A Comprehensive Guide to Conducting RFIs: Everything You Need to Know
Introduction In the business world, a Request for Information (RFI) is crucial in identifying potential vendors who are capable of providing quality service. This guide provides in-depth knowledge on everything you need to know about conducting RFIs. What is an RFI? An RFI is a document that organizations use to gather information from prospective vendors. […]
4 Steps to Make Supplier Performance Management Work for you
Why is Supplier Performance Management important? Supplier performance management is important for a number of reasons: A Here are 4 steps to make supplier performance management work better for your business. A 1) Determine the right KPIs While you establish the practice of monitoring supplier performance, the first step is to understand what you will […]
How to Achieve Success with Strategic Sourcing: Top Best Practices
How do you achieve success with strategic sourcing? What do you need to do to be successful with strategic cost reduction? This article outlines some of the best practices on how to effectively perform strategic sourcing, so you can achieve your goal of lowering your costs without sacrificing the quality or reliability of your supply […]
Why suppliers should not fear reverse auctions
Reverse auctions are a great tool for buyers to save money, but many suppliers tend to be apprehensive about participating in them. Suppliers do not like participating in reverse auctions because they are typically viewed as a race to the bottom in terms of pricing. There are more apprehensions which we will articulate in this […]
How to build credibility with suppliers for your eProcurement initiative
It is up to the buyers to enforce practices in their sourcing process that build trust with suppliers. These practices assume greater importance when companies resort to eProcurement. Companies that have been successful in building a credible eSourcing initiative tend to adopt the following practices. These practices have been shown to encourage suppliers to participate […]
What is an RFP? Why is it important to digitalize it?
What is an RFP? A Request for Proposal (RFP) represents a document or a sourcing stage where proposals are solicited from suppliers or solution providers. The RFP is used by the Buyer to specify the requirements of the goods or service being procured, the terms and conditions of the engagement, the vendor evaluation criteria, and […]
What is eSourcing? How does it work? How does it help a business save money?
How can an eSourcing program be planned to help your company achieve significant bottom-line benefits? That’s the question this guide answers, starting with an overview of what eSourcing is and how it works, and then moving on to explain why companies would want to use eSourcing in the first place. This article will walk you […]
6 Reasons Why Reverse Auctions Fail to Deliver the Desired Results
Reverse Auctions have been in use for several decades when buyers need to negotiate with multiple suppliers at a time. Both suppliers and buyers appreciate the transparency that online auctions bring to the process. With greater awareness of the benefits, more and more companies across the globe use online auctions. However, while they work for […]
Transformed Pricing is Key While Comparing Prices of Different Suppliers
Why do we need to transform prices received from suppliers? Procurement teams often face a scenario where they have to compare bids from suppliers that aren’t exactly similar. What do we mean by that? Here are some scenarios where bids received from suppliers aren’t comparable. So if we need reverse auctions to be conclusive in […]
