eProcurement, in its simplest definition, is the acquisition of goods and services and rfx is how we can utilize eProcurement to the highest ability . From the years of bartering with a neighbor to computer operations, observing the gradual progression in technology will deliver you to current day procurement. Advancements in technology allows eprocurement and rfx efforts to reach a wider vendor base, and much more quickly. Technology provides tools to monitor market prices, as well as manage the contracts for the goods and services you have just procured.
Tools such as Vendor Management or Supplier Relationship Management assist buyers in managing their contacts and offers a more diverse supplier base. With these systems, buyers can research additional vendors and qualify vendors through multiple fields. These Vendor Management and SRM systems provide a plethora of information at your fingertips.
Technology has brought the world to our fingertips. Previously a reputable contact in the appropriate industry would be your best asset to know what pricing to expect. There are now tools, courtesy of technology, that provide market price projections, history, and futures charts. You can check markets instantly and utilize all of the rfx tools to see just what biddings are occurring for your eSourcing.
Once you have procured the goods and services you need, Contract Management Solutions aid in organization and keeping track of the agreements and terms. This is a secure, searchable repository designed to make the management of key agreements easier. Organize, search, and file based on user specific fields according to each contract.
Technology has changed how we treat procurement by quickening access to information, optimizing the ease and speed of that access, and the providing tools to manage that information. Reach a wider vendor base with advanced tools. Access market price commodities with the click of a button. Once goods and services have been procured, utilize contract management systems to assist in maximizing financial and operational performance. From beginning to end, technology has impacted every step of the procurement process.
If you are looking for a team of experts to help with your RFX or your eSourcing tools, be sure to contact ProRFx for more information on our premier products and services to help with your online bidding.