Vendorful: Smarter sourcing for buyers and vendors

David Wadler

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Recent Posts

7 Ways to Create Effective RFPs to Attract the Best Proposals

Posted by David Wadler on Apr 24, 2018 8:55:00 AM

For business-savvy organizations, requests for proposal (RFPs) aren’t just simple procurement tactics. To them, each RFP represents an opportunity to drive value by engaging both future partners and stakeholders.

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4 Top Common Sourcing RFP Mistakes

Posted by David Wadler on Apr 19, 2018 2:58:53 PM

One of the more common tasks of companies undertaking a new sourcing project is issuing RFPs. Sometimes, the RFP drafting process is viewed as a relatively minor part of the entire project rather than being treated with the same degree of care as other aspects like scoring/evaluating. A thoughtful, well-considered RFP is a key stepping stone on the path to adding to or updating your vendor portfolio. Giving it short shrift, on the other hand, could have the opposite effect and negatively impact the company’s growth, profitability, and efficiency.

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Topics: RFP, Sourcing

Deconstructing 4 of the Top eSourcing Myths

Posted by David Wadler on Mar 7, 2018 2:24:59 PM

For a lot of businesses, a well-considered and thoughtfully-implemented eSourcing strategy could offer numerous benefits. Increasing sourcing efficiency, bringing down overhead costs, and improving supplier relationships are just some concrete examples. Given that, it’s almost surprising that businesses are all too willing to overlook these advantages due to certain eSourcing myths.

(Thanks, Charles Le Brun for the great Hercules painting! Greek myths...now, those are interesting.)

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Topics: Sourcing

Zombies and Ghosts: The Monsters in Your Contracts

Posted by David Wadler on Feb 21, 2018 10:52:50 AM

I don’t know whether the concept of “the monster in the closet” is universal, but among my elementary school peers, it certainly seemed that way. Now, as a parent to two elementary school children, I've noticed that the closet monster continues to work dutifully, waving away any talk of retirement. Each night, before bed, my daughter walks over to the closet and presses it shut. She even does this when the closet isn’t open. Around the world, there are thousands — perhaps millions — of children who adhere to the same routine. And for what? To the extent these monsters are real, they are actually quite adorable...or at least that’s what Monsters, Inc. would have us believe. We really have nothing to fear from closet monsters.

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Topics: contracts

4 Biggest Challenges in Your RFP Process

Posted by David Wadler on Jan 22, 2018 11:07:00 AM

Procurement teams face a number of challenges as companies take an increasingly critical look at their processes in the hopes of producing more value. It might not surprise anyone that the value-driving RFP process is still regularly met with resistance from departments outside of procurement. Even procurement teams have been known to push back, describing the process as too time-consuming and antiquated. Sourcing professionals know that RFPs are critical components of a well-run procurement practice, but pressure — both external and internal —  can result in teams’ skirting or completely abandoning the process altogether. The risks are significant as the organization is far more likely to be dealing with the consequences of an ensemble of mismatched services and low-value purchases as a result. Here are the 4 of the biggest challenges facing your RFP process today.

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Topics: Purchasing, RFP

Essential Tips for Every Stage of Your RFP Process

Posted by David Wadler on Jan 16, 2018 10:07:00 AM

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.

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Topics: Purchasing, RFP

3 Teams That Benefit from RFP Management Software

Posted by David Wadler on Jan 9, 2018 8:57:00 AM

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.

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Topics: Purchasing, 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

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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