What’s the problem with RFPs? If I pitched that question to you, or any other procurement professional, I’m positive you would come up with a ton of responses. And while all the responses would be valid, boiling it down to the issue at the heart of the matter is where we’re heading.
Why Do Companies Struggle with the RFP Process?
Lack of a database
Many procurement departments lack the technological infrastructure to house their RFP content, which means they find themselves writing the same or similar content over and over.
Often, there’s no established RFP management process within the organization. For one reason or another, the procurement department doesn’t keep track of who’s written what and lacks an overall calendar or timeline to manage the RFP writing process.
Where there’s no database of information to access and no formal process to follow, that typically leads to mediocre strategy. With no information to fall back on and review, many procurement departments lack pertinent price and market information that is up-to-date to help them set their strategy.
How Can Organizations Improve the RFP Process?
With the ProcurementIQ RFP Builder! Backed by the vast category research of ProcurementIQ, this innovative web-based tool can make the creation of your RFPs a quick, centralized and repeatable experience.
Simplify the RFP Process
Our secure, web-based content management platform will help you streamline your process. The RFP Builder features:
- A collaborative interface backed by ProcurementIQ’s vast research
- Pre-populated RFP templates that contain key market insights
- Pro-Tips within the template gives users additional market information and RFP strategy
Assign, Track, Document, Approve
Store completed documents to My RFP Center, monitor completions and reuse templates for similar purchases, plus:
- Manage user permissions and assign work to subject matter experts across your organization to streamline writing RFPs
- Store RFP questions, answers, specs, legal documents and other custom content for use in other documents
- Use the RFP Library to organize content for your RFPs and promote consistency across your organization
Be More Strategic
For complex purchases, use the Strategy Whiteboard to help set out the goals and timeline of the purchase and see potential vendors. Specifically, our Strategy Whiteboard illustrates the following:
- Price Strategy: actionable recommendations based on category price trends, volatility and opportunities
- Vendor Strategy: guidance to help you find vendors that match your criteria
- Market Conditions: key takeaways about various market characteristics to help you negotiate more strategically
Sign up to our newsletter
6 Best Practices for Commodities Contracts
ProcurementIQ introduces commodity purchasing best practices to help businesses navigate commodity contracts and trends.
Avoid This Common RFP Mistake to Enjoy Better Supplier Engagement
Suppliers often spend a significant amount of time vetting a potential customer. To avoid wasting time, buyers should take a similar approach when evaluating potential vendors. There are two easy ways to quickly qualify a supplier’s real interest in your project – read on to learn what they are.
The Problem with RFPs
The fundamental problem with RFPs is the lack of a process and the infrastructure needed to house all of the necessary information. However, help is on the way with the ProcurementIQ RFP Builder, a web-based tool proven to make RFP creation and management a whole lot easier.