Want to achieve more with your eRFx tool? Here are 5 tips for you!

Did you know there are multiple other ways your eRFx platform can help you manage risk, increase visibility, and improve compliance? 


Tuesday, November 26, 2019

Did you know there are multiple other ways your eRFx platform can help you manage risk, increase visibility, and improve compliance? 

And, most importantly, make your life easier? In this blog post, we offer our best tips for achieving the most from your eRFx tool.

As a procurement group, your team is continually being asked to "do more with less". Given current budget realities, there's limited chance that you're getting more resources any time soon. In order to meet your objectives, you're going to have to continually work smarter and more efficiently. Your eRFx platform can help you do just that.

Put your proven platform to work in new ways…

Some of our best methods for "new" uses of eRFx include:

  1. Running quick "re-bids" among pre-approved suppliers - negotiations shouldn't stop at the end of the strategic sourcing process. In many categories, you likely finished with multiple qualified suppliers. Where appropriate, you can generate incremental savings without adding sourcing effort.
  2. Internal questionnaires to evaluate suppliers - just as you can collect information from suppliers post-bidding, you can also solicit information from internal stakeholders on items such as service levels and quality ratings via an RFI. Scoring can be included to make evaluation even easier.
  3. Collecting information from suppliers post-bid - many organizations have not yet fully implemented a comprehensive SPM (Statistical Parametric Mapping) and scorecard programs across their supply base. In the interim, you can solicit the information you need from suppliers via an RFI. For example, if you need updated MSDS (i.e. Material Safety Data Sheets) from a particular group of existing suppliers, you can send them an RFI with one mandatory question and a required attachment.
  4. Managing supply risk events - in the event of a supply chain emergency (e.g. food safety incident), it's often difficult to collect the information you need from suppliers in an efficient, timely and organized manner. By using your eRFX system to collect the information you need, you can quickly gather and compile the necessary data to deal with an emergency.
  5. Demand aggregation across business units - one of the most difficult parts of any sourcing exercise is getting accurate estimates of your demand. By using the RFI feature, you can automate to process of collecting and compiling expected demand figures from dispersed operations and business units.

There are several common benefits to these approaches which make them superior to the traditional offline tactics of email and phone calls:

  • Central repository - that can be easily shared across your organization
  • Reminders for participants - cutting down the number of phone calls you need to make
  • Tracking and audit trail - all activity monitored recorded from one place
  • Consistent communication to all stakeholders - both internal and external
  • Ease-of-use - no training required for participants

Using your existing eRFx tool in these ways will allow you to better monitor your supply chain, communicate with internal stakeholders, and make sure you're getting the most current market price.

If you would like to discuss these approaches further or to learn more about eSourcing, then join our social communities on LinkedIn and Twitter.