Organizations utilizing manual sourcing methods - such as gathering item prices in spreadsheets, corresponding with prospective bidders individually via email, and collecting numerous data separately from prospective suppliers - can face a time-consuming challenge to the sourcing of the most cost-effective and quality items. Without the proper tools, sourcing professionals cannot determine formal bids, RFPs, budget allowances, stock levels, current contracts, and contingencies in purchase order releases. Thankfully, sourcing professionals can utilize the following tools for seamless vendor management and requests to generate long-term sourcing success.
As the end of the third fiscal quarter draws nearer, the fact remains that the manual management of contracts, vendors, bids, and purchase orders can prove difficult and ineffectual. Methods that involve paying per solicitation can grow quite costly. Here's how to unlock six key eProcurement software tools for procurement prosperity through the third fiscal quarter and beyond!
Government supply chain management is a multi-faceted, involved process – including the handling of RFIs, RFPs, and RFQs. Supply chain RFx management responsibilities may include accumulating vendor proposals, collecting quotes to compare vendors and contractors, establishing a database of vendors and contractors, signing off on approvals before selecting them, managing contracts, and much more. Handling these different tasks with separate manual processes can make for a disorganized approach that can potentially lead to lost opportunities, supply chain lifecycle bottlenecks, improper vendor and contractor selection, wasted time, and revenue loss. Luckily, integrated contract management software solutions can help. Here are three ways to improve government supply chain RFPs.