It may have been different a few years ago, where the traditional way for the RFP process worked, sending emails, checking spreadsheets, waiting for that email to come through, but that’s no longer the way to do it.  Technology has transformed the world in which we live and work in, and therefore, the RFP process has gone e.  eSourcing and e-procurement has revolutionized the way in which buyers and vendors work together.

What used to consists of multiple steps, paper-trails, missed communication and a difficult to manage process is now very much the opposite.  With eSourcing platforms or software, you have the ability to create a successful RFP, go through the entire process, but much easier.  For the RFP process, every company and buyer may have a different process, but the general steps are similar in that they follow the same structure:

  1. Identify a need for a product or service
  2. Supplier Evaluation and Purchase Approval
  3. Bidding & Negotiation – then Supplier Selection
  4. Purchase Approval

With eSourcing software/platforms companies now have the opportunity to streamline the process. What used to be a lengthy process, requiring constant back and forth, emailed documents, spreadsheets, and possible misunderstandings- is no longer a problem. The RFP process is clearly outlined, with supplier criteria, the ability to personalize, and then tools to help you with the bidding process and the decision process. Ultimately, it is easier to measure the success of your RFP, and manage all of your suppliers through one central source rather than multiple emails or documents.

All in all, while the traditional RFP process used to work for your procurement needs, technology has definitely made the process easier, improved internal communications, saved time and money.  To learn more about how technology has transformed the RFP process, and how an eSourcing software may be the solution for your business, check out EC Sourcing Group’s whitepaper here.