It’s easy to get lost in a sourcing event. In addition to making sure you nail each step of the RFP process itself, you’re also trying to wrangle data, vendors, and internal teams across a variety of communication and management platforms — none of which seem to speak to each other. There is an understandable temptation, and sometimes even pressure, to cut corners for expediency's sake, but you’re fully aware that cutting corners will lead to a less-than-ideal outcome. While for some organizations, the RFP has devolved into a box to be checked, top sourcing professionals understand the value of running a high-integrity, rigorous process. Below, we’ve put together a list of tips to keep your team on track, and maybe even show you some steps you didn’t know were missing.
Procurement doesn’t work in a tidy bubble; everything the team does is both influenced and catalyzed by the needs of other departments. Any improvement to the procurement team has a positive impact across every department that spends money. And if you have any departments that aren’t spending money… well… give us a call, we’d love to learn how they do it.
Topics: Product Updates
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.
Topics: Product Updates
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.
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.
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.
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.