Benefits of rfx
By digitizing the entire procurement process, RFx software can help you save time and money. This includes a reduction in supply costs, avoiding human error and helping teams choose service providers that offer the best value for their money.
RFX Requests: Types of Documentations and How to Create Them
There are three main types of RFX requests: request for information (RFI), request for quotation (RFQ) and request for proposal (RFP). Each one has its own purpose.
A request for information educates procurement managers about the product or service and gives them an understanding of market conditions. They can then plan future purchases or evaluate alternatives.
Definition: The RFQ is a document that asks vendors to provide specific price quotes and payment terms. It can also be used to collect initial bids on a project, once a group of qualified suppliers has been determined.
RFX Response Automation:
When vendors submit responses to your RFX, they’re almost sure to have follow-up questions. Automating these answers is important to ensure fairness and transparency.
Moreover, it helps you save time by reducing the amount of repetitive work and providing consistent answers to every vendor. This can help you win valuable contracts and maintain a competitive edge.
RFX automation can extend to broader document management, including responding to security questionnaires, scopes of work and other documents that might be requested throughout your sales or client support lifecycles. These RFX responses can be uploaded to the platform in minutes instead of hours or days, which can save you a lot of time and resources.