Case Study: Streamlining RFQ Process with Vendors
SaaS Approach to Request for Quotations (RFQs)
Overview In many companies, the Request for Quotation (RFQ) process with vendors is a lengthy and tedious task, making it difficult to manage the information involved. Our proposed solution aimed to streamline and make the RFQ process more efficient, reducing the time and effort required.
The challenge was to create a platform that would help the company close the RFQ process with vendors. The issues faced included a lengthy and complicated RFQ process, difficulty in managing information, and a lack of a streamlined process.
To solve these issues, we proposed a cloud-based software application that is actively maintained for all stakeholders involved. The solution includes access to OEM key stakeholders and pre-approved vendors, providing real-time updates on the RFQ process to internal stakeholders, historical price tracking for vendors, competition pricing benchmarking, and collaboration features for multiple stakeholders to contribute input.
Outcome Our solution helped the client streamline the RFQ process, making it more efficient and reducing the time and effort required. The benefits included a reduction in the time and effort involved through real-time updates and collaboration features, improved efficiency through historical price tracking and competition pricing benchmarking, and increased transparency through access to OEM key stakeholders and pre-approved vendors.
Conclusion Our end-to-end solution streamlined the RFQ process, making it more efficient and reducing the time and effort required. The solution provided various features that helped in making informed decisions and reducing the time and effort involved in managing information. Overall, our solution provided access to OEM key stakeholders and pre-approved vendors, real-time updates, historical price tracking, competition pricing benchmarking, and collaboration features to streamline the RFQ process.