eRFx is an easy-to-use tool for managing the RFx process
The sourcing team prepares and publishes the RFx, including all relevant materials, to one or more suppliers, receives their responses and compares the submitted proposals.
The tool makes it easy to manage the entire sourcing process – sourcing materials, schedules and participants are all clearly available in one place.
A sourcing project usually begins with the sourcing team defining the basic requirements and sharing the relevant materials with potential suppliers. Suppliers prepare their proposals and submit them to the sourcing team for comparison.
Finding the right partner often requires a significant amount of information exchange and management.
- The original projects scope and information may need to be updated during the project.
- Shared documents, such as images or drawings, can be large and difficult to manage by email.
- Schedules may change.
- Suppliers may have questions that need to be managed centrally to ensure that all participants have access to the same information.
- New suppliers may need to be invited during the sourcing process.
eRFx tool enables the entire project to be managed with one efficient tool. The sourcing team can easily share information, make changes and manage the project, while all proposals are received in a comparable format and can be automatically analyzed and summarized.
How to use eRFx
RFx preparations
The RFx is prepared in the desired format using an easy-to-use tool.
- The scope and requirements as well as any attachments are added to the eRFx.
- Also the questions to the participating suppliers are created in the desired format (text, numerical, attachments and multiple-choice questions).
- Pre-made templates make launching new RFxs faster.
Publish to suppliers
The RFx is published to selected suppliers through the tool.
- Suppliers receive an invitation by email and log in to the tool.
- All answers must be submitted by the specified deadline.
- The sourcing team can monitor suppliers’ progress throughout the process.
Compare the results
Submitted proposals are immediately available for comparison.
- Responses can be reviewed supplier by supplier or as a summary of all answers.
- The tool provides comprehensive price analyses and summaries.
- Automatic comparisons are based on the answers submitted by suppliers, eliminating the need for the sourcing team to manually create comparisons.
- The tool helps identify the best overall solution.
An electronic RFx tool is commonly referred to as RFx or eRFx (Request for x). The term covers different stages of the sourcing process, including:
- RFI (Request for Information)
- RFP (Request for Proposal)
- RFQ (Request for Quotation)
The tool can be used throughout the sourcing process, from the initial information-gathering stage to final supplier selection. eRFx tool provides flexible support for every stage of the process.
The RFx tool has been designed by sourcing professionals to support a wide range of sourcing processes, regardless of what is being sourced. It can be used flexibly for anything from quick price review rounds to more complex, multi-stage sourcing processes.
Benefits
Efficiency and time savings
eRFx automates and streamlines the different stages of the sourcing process, from preparing the RFx to comparing the results. The tool significantly reduces the time required to manage the RFx process.
Transparency and future use of data
All submitted quotations and other answers are stored in the tool. They can be revisited at any time during the contract period or when the next sourcing process becomes relevant.
More effective sourcing
The tool makes it easy to invite a wider range of potential suppliers to participate in the sourcing process. Increased competition generally leads to cost savings and better terms.
Consistent ways of working
An electronic tool enables clear and consistent ways of working across the organization. Sourcing processes are carried out according to agreed practices and common guidelines. A clear process also makes it easier for individual employees to work effectively as part of their team.
Easier collaboration
The tool provides a platform for effective collaboration within the sourcing team. The entire team can participate in the preparation and monitor progress throughout the process. Suppliers can also work as a team when preparing their bids.
What makes a successful sourcing process?
The more clearly the scope, requirements and comparison criteria are defined, the easier it is for suppliers to prepare accurate quotations and the better the outcome can be. eRFx helps keep the sourcing process clear and consistent.
The more suppliers participate in the sourcing process, the better the chances of finding the best solution available on the market. On some markets, however, competition may be concentrated among a few key suppliers, in which case the number of alternatives is less relevant. eRFx makes the sourcing process easy to manage regardless of the number of participating suppliers.
Quotations must be compared fairly and equally, taking into account all factors that affect the comparison. eRFx supports the comparison process by providing clear results reports. The tool helps identify differences between suppliers and minimizes potential errors when processing quotations manually.
Read more about this topic
A customer story: Using eRFx in tendering project
"A lot of time was saved as we were able to focus on the actual supplier comparison, instead of copy/pasting the proposals side by side, one by one.”
Save time with efficient tendering
“Typically the most time-consuming part is going manually through the suppliers’ proposals and trying to find the accurate data for comparisons.”
Managing RFx material
With the right tools, it's easy for a sourcing team to manage the RFx materials. Shared material can be updated effortlessly throughout the sourcing process.
