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.
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.
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.
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.