12 Steps To Evaluate eProcurement Submissions – Part 2
12 Steps To Evaluate eProcurement Submissions – Part 2
Two weeks ago we went over the first three steps you should take to evaluate your eProcurement Submissions. Today we are going to pick up where we left off with the next three steps that could help you save money, increase efficiency and set you apart from the rest of your competitors with an easy to follow eProcurement submissions.
4). Utilize A Pre-Qualification Questionnaire to Save Time
When working with any type of RFx platform, more than likely you will need to review each submission to see who fits what you are looking for. In theory this is the exact same format as a job interview, just utilizing an e-sourcing tool. Having a Pre-Qualification Questionnaire (PQQ) can help to make your process that much smoother. Knowing whether or not the supplier actually meets all of your mandatory requirements will stream-line the overall time that you wish to complete these reviews, allowing you to save potential money on the overall investment.
5). The eProcurement Submissions Process Is About More Than Just Price
Although we do stress a lot about the return on investment factor, the honest truth is that finding the right supplier is not always about cost. The dollar signs on the document may look extremely tempting, but make sure that you follow step four and know exactly what you are looking for. It is possible to look at the potential bids for the project and get wide-eyed and giddy at what you see on paper, but in the overall scheme of things, you need to be sure that the chosen supplier can deliver on their promise, take this project off of your plate and most importantly do it in a timely fashion. If those occur, then the R.O.I. will as well.
6). Define “Value For Money” With Everyone On The Process
Most businesses will look for the supplier that is the best value for the money. Since this is just a saying, it would be wise to share with everyone on the board just what this phrase truly means to you and your business. This particular term is widely open to interpretation allowing for potential reviewers to think differently of potential supplier bid proposals. Some of the main ways you may want to definite this term is through:
a. Quality
b. Delivery
c. Total acquisition cost (TAC) or financial benefit
d. Company financials
e. Management, including (i) importance of
our business to the supplier, and (ii) service
level commitments
f. Standard of submission
g. Innovation
h. Risk
Value for the money does not just mean the cheapest. Look at these 8 items at the very least to see who can give you the best return for the price you are paying. In the long run, quality always prevails. When using the ProRFx e-sourcing tool, it may be easy to note that prices will pop out at you first, but just as we said in step 5, be sure you have all of your ducks in a row before letting emotions take control.
Be sure to come back early next week for steps 7-9 on how you can make the eprocurement submissions process that much simpler. And of course, feel free to check out our recent ProRFx blogs as well:
Source To Pay e-Procurement is the Next Big Thing
ProRFx ESourcing Solution Featured Florida School Business
What Data Should Your Project Management Capture? Part 1
E-Sourcing Tools: What Do You Need To Begin?
Top E-Sourcing Platform Areas in Q1 2014
