Vendorful: Smarter sourcing for buyers and vendors

Recent Posts

A Procurement Nerd’s Thoughts on the Amazon HQ2 RFP

Posted by Peter Bonney on Dec 8, 2017 2:07:00 PM

The Amazon HQ2 RFP has gathered quite a bit of buzz due to cities competing to become the new home for the tech giant. This will be the biggest individual sourcing project that the company will likely ever undertake, by a wide margin. The money involved is huge, the commitment massive, and the time scale extremely long... this project will span an entire career for some members of the Amazon sourcing team.

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Topics: RFP

How to Tell if Your Supplier Relationship Management is Successful

Posted by David Wadler on Dec 1, 2017 4:32:00 PM

Supplier relationship management is tricky, and many organizations are unknowingly mismanaging their supplier relationships. From tunnel vision to a dangerous vendor “lock-in,” a mismanaged supplier relationship almost always impacts your bottom line… even if — and probably especially if — you can’t see the problem.

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Topics: Purchasing, RFP

Why You Should Be Blind Scoring Your Vendors’ RFP Responses

Posted by David Wadler on Nov 21, 2017 8:20:00 AM

Imagine…. You’ve just finished an incredible dinner at a Michelin-rated restaurant. It’s the capstone on an amazing day that included massages, spa treatments, and tickets to a show. "It’s crazy," you think to yourself; you’re not even doing business with this vendor yet, but it feels like there is some special connection there. Or perhaps that’s just the wine talking.

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Topics: Purchasing, RFP

9 Essential Purchasing Process KPIs and Why Tracking Them Matters

Posted by Peter Bonney on Nov 15, 2017 8:02:00 AM

Goal-setting in procurement is nothing new. After all, it’s not like your procurement team is just wandering into a 7/11 and picking up the first thing that catches their eye. Your company has a need, and it’s the procurement team’s goal to fill that need to the best of their ability. That ambiguous “best of their ability” however, is the catch that we hear skipped time and time again by company executives. Truth be told, many executives have only a high-level understanding of procurement, and what it really means to have that department excel. Here, I’ll get down to brass tacks; I will give you the metrics you need to track your procurement efforts and learn why understanding goal-setting is essential to your purchasing process.

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Topics: Purchasing, RFP

7 Questions to Ask before Purchasing RFP Management Software

Posted by David Wadler on Nov 8, 2017 3:42:16 PM

At this point, you’re convinced that your purchasing process bears the hallmarks of the problems that come from manually-managed RFPs. You’re shopping around for RFP management software to streamline your process and gathering information just as you would for any other purchase that your team makes. (Maybe you’ll even get meta and run an RFP to find an RFP Management solution!) No doubt, you have your own questions that need answering, but here are seven questions you absolutely need to ask before you purchase RFP management software.

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October Product Update

Posted by Peter Bonney on Nov 1, 2017 2:18:00 PM

Introducing Vendorful product updates released in October 2017:

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Topics: Product Updates

Improving your RFP response is the key to winning

Posted by David Wadler on Oct 31, 2017 10:09:44 AM

It’s the cold truth of procurement that when it comes to your RFP response and winning new business, you have to compete with other vendors. Unfortunately, when the buyer is ready to choose a winning vendor, there can only be one. It’s like the Highlander series of movies, only far less bloody.

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Topics: RFP

RFP Template and Formatting Best Practices

Posted by David Wadler on Oct 20, 2017 2:00:50 PM

Procurement professionals who send multiple RFPs each year will generally have a library of RFP templates. While this makes a lot of sense and could save a good bit of time in the sourcing process, there’s also a much higher chance of replicating mistakes across RFPs by using the same template over and over. Here’s the breakdown of the good, the bad, and the ugly for RFP templates, and what you can do to make sure your requests are as effective as possible.

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Topics: RFP

What is an RFI?

Posted by David Wadler on Oct 11, 2017 1:22:01 PM

 

The RFP is the celebrated driver of many large purchasing projects, but the RFI is the underutilized secret to success for sourcing good vendors.

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September Product Update

Posted by Peter Bonney on Oct 2, 2017 10:03:00 AM

Introducing Vendorful product updates released in September 2017:

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Topics: Product Updates