Did you know there are multiple other ways your eRFx platform can help you manage risk, increase visibility, and improve compliance?
Procurement teams are constantly being asked to do more with less, but there's little chance these departments are getting more resources any time soon. If you're a procurement leader, you're going to have to work smarter and more efficiently, and your eRFx platform can help you do just that.
Put your strategic sourcing platform to work in new ways:
- Run 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 and can generate incremental savings without adding sourcing effort.
- Evaluate suppliers with internal questionnaires. Just as you can collect information from suppliers post-bidding, you can solicit information from internal stakeholders on items such as service levels and quality ratings with an RFI. Include scoring to make evaluation easier.
- Collect information from suppliers post-bid. Many organizations have not fully implemented a Statistical Parametric Mapping (SPM) and scorecard program 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 Material Safety Data Sheets (MSDS) from a particular group of existing suppliers, you can send them an RFI with a mandatory question and required attachment.
- Manage supply risk events. In the event of a supply chain emergency, it can be challenging to collect the necessary information from suppliers in an efficient and timely manner. By using your eRFX system to collect the information you need, you can quickly gather and compile the data to deal with an emergency.
- Demand aggregation across business units. One of the most difficult parts of a sourcing exercise is getting accurate estimates of your demand. By using the RFI feature, you can automate the process of collecting and compiling expected demand figures from dispersed operations and business units.
Additional read: How Risk Management and Exercise Have More in Common Than you Think
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 competitive market price.
Additional read: Are you Getting the Best Supplier Prices?
There are many other benefits to these approaches that make them superior to the traditional offline tactics like email and phone calls. Some of those benefits include:
- A central repository can be easily shared across your organization.
- Reminders for participants cut down the number of phone calls you need to make.
- Track all activity from one place.
- Communicate consistently to all stakeholders, both internally and externally.
- No training is required for participants.