4 Ways To Improve Your RFP Process To Strengthen Your Business
Improving how you manage Request for Proposals (RFPs) enables you to work more effectively with suppliers because you are better able to provide all the necessary details about a project for them to respond to. RFPs are more commonly used amongst larger organisations and public body institutions. However, this is changing as small and medium sized organisations are looking to benefit from using them as well.
The RFP process, alongside the Request For Information (RFI) is a key part of the procurement process in helping to develop a list of suitable suppliers for your business and evaluating their responses.
This article will provide you with four practical tips to help improve your RFP process. Take it as an opportunity to bolster your procurement process with trusted suppliers for the successful scaling of your business.
- Make the RFP attractive to respond to
You need to remember that your suppliers answer requests from many procurement teams and clients, meaning you have to communicate your RFP clearly and in such a way that it will be attractive to respond to. Considering the best practices will enable you to maintain the highest quality for workflow and gain access to the best value from suppliers.
You must remember that the purpose of writing RFPs is for the suppliers to respond to your requests and to offer solutions. You want to produce questionnaires and conduct supplier evaluations to maintain a high-quality procurement process and result in the most suitable supplier being awarded the business.
Fortunately, you can now develop and send out these additions to your RFP through e-Sourcing software to increase the efficiency and effectiveness of the process.
- Consider a system when writing your RFPs
There’s often a lot of pressure on you and the procurement team when it comes to writing RFPs because you want to make sure that you are direct and to the point yet don’t miss out on any crucial project details. That is why you must always prioritise being straightforward when you write every part of your RFP. But how can you make sure that you are not missing any critical information?
One of the best practices for RFP writing is creating an outline. All you have to do is look for draft RFPs either online or from your office files. You can then start to look at the main parts in detail as you consider the project that the RFP is for. Don’t forget to save RFPs that have good feedback from suppliers, and other valuable stakeholders to help you define your best practices for RFP writing in the future.
- Always ask the right questions
Putting the right questions in your RFP is good way to attract suppliers to respond accurately, especially when you include pertinent questions that show your understanding of exactly what you need. Remember that the questions should also provide details that will advise your suppliers’ decision-making process. That way, companies and businesses can be more informed in their supplier selection.
- Use e-Sourcing software and other cloud-based sourcing solutions
Many companies now use technology to ensure that their procurement process is streamlined, convenient and easily accessible. They use e-Sourcing software and online procurement platforms to update the data in real-time and connect with suppliers remotely. Consider investing in these technologies to increase efficiency and productivity in your industry.
Writing RFPs can be challenging and time consuming, however the results are ultimately worthwhile. You will hopefully now also have more insight into strengthening your procurement process by considering what needs to be done to improve your RFPs. Consider the tips above and invest in procurement solutions today!
Are you looking to strengthen your RFP process? Here at oboloo we can provide you with the best technological solutions. Our state-of-the-art e-Sourcing software can empower you to easily create RFP’s in minutes with scoring criteria, questionnaires, and supplier evaluation based on the values that important to your company. Strengthen your business by starting with your supplier relationships. oboloo enables you to be supplier smart.