Vendorful: Smarter sourcing for buyers and vendors

Recent Posts

Quiz: Are Your Sourcing Methods as Effective as You Think?

Posted by David Wadler on Oct 30, 2018 8:50:00 PM

If your procurement team is like the ones we usually encounter, then it’s a given that you would like to accomplish your work in the most efficient way possible. So, when traditional sourcing methods deliver the results you need, it’s natural that you stick with them.

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Topics: Sourcing

4 Ways Reverse Auctions Can Revolutionize the Procurement Process

Posted by Peter Bonney on Oct 16, 2018 8:50:00 AM

The premise of reverse auctions is simple—buyers who want suppliers for a specific product or service ask suppliers to submit bids online. To win the bid, suppliers must then compete with the lowest cost, over a defined period of time.

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Topics: Reverse Auctions, Procurement

Busting the 6 Biggest Reverse Auction Myths

Posted by David Wadler on Oct 3, 2018 9:00:00 AM

The benefits of Reverse Auctions might seem obvious to many. That begs the question — why aren’t they more common? Perhaps the reluctance to use them stems from the myths that prevent organizations from recognizing how they can improve efficiencies, save money, and build better supplier relationships.

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5 Things that Highlight the Value of Reverse Auctions

Posted by Peter Bonney on Sep 25, 2018 9:00:00 AM

Many companies are leveraging reverse auctions as a way to save money. However, cost savings are just one benefit that reverse auctions can provide.

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Topics: Reverse Auctions

4 Ways to Improve Procurement Processes and Boost Organizational Value

Posted by David Wadler on Sep 21, 2018 9:00:00 AM

Procurement teams...those are the people who find an organization’s suppliers, right? If you’ve adopted this sort of limited view about procurement (or are surrounded by people who have), you’re (or they’re) gravely underestimating the impact of these teams. The procurement processes themselves and the people who are responsible for implementing them, can affect almost all organizational departments directly or indirectly — which is why its role in any business is critical.

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Topics: Procurement

Does Your RFP Contain These Important Elements?

Posted by Peter Bonney on Aug 29, 2018 11:45:00 AM

Your ability to attract and engage quality bids is dependent on how well you begin your procurement process.

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Topics: RFP, Sourcing

Top 4 Reasons Your Organization is not Adopting eSourcing and How You Can Overcome Them

Posted by David Wadler on Aug 22, 2018 9:00:00 AM

For any business that has used an eSourcing platform, the benefits are evident. Using tailored technology to streamline its procurement needs can provide an organization with significant cost savings, faster cycle times, more transparency, and better control over its sourcing requirements.

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Topics: Sourcing

4 Biggest Challenges in eSourcing

Posted by Peter Bonney on Aug 16, 2018 9:00:00 AM

For a long time, procurement managers were focused on one thing—reducing costs.

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Topics: Sourcing

How to Create an RFP that Gets Results

Posted by David Wadler on Aug 14, 2018 8:45:00 AM

The efficacy of procurement teams is tethered to knowing and understanding what they are purchasing and why. Think this seems straightforward? Think again. Large enterprises might have vendor rosters numbering in the thousands that cut across numerous categories. And most of the ongoing vendor engagement is in the hands of stakeholders, who all too often, sit in virtual silos. So what can procurement teams do to address this? Actually, there are lots of things. But for the purpose of this post, let’s focus on maximizing the chances that the best-aligned vendors are engaged. A key tactic to engage involves leveraging procurement’s favorite three-letter acronym — the RFP (request for proposal). An RFP allows an organization to assess whether the supplier’s goods and/or services are actually going to meet the its needs.

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Which Type of Reverse Auction Should You Be Using?

Posted by David Wadler on Jul 26, 2018 10:15:00 AM

Advancements in technology have allowed procurement teams to introduce new sourcing strategies and practices. A reverse auction, for example, can automate and streamline the sourcing process to increase cost efficiency without requiring months of negotiation. Before going further, we want to acknowledge that cost should not, in the vast majority of situations, be the sole driving factor in choosing a supplier. Indeed, sometimes cost and quality can be inversely correlated. Taking a holistic approach where cost is a key consideration will deliver better outcomes. But that’s for another blog post….

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Topics: Reverse Auctions