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Automate RFQ, RFP Process

Bring direct spend, indirect spend, NPI or project procurement under control

Traditional approach to procurement works, but as a company grows and the purchase spend increases, there may be significant opportunities to save cost and to be efficient. 

Posting your requirements to supplier directory websites who sell them as business leads to random suppliers would bother you with unrelated calls putting your projects at stake

Saving 1% translates to 1% more profit.
Find out your savings potential...

Spend Analysis As a Service

Our category & data experts could process and analyze your historic PO and invoice data to classify spend by parameters like category, supplier, value and create sourcing strategy to improve savings and reduce risk

Request for Quotation (RFQ)

Float comprehensive RFQs for standard and non-standard items adding material & services required as line items with complete specifications. Receive multiple quotations online to shortlist & award to the right supplier

Request for Proposal (RFP)

Publish RFPs to receive proposals based on project objectives where the approach is not clearly defined. Make suppliers respond to questionnaire and evaluate each proposal based on weightage for each parameter

Online Sourcing Benefits Over Traditional Sourcing

traditional purchasing vs modern purchasing

>> Get 3 bids & award to the lowest
>> Restricted to limited suppliers
>> Time consuming
>> Paper & phone oriented
>> Non-value add clerical tasks
>> Poor procurement data/history
>> Administrative costs 

>> Onboard existing suppliers & discover new
>> Publish material, service or project RFQ/RFPs
>> Invite suppliers through branded email & document templates
>> Track responses and send reminders
>> Receive quotations/proposals from multiple suppliers
>> Compare side by side for technical & commercial evaluation
>> Exchange messages & documents
>> Negotiate prices, quantities & timelines
>> Perform internal review and keep track of notes
>> Approve documents through electronic signatures 

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RFQ and bidding process

Considering Reverse Auctions?

When you have the requirements & terms clear for your RFQ and have sufficient number of
qualified suppliers interested to win your order, conducting reverse auction helps to drive the costs lower beyond ebidding and to choose the lowest bidding supplier within a short period of time

Reverse auction process and when to use

SourceRFX Reverse Auction process is easy to use both for the buyers as well as suppliers. It is secure and affordable so even small or mid size companies could use.

Call us to discuss your unique requirements and see how we could meet through our platform and services.

Reverse auction process and when to use

SourceRFX has integrated reverse auction capability into the RFQ process as outlined above. For better cost control, it makes sense to narrow down the number of suppliers and establish rate contracts after conducting reverse auctions. 

Establish pricelists in the system according to rate contracts for quick shopping cart style reordering whenever needed.

SourceRFX Global Sourcing & Procurement Platform

Project Sourcing and Procurement

EPC companies (Engineering Procurement and Construction) and other project based/turnkey engineering companies deal with sourcing and procuring material and services for multiple projects from multiple vendors in parallel. Each project might be slightly unique and may require local vendors based on project location. Sourcing and procurement function is critical for their success and it is essential for them to manage both pre-bid and post-bid activities in a timely manner. Many companies handling complex multi-million dollar engineering projects still manage most of the sourcing and procurement using spreadsheets, emails and phone calls. Finding suppliers, floating RFQs, chasing them to submit quotations on time is a challenge. Delays in the process could lead to losing the bid for a project or losing money in the execution of a key project and a future contract.

eRFX capabilities in SourceRFX are built to equip project sourcing and project procurement in an efficient manner. It gives the ability to float multiple inquiries under multiple sub-projects to multiple vendors and track quotation response status with complete collaboration and provision to send reminders. It facilitates collaboration and communication with the suppliers and subcontractors from sourcing through order execution till invoicing through a self-service portal. Combined with our Engineering Project Procurement services enables you to...

• Reduce procurement costs
• Reduce lead times
• Improve compliance
• Streamline process

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