It’s finally starting to happen. Traditionally archaic procurement and vendor management processes are joining the rest of the world in the Digital Age.
But as much as this shift presents an opportunity for businesses, it also presents challenges. How do organizations identify which solutions are right for them?
Vendor management software secrets
Software should encourage collaboration
If you’re currently managing the procurement process through email, you know how dicey that method can get.
It’s easy to end up with multiple versions of the same document floating around, with one unfortunate soul having to marry everyone’s edits into a single version.
Fortunately, vendor management software integrations can provide an avenue for all users to work together on the same document, making edits in real time.
No more version confusion. No edits falling through the cracks.
In fact, the right solution will even allow you to look at and revert to past versions, if needed. And you can see what edits have been made, when, and by whom.
This empowers procurement teams to effectively and collaboratively create procurement documents — like requests for proposals (RFPs), requests for information (RFIs), and more — in a stress-free environment.
Software should show trends
You likely go into bids with an idea of which vendors will be a good fit, but it’s always a good idea to back up selection decisions with a concrete vendor history.
An effective vendor history will show how suppliers change their pricing quotes to you over time, how often you’ve engaged with them in the past, and give you the overall snapshot of your relationship.
Shortlisting vendors should be fast but fact-based.
Software should help your vendors
It’s crucial that whatever vendor evaluation platform you choose makes your suppliers’ lives easier.
Why? Because it’s an investment in nurturing long-term relationships and it garners trust and loyalty. The more vendors like working with you, the better your experience with them is likely to be.
As you shop, remember, the best vendor management software makes the relationship easier for everyone involved. To leverage your partnerships, you need to invest in the relationships.
How RFP360 can help
RFP360’s full-circle RFP management platform empowers organizations to streamline the RFP process so they can focus on selecting the right supplier and forming mutually beneficial relationships.
“RFP360 helps us automate and focus on core business. Now, we can categorize, search, and profile providers, which helps us understand who would be the most appropriate vendors to invite to a particular RFP,” said Mark Rieder, SVP of HR technologies and benefits administration at NFP. “We’re shortlisting faster, and we’re being a true partner to our vendors. It’s a win-win.”