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RFP Procurement Automation

RFP benefits and when to use

RFP Benefits and When to Use

RFP Process is used by buyers to receive proposals from qualified providers with suitable solutions for a specified scope of work along with price, schedule and other terms. Generally used where there is no ready-made solution available or need an innovative solution, most of the times happen to be big ticket items/projects. It is a crucial process which is often cumbersome without proper system for both the buyers and providers.

RFP Challenges Without Proper System

>> Content review & approval is tedious
>> No track of comments or change history
>> Finding right content to reuse is difficult
>> Retyping or find & replace is error prone
>> Difficult to enforce consistent formats
>> Not easy to collaborate internally or between the buyer and providers 

SourceRFX streamlines RFP Process between buyer and providers

RFP Automation workflow

Float RFPs or Create Proposals

 Create reusable content 
Internal review & approval
Content change history

Create document templates
Email templates
Custom layouts & rich text editing
Dynamic variables to merge data

Automate RFP with dynamic templates

Merge data, content & template
Merge attachments 
Keep track of versions

Route for electronic signatures
Share documents securely
Two factor authentication (SMS)
Track status


Add list of questions while creating RFP that the provider must respond while submitting their proposal to help with supplier qualification. Also specify the required documents, sections and define evaluation criteria with weightage score

Publish RFP to Marketplace

Solicit proposals either from your existing providers by sending invitations and tracking responses or simply publish RFP to the marketplace for new vendors. Our value added services could assist in identifying new providers for you

Side by Side Comparison

Compare proposals received side by side at line item level and by each section keeping track score and comments to facilitate awarding to the right proposal and maintain audit trail to bring transparency in the bidding process

Transform how you create, manage, publish RFPs and solicit proposals

Collect RFP requirements
Internal RFP team, consisting of a proposal manager and contributors from concerned departments plus external consultants (if needed), compiles the scope of work, requirements, expectations, questionnaire, supplier selection criteria along with weightage and schedules through offline & online discussions and meetings.

Create, Review and Approve
Traditional approach: Offline RFP process without proper system, this gets done using Word documents and Spreadsheets circulated across multiple contributors to compile content and revisions over email. This by itself would easily take weeks, if not months, before final review and approvals. This is inefficient, time consuming and laboreous process can be automated to a large extent with SourceRFX content management, templates, file management and RFP capabilities.

With SourceRFX: Content management capability allows to compile, review and reuse frequently used content blocks of information (ex: Company history, infrastructure, testimonials etc). Templates allow to customize the final RFP document created by merging content and data in a company branded template, as needed, to which attachments can be combined during document creation. Content, template and RFP information get audit tracked for changes history and routed for approval through workflow defined.

Publish or Invite
Traditional approach: PDF version of the document gets emailed to identified suppliers (existing or new) and/or published in some public RFP repositories.

With SourceRFX: Becomes seamless with the ability to send invitations to the suppliers and to publish its RFP marketplace with added services to followup with suppliers as needed. It is possible to support Open RFP (any potential supplier) or Closed RFP (only invited suppliers) can register and submit proposal.
Track supplier status
Traditional approach: Offline manual followup and address clarifications over phone, email and not always tracked or available for easy future reference.

With SourceRFX: Supplier invitation history, acknowledgements and response status can be tracked by the buyer and send reminders as needed, minimizing manual/offline followups and clarifications.

Supplier Questionnaire, Checklists, required documents
Traditional approach: These need to be submitted either as hard copy (if mailed through post) or as soft copy (if emailed), with potential incomplete and inconsistent responses from different suppliers in various format. Requires lot of manual work to compile responses, rates, schedules and other information related to selection criteria in spreadsheets.

With SourceRFX: Dynamic questionnaire builder helps to compile and reuse a list of objective and descriptive type questions. Allows invited suppliers in the system to flip the RFP to start creating their proposal gradually along with line item wise estimates, schedules, providing responses to questionnaire and other information in consistent format for instant techno, commercial comparisons or at the due date to authorized reviewers.

Supplier Collaboration
Traditional approach: Offline or phone conversation may not get (accurately) tracked, which could lead to potential conflicts and confusion either internally or between the buyer and supplier.

With SourceRFX: Contextual collaboration allows buyer/suppliers to exchange messages online which get tracked as well as sent to email/message for future reference. Buyer would also be able to publish clarifications to all suppliers. Pre-bid review, clarifications meeting can be held as needed, in person, for participating suppliers based on organization policy.

Proposal Review
Traditional approach: Manual review of paper documents or multi-page PDF document proposals is time consuming and not easy to capture review comments, conduct scoring across by reviewers to ensure proper evaluation.

With SourceRFX: Reviewers would be able to access responses online with provision for side by side comparison of proposals from different suppliers along with the ability to score and capture review feedback across multiple criteria. All the information available for future audit purpose.

Shortlist & Award
Traditional approach: Notified manually over email or phone and often times not informing suppliers about status or outcome, which may not encourage suppliers to participate in future bids.

SourceRFX approach: Supplier notifications get sent automatically to awarded, shortlisted and rejected bidders as per company branded templates and content. Formal agreements can be signed between the buyer and the awarded supplier separately either through electronic signatures or physical signatures. 

Historic data
Traditional approach: Most RFPs, proposals and documents received either scanned and filed in someones file system or hidden in individual team member’s emails or computers with not easy access for future reference.

SourceRFX approach: Information centrally maintained and versioned providing appropriate access based on roles as defined from user admin.

Unlike most RFP Proposal software products currently available, which target mostly suppliers/service providers to assist in responding with proposals, SourceRFX is flexible to be used both for buyers and suppliers, either through supplier portal setup by the buyers or independently by suppliers in responding to outside RFPs or tenders.

RFP creation process, questionnaire

RFP Dynamic Templates

RFP process is a significant undertaking, whether your company as a buyer is floating RFPs or submitting proposal as a supplier to an RFP. For many companies this is mostly a manual process reusing previous Word document templates, copying pasting sections from previous documents, emails, spreadsheets. Process usually involves content contributions and review by team members from different departments. It is very time consuming, error prone process and could lead to inconsitent and incomplete submissions.

SourceRFX RFP management with integrated dynamic template and content management capability helps streamline most of the process. Makes it even better if the buyers floating RFP could require to submit proposals online against the RFP. That makes performing techno commercial evaluations much more easier with provision to score and keep track feedback at various levels across proposals from multiple vendors. It is possible to reduce lead times from weeks to days, while keeping an audit trail of everything and enabling collaboration with the vendors, which could make it easier for the suppliers as well.

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