Vendorful: Smarter sourcing for buyers and vendors

Recent Posts

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

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

3 Enterprise Purchases That Use a Complex Procurement Process

Posted by David Wadler on Aug 9, 2017 2:14:00 PM

Not all procurement processes are equal. That’s because buying a pallet of printing paper is a very different purchase from purchasing a new server network for your entire corporation. In general, the more stakeholders, technical challenges, and moving parts a purchase has, the more complicated it will be. There is an interplay with sourcing and change management, which is important to consider early in the process.

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Topics: RFP

Sourcing 101: Understanding the RFP Process

Posted by David Wadler on Aug 2, 2017 12:48:00 PM

When it comes to making big-ticket purchases, buyers should try to make their evaluation process as rigorous and objective as possible. The cost of a bad decision can be devastating. A request for proposal (RFP) provides a framework for rigor and objectivity that organizations can broadly adopt as a best-practice cornerstone of their purchasing process.

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Topics: RFP, Sourcing

Purchasing RFP Management Software? Look At These 9 Must-Have Features

Posted by Peter Bonney on Jul 12, 2017 2:11:18 PM

RFP Management software is undeniably useful for any company that uses email, spreadsheets or printed packets of paper to handle their procurement processes. However, not all RFP management solutions are created equal, and these are the 9 must-have features you should consider before purchasing an RFP management solution.

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Topics: RFP

Is eSourcing Right For My Business?

Posted by Peter Bonney on Jun 22, 2017 11:05:00 AM

eSourcing consists of using software to manage and collect suppliers across a variety of projects. But what does that mean for you and your department?

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Topics: Purchasing, RFP, Sourcing

My First Time (Being Invited to an RFP)

Posted by David Wadler on Mar 15, 2017 3:13:38 PM

Fond Memories

We all remember our first time….

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Topics: business, RFP, Startup Life