they won’t be able to create reliable criteria for evaluation. This could result in a business basing their decisions on something that might not be completely relevant or sustainable for a long-term working relationship.

Having identified these challenges, you can take a closer look at your procurement process and reassess how you can maximize your eSourcing platform to deliver the best results.

If you want to learn more about how Vendorful can help address these challenges to improve your procurement process, contact us today.

eSourcing can boost relationships with suppliers

3 Ways eSourcing Can Boost Supplier Relationships

When it comes to procurement, technology can make a significant impact.

Take eSourcing platforms for example. Whether it improves efficiency or reduces costs, there’s no denying that automating processes can provide significant operational value. With minimal effort, you’re able to communicate your objectives clearly, minimize tedious back and forth coordination between individual suppliers, and substantially reduce human errors in the sourcing process.

However, beyond improving internal efficiencies, companies using eSourcing platforms should also know it’s a tool that can facilitate better working relationships between businesses and suppliers. This post explains some of the ways it can do so…

1. Helps you find the right supplier efficiently

Traditional methods of sourcing suppliers can be a long-drawn-out process. It’s tedious, time-consuming and, given the effort, it takes to individually coordinate and brief potential suppliers, leaves a lot of room for error.

An eSourcing tool that streamlines the selection process makes things a lot easier. The tool allows you to simplify the entire bidding process given that everything is available on a central platform. As a buyer, you’re able to request all the necessary information you need from all potential suppliers at the same time. You can easily compare results and determine which supplier not only has the best bid but also best fits into your organization.

By identifying potential partners through eSourcing tools, you’re essentially starting a working relationship that wasn’t solely achieved through negotiation. It allows for time to create effective RFPs given that you’re removing the labor-intensive paperwork behind the process.

2. Improve communication between suppliers

Most of the errors made during the procurement process happen because of all the back and forth required to communicate with suppliers individually.

Typically, as you begin to search for suppliers, you will need to send out a brief to each of them. This means you will need to reply individually to their questions. A lot can get misinterpreted in the back-and-forth.

Using an eSourcing tool means all questions and clarification can be communicated via this centralized platform. Interaction on the platform is smoother and facilitates better collaboration. There’s also no need to keep repeating your answers given that everyone involved in the bidding process can easily refer to the information provided. In addition, coordination can be done in real-time.

Communicating in a structured way shows that you are considering your supplier’s time as well as yours. After all, as tedious as the procurement process can be for you, keep in mind that it can also be as time-consuming and complex for potential suppliers.

3. Provides unprecedented transparency

Any successful working relationship is based on trust. This can be difficult when you might be perceived to be starting a professional relationship on the wrong foot.  eSourcing tools make the process more transparent. Everyone gets the same access to the same information, and no one is given an unfair advantage.

This also translates to the selection process. Making your selection criteria available for everyone to access assures suppliers that they are all being evaluated on the same standards.

eSourcing offers a systematic and efficient approach to one of the most labor-intensive and complex processes in procurement–finding the right suppliers. Not only is this beneficial for operations, but it can also enhance supplier relations, which is critical to a project’s success.

Take advantage of Vendorful’s eSourcing platform and find out how we can help improve your procurement process, contact us today.

eSourcing should be your top priority

4 Reasons Why eSourcing Should Be Your Top Priority

As a business, streamlining your sourcing, allows you to save time and money, build better working relationships with suppliers, and ultimately ensures the success of your procurement cycle.

However, this isn’t the easiest thing to do. Procurement teams juggle so many responsibilities that it’s easy to forget just how important sourcing is to the entire procurement process. This is precisely the reason why companies are turning to technology and embracing eSourcing as a key tool to better manage their procurement processes.

To help you make the transition to eSourcing and understand its benefits, we’ve rounded up the top 4 reasons why companies should really focus on eSourcing and make it their top priority. Check it out below:

  1. Reduces costs

Saving money is a primary KPI of efficient procurement processes. eSourcing is a good way to achieve that.

According to Aberdeen’s research, companies report an annual average savings of 16% from eSourcing. In addition, procurement teams are able to access a broad range of suppliers and review numerous bids in a streamlined and centralized way. This guarantees favorable results for businesses as it allows them to connect, screen, review, and shortlist suppliers efficiently.

  1. Improves supplier relations

eSourcing tools can help businesses conduct the bidding process in a more open and transparent manner. This essentially levels the playing field for suppliers who know that every other supplier bidding for the project has access to the same information. In addition, it helps assure suppliers that the process is being conducted fairly, and without bias.

It also makes the entire bidding process more efficient for suppliers. With a centralized eSourcing platform, they no longer have to sift through numerous documents or manually collate data from various people. A sourcing event is, in effect, like a first date. Ideally, it is the beginning of the strong, long-term professional relationship that you hope to build with your suppliers.

  1. Enables effective communication and evaluation of suppliers

The eSourcing process allows businesses to send details of the project in a centralized and streamlined way. This means suppliers can receive detailed requirements in a single eSourcing platform, as well as communicate and coordinate throughout the bidding process seamlessly. All information can also be easily accessed if necessary, reducing or eliminating protracted email chains and lengthy conference calls.

Also, when it comes to evaluating your suppliers, an automated sourcing process ensures that the evaluation process is faster and more efficient as well. You can say, “Goodbye” to the role of “Excel jockey,”Excel jockey as copying and pasting replies should be a thing of the past. Instead, you can focus your energy on the assessment itself, evaluating potential suppliers based on their ability to meet technical compliance, as well as on cost and bid quality via a single platform.

  1. Ensures time efficiencies

Anyone who has attempted to source suppliers using traditional methods knows that it takes time to find quality vendors. eSourcing helps reduce the sourcing cycle by letting you cast a wider net.

Additionally, because eSourcing lets you deliver information in a structured manner, you are almost always guaranteed that suppliers are able to submit their bids in the same format, in compliance with all your requirements. Additionally, providing standard channels of communication minimizes a lot of back and forth between stakeholders, saving time and effort.

Highly collaborative professional relationships with suppliers that contribute to a company’s growth don’t happen by accident. Effective implementation of tools to support this goal and a strong dedication to make eSourcing a top priority in your company is a significant step in the right direction.

If you want to automate and streamline your sourcing processes, find out how Vendorful can help. Get in touch with us today.

eSourcing benefits buyers and suppliers

5 Benefits of eSourcing for Both Purchasers and Suppliers

The benefits of eSourcing may be clear for buyers, but streamlining the procurement process tends to be met warily by vendors. The apprehension stems from the impression that any level of process automation commoditizes their products and services, and that eSourcing platforms are largely one-sided in favor of the purchaser.

The fact is, however, that eSourcing platforms can facilitate real-time dynamic feedback and foster strategic communication so that it becomes a valuable tool for both purchasers and suppliers.

Here are some of the top advantages of eSourcing:

1. Unparalleled transparency through technology

Most eSourcing platforms are capable of providing real-time feedback via analytics tools and itemized ranking. This means that not only do buyers enjoy a big picture view of where all their suppliers stand and what they have to offer, but suppliers also get unprecedented competitive intelligence. Insight into what competitors are e.g. bidding in reverse auctions puts a supplier’s own pricing strategy into a clearer perspective.

2. Levels the playing field for all suppliers

eSourcing platforms ensure that all suppliers have equal access to the same information from the buyer. This promotes fair play among all participants and guarantees that everyone is able to see the same questions and answers. On the flip side, removing bias from the procurement process ensures that purchasers get the best possible bids and options from suppliers.

3. Improves trust between suppliers and develops relationships

Here’s how the typical procurement process works when done manually. Purchasers will start by briefing multiple suppliers on the details of their inquiry. From there, a supplier will come back to the purchaser with an offer. In order to negotiate the bids from all suppliers, purchasers will typically present the pricing offered by supplier A to supplier B (or vice versa).

The whole process is quite tedious and tends to foster an adversarial relationship between purchasers and suppliers. While purchasers may end up with their desired bids, suppliers may end up feeling shortchanged. This isn’t a great way to start a working relationship.

This is something that eSourcing handles easily. It’s the market that drives the price and because it’s out in the open, it can’t be pinned on a specific supplier or the purchaser’s negotiation skills.

4. Saves time for all parties involved

There’s a lot of back and forth when it comes to the procurement process. Briefings alone can take up hours — if not days — out of already busy schedules. And that’s excluding any negotiations.

Allowing both purchasers and suppliers to access standard templates and collaborate via a central system accessible to all relevant stakeholders can drastically streamline the process for everyone.

5. Offers more business opportunities

eSourcing platforms not only ensure that purchasers achieve operational efficiency, but also offer ease of use to suppliers as well. Once they familiarize themselves with how the platform works, it’s now easier for them to join bids for your company and win potential business.

One last note…

While software-enabled procurement is anchored in the same basic concepts of more manual processes, shifting to a digital platform will require some process changes for everyone involved. Both purchasers and suppliers will undoubtedly reap benefits from a high-quality strategic sourcing platform, but it will require a commitment to changing old habits and processes for eSourcing to truly shine in your organization.

Educate yourself and your suppliers so that key stakeholders in your organization can develop a positive view of eSourcing, understand what it can do for you, and start leveraging its benefits. If you have any experience with using eSourcing platforms, we’d love to hear all about it. Leave a comment below.

Talk to us to find out how Vendorful can help ensure you and your suppliers take advantage of the benefits of eSourcing. Get in touch with us today.

Deconstructing 4 of the Top eSourcing Myths

Hercules is a mythological. eSourcing? Not so much.

For a lot of businesses, a well-considered and thoughtfully-implemented eSourcing strategy could offer numerous benefits. Increasing sourcing efficiency, bringing down overhead costs, and improving supplier relationships are just some concrete examples. Given that, it’s almost surprising that businesses are all too willing to overlook these advantages due to certain eSourcing myths.

(Thanks, Charles Le Brun for the great Hercules painting! Greek myths…now, those are interesting.)

To address this, we’ve collected four of the top myths about eSourcing in order for you to understand the real value of eSourcing to a business. Hopefully, identifying these pervasive misconceptions about eSourcing will show you how it really works, lead you to informed decisions, and ensure your company has a reliable sourcing strategy.

Myth 1: My category can’t be eSourced

You might think your category is too specific or complex for eSourcing. The truth is, any spend category that you traditionally source using an RFI or RFP process can be eSourced, as long as

  1. your category has a set of definable requirements and
  2. suppliers can evaluate how they can meet the aforementioned requirements

In fact, choosing to automate your workflows via an eSourcing tool means you are able to follow best practices, implementing more stringent buyer guidelines and ensuring more accurate responses from suppliers. Take out your notebook (or simply download what we’ve compiled) and learn the RFP process steps.

Essential Guide to the RFP Process

Myth 2: eSourcing is only about the money

Many organizations assume that eSourcing is only ideal when price is not only a priority, but in fact the only consideration. However, good eSourcing solutions are built to support and provide solutions that go beyond simply cost. They are specifically designed to capture and gather bid information in a streamlined and centralized way to allow thorough and expeditious analysis. Such features can be used to both quantitatively and qualitatively evaluate bids on total value, rather than simply defaulting to the lowest price.

Myth 3: You can’t use eSourcing with trading partners or existing suppliers

Every supplier wants their customers to be customers for life. It’s therefore understandable to expect that some of your current suppliers might feel threatened when they are invited to participate in an eSourcing event. You can reassure them that simply because they are being asked to participate in a competitive sourcing process doesn’t necessarily mean that you’ll be making a change. Moreover, a robust eSourcing tool should provide value for suppliers as well as buyers. Indeed, after dealing with messy inboxes and collating data into different documents, suppliers may well be relieved to use a platform that supports collaboration, consolidates information, and more.

Myth 4: My company is too small for eSourcing

It’s possible, but we doubt it. Today’s tech-centric business landscape demands efficient solutions that will address business needs—regardless of size. Many of the newer eSourcing tools are also subscription based and scalable depending on a company’s needs. Such features actually make eSourcing more affordable and generate a better return on investment, particularly when compared with doing things “the old-fashioned way.”.

While eSourcing must have a strong ROI story and commercial rationale, it is strictly focused on helping organizations squeeze the last pennies out of potential vendors. There is a broader value story at play here. A good platform should enable you to  define and implement better processes that will benefit your business in the long term. Opting to implement an eSourcing solution will help you create a better, more transparent and scalable process for stakeholders as well as the organization at large.

Can you think of more eSourcing myths that weren’t tackled here? Feel free to add any to the comments section below.

For a comprehensive explanation on how Vendorful can help you respond to RFPs and ensure consistent value, get in touch with us today.

Laptops, where RFPs happen

Is eSourcing Right For My Business?

eSourcing consists of using software to manage and collect suppliers across a variety of projects. But what does that mean for you and your department?

The Difference Between Sourcing and Procurement

Procurement is the sourcing, purchasing, negotiating and acquisition process but also includes risk management and sustainability. Sourcing is the component of the procurement process that deals with supplier selection and management.

eSourcing software will not solve your negotiation problems, your acquisition problems, or some of your more complicated contractual issues. It will, however, make it easier to coordinate suppliers.

So we have established that sourcing software will help you coordinate suppliers, but how does that translate into actual business advantages

A good sourcing software solution will provide:

Direct cost savings by improving the competitive process of supplier selection. Instead of being limited to two suppliers simply because your infrastructure can’t handle more communication, you will now be able to have a dozen (or more) suppliers competing for the same contract.

Greatly reduce cycle time by streamlining communication through visible dashboards, timely notifications, and contained file sharing to keep all relevant communications in the same place.

because the pricing, timeliness and other attributes of suppliers are saved and easily accessible for number crunching. Organizations can create evaluations of supplier performance and identify areas for improvement going forward.Laptops, where RFPs happenGreater transparency and integritybecause the pricing, timeliness and other attributes of suppliers are saved and easily accessible for number crunching. Organizations can create evaluations of supplier performance and identify areas for improvement going forward.

But is eSourcing right for my business?

Switching to using a software solution may seem painful, but a company should use a rigorous sourcing process whenever the cost of making a poor sourcing decision is likely to exceed the cost of the sourcing process.

Here is a thought exercise: If you owned a small Mom and Pop book store and you needed to buy paper, the cost of choosing the wrong paper would not be anywhere near the cost of investing in a software solution. But, if you were in charge of sourcing paper for a Fortune 500 company, purchasing the wrong paper could have massive ramifications across the corporation that would far outweigh the relatively low cost of the software. Of course, this is an extreme example and most companies will fall somewhere in between, but the point is that the majority of businesses will be impacted by the savings derived by using sourcing software.

If your company runs many purchasing and sourcing projects, the costs of small mistakes would quickly add up to the cost of the software. Sure, there are rigorous sourcing processes that are manual and would help reduce the risk of a large purchasing error, but the lower cost of running a rigorous process through sourcing software would increase the number of sourcing projects that could benefit from this process.

But if sourcing software has clear benefits, why are companies still using manual processes?

Hesitations to switching to sourcing management software generally fall into three categories:

The cost of changing our existing processes is too highgood solution should be designed to fit right into your existing processes. The software should not be designed to create a whole new strategy for your team, but instead developed to replace the manual tasks that rob your time such as team coordination, supplier communication, and document collation.

It is too difficult to train all potential stakeholdersIf you choose the right software, sourcing solutions should be as easy to use as any of the other applications we use in our daily professional lives. An intuitive software product is designed to simplify, not complicate the sourcing process. A good solution would consolidate and streamline the many manual processes that you and your team already undertake.

My sourcing is too specialized for sourcing softwareThis is a common concern when contemplating eSourcing solutions and it is best addressed with more questions. Would a mistake in your sourcing be expensive? Do you have manual tasks in your process that need little mental effort but require too much time? Are you limited to non-competitive suppliers because sourcing other suppliers seems like a monumental task? If your answer to any of these questions is yes, then it would be worth a small amount of your time to investigate possible sourcing software solutions.

eSourcing isn’t for every company… but it should be used by most companies. Bulky sourcing processes can affect the whole company. If you want to see an example of how easy it would be to implement a time-saving and intuitive software solution, sign up for Vendorful’s RFP Management Software.

RFPs can be stressful

Top 3 Benefits of Implementing RFP Management Software

The request for proposal (RFP) process enables buyers to compare features, functionality, and price across potential vendors. It is a crucial component of the procurement process. Accordingly, developing an effective RFP process creates alignment and streamlines the procurement process for buyers and vendors alike.

However, despite innovation seemingly permeating all facets of commerce, the corporate purchasing process has remained largely unchanged. It’s not surprising then, that when a process is complex and/or challenging, people are loathe to engage in it. The data suggests that this is the case with RFPs. In fact, a study conducted by Accenture, indicated that under 50% of spend is managed professionally. Many organizations skip the RFP altogether, relying on ineffective sourcing processes that lead to miscommunication, poor/unknown ROI or purchases of products and services that do not align with their business goals.

Unfortunately, even organizations that adopt best practices for procurement often suffer for their diligence. Indeed, the most common way RFP library management systems are handled is via ever-growing email threads with Excel and Word documents attached to them. While that method has few enthusiastic supporters, it beats some of the alternatives, which includes:

  • Shipping responses on a thumb drive.
  • Firing up the fax machine.
  • Printing, binding, and mailing physical copies.

Do you rely on any of these for your sourcing process?? Or worse yet, does the overhead inherent in these methods prevent you from running a process at all?

It is likely time to reevaluate your current workflow and tools in order to save time and money, as well as to avoid operational inefficiencies throughout your organization. RFP management software optimizes outcomes for both buyers and vendors, improving the overall quality of purchasing decisions.

Check out the top three benefits of implementing RFP management software: 

1. Consolidation of Information

If you are dealing with sourcing projects, it is likely very difficult for you to keep everything organized and at your fingertips while using outdated technology. Ensuring that all of your information is centralized and organized is game changing. Papers and email can often get lost or buried in a bulging inbox, making it difficult to determine:

  • Which of the invited vendors has/hasn’t responded?
  • Are the stakeholders able to access all of the information they need?
  • How do vendor responses compare to each other?
  • Where are all of the attachments the vendors sent with their responses?

Managing the cascade of information from your RFP process in a single location is the best way to make sure that everyone involved in the process has access to the data and documents they need.

2. Increased Internal Stakeholder Engagement 

While procurement departments may drive the purchasing process, stakeholders are often the group that determines which vendor ultimately gets selected. However, rounding up people to participate in a sourcing effort has been compared to “herding cats.” It is clear, though, that increasing stakeholder engagement in the RFP process improves the evaluation process and ultimately drives better ROI. A good RFP software solution should make it easy for team members across the organization to participate in the purchasing process, driving increased engagement and therefore better outcomes. RFP management software allows you to:

  • Solicit input regarding requirements, market info, and more.
  • Leverage subject matter experts for key parts of the evaluation.
  • Open up the scoring process to the stakeholders who will ultimately be impacted by the vendor selection.
  • Surface discrepancies and build consensus.

The right tool will not only drive engagement, but will also increase accountability and transparency for purchasing decisions across departments.

3. Time Savings

Time is money, particularly when engaging in a procurement process pulls stakeholders from doing their primary job. By reducing the time stakeholders need to invest in the RFP process, organizations save money. Evaluate how long your current process is taking by thinking about:

  • How much time does it take to organize all of the vendor responses for distribution to stakeholders?
  • What happens if it needs edits?
  • Is the process itself optimized for simplicity and speed?

Absent the right tools, every step of the RFP process can introduce costly delays and confusion.

By leveraging RFP management software, organizations that suffer from low levels of spend under management can position themselves to turn things around. At the same time, organizations that have implemented the right processes can benefit from newfound efficiencies and further improve ROI by implementing RFP management software. It’s never been easier to do things the right way.

Are you ready to reevaluate how you handle procurement within your organization? Sign up for a free account on Vendorful to see how an RFP management solution can improve your sourcing process!