A solution to establish standardized processes for procurement activities. 

Challenge

Create a solution that enables organizations to establish standardized processes and templates for pre-qualification and supplier shortlisting, ensuring consistency in sourcing practices and promoting compliance with procurement policies and regulations.

Solution

• Using a centralized and controlled eSourcing process, users are provided with a streamlined and enhanced approach to prequalification, analysis, and shortlisting of suppliers.
• Allow the design, distribution, collection, and analysis of RFI’s, RFP’s and RFQ’s, and related information shared throughout an entire organization.
• Enable users to run several types of eRFx events such as Cherry Picking, CherryLot and List.
• Provide users with the option to combine RFI and RFQ data in a customizable BidMatrix, that helps them collect, organize, and evaluate up to one million data points.
• Implement advanced filters that allow users to search information by event type, number of invited suppliers, past supplier responses, and pricing.
• Enable the comparison and ranking of suppliers on qualitative and quantitative measures, as well as soft values.   
• Enable users to outline optional questions for suppliers and create the bidding structure to be completed by suppliers.
• Make any supplier-related documentation instantly available for auditing.

Benefits

• 50% reduction in cycle times for RFX execution.
• >14% average cost savings.
• Collection, organization, and analysis of large quantities of complex bidding data into information that can be used to make data-driven business decisions.
• Protection against bribery and corruption.