It is a platform that enables Sourcing through RFX process, where RFX is a common acronym that refers to the following variations...
RFI: Request for Information
RFQ: Request for Quotation
RFP: Request for Proposal
ROT: Request for Tender
Simply buying goods & services and paying as and when needed with no concrete process or strategy
Process oriented purchasing which includes what and when to buy, from which suppliers, on what payment terms and who needs to approve
Strategic sourcing is an overarching procurement process which involves consolidating, analyzing spend at an organizational level combined with market research data and aligning to long term business goals to come up with efficient ways to procure using RFX process, contract negotiations with emphasis on supplier relationship management and collaboration
ERP systems and custom business applications that small & medium businesses use are mostly internal facing. They are not meant to connect and collaborate among buyers and suppliers. Some large enterprise ERPs may have their own customer and supplier portals, which are exclusive to their partners.
For instance, a supplier working with multiple large customers may have to login to different supplier portals and get familiarized with different systems to work with them. Some ERP systems would have the provision to float inquiries (RFI/RFQ/RFP) and send emails to the suppliers. However, they end up receiving all responses through email, leading to erroneous and time consuming manual process of handling all responses. Most organizations face similar issues exchanging purchase orders, invoices between trading partners.
SourceRFX is an open business network that enables industrial buyers and suppliers to connect, collaborate and facilitate the end to end source through invoice process through single login (many to many).
For companies having established systems and process, SourceRFX platform and services could be used on as needed basis, complementary to facilitate some of the external interactions. Small & medium companies not having proper systems could make use of various capabilities under our Buyer & Supplier portfolio. All manufacturing related companies could make use of the networking and marketplace capabilities.
Rome was not built in a day. Given the dynamic nature of how companies and contacts evolve and sunset, it is not possible for any network to claim they have all players and contacts you want.
There are three ways we facilitate this...
# Supplier is already in network: Just add the company as a connection (supplier) and start interacting with each other
# Supplier in directory but not a network member: Link company to your account and add contacts to communicate one way with them. You may invite them to join the network
# Looking for new suppliers: Our sourcing team could scout for suitable suppliers for your needs and onboard them to the network for you
# You have existing supplier data: Import company and contacts using Excel templates and invite them to join the network
Our sourcing team could work with you to assist and onboard identified suppliers to collaborate with you online through our platform
Streamlining the source to pay process could benefit both the buyers and suppliers, but we understand the various reasons why suppliers may not be willing to join our network.
Buyer members subscribing to the Supplier Portal service could opt to onboard their selected suppliers on to the platform at no cost to the supplier and enable two way interaction possible between buyer and suppliers. For the remaining suppliers, it is possible to enable them to submit quotations, invoices through an email link along with a one time password (OTP) sent to the corresponding supplier contact's mobile number.
We could work with your existing suppliers to transition them gradually and assist them as needed interact with you through SourceRFX Supplier Portal.
SourceRFX Open Business Network and the Platform are completely cloud based and accessible from anywhere in the world through a browser over the internet. There is no hardware or software to purchase or install nor does it require any specialized resources.
Qualified suppliers could register to become network members for free. Various subscription options available based on additional features priced affordably to fit the size and needs of small and medium companies.
# Each company gets separate login for their users (Login with email & password)
# It is secure like your email account; unless, your login details get compromised
# Data transferred through encryption (HTTPS) from your browser
# Data & documents can be defined with various levels of privacy (Private/Public etc)
# You do not have to post any confidential information to make the platform work for you and use as & when needed complementary to your existing systems
Supplier directory websites simply provide a list of company profiles along with product/services with provision to search even for unregistered users. They allow posting inquiries without comprehensive information or verifying the validity and then the inquires get sold or distributed to their members based on the subscription levels. Mostly they are nothing but glorified yellow pages trying to be an alternative to searching in Google for adhoc requirements.
SourceRFX provides a platform ecosystem meant exclusively for industrial buyers, suppliers and service providers to discover, connect and colloborate with each other to facilitate business deals online through streamlined process from sourcing to payment. It combines some of the required software capabilities along with marketplace to enable B2B eCommerce among the network members.
Most of the industrial B2B eCommerce websites tend to offer the ability to order standard items (mostly indirect materials and MRO) through a B2C shopping cart style purchase provision with online payment processing and delivery options. Some sites offer products from multiple suppliers in a transparent way that for all practical purposes the buyer only deals with the eCommerce site hosting company, where as others enable multiple suppliers to also directly sell to buyers acting as a platform. Most of such sites tend to deal with just ready-to-order items and cater to on-demand transactional needs.
SourceRFX provides a comprehensive platform to enable private sector eProcurement with RFQ, RFP and private tender capabilities, approval workflows and electronic signatures to facilitate business deals electronically among trusted partners. It supports handling custom made and complex direct material procurement scenarios along with the eCommerce option to handle standard/ready-to-order items. The emphasis is on supporting long term and ongoing business interactions among trading partners.