What is RFx?
So, what does RFx mean? In the procurement technology industry, RFx is a frequently used acronym that procurement professionals use to encompass all references to request for X, where x can stand for Information (RFI), Proposal (RFP), or Quotation (RFQ).
Designing an RFx management process has to be an efficient procurement solution for any business to support operational requirements and manage the supply base effectively. A well-planned procurement system supports organizational goals and objectives.
The Icertis platform is enterprise RFx management software that is designed to help with all types of RFx. Our RFx management software helps automate aspects of the RFx process and is powered by a centralized data repository. It also includes RFx tools that give workflow capabilities, templates for standard quotations and bids, survey support, and side-by-side reporting.
Drive adoption with an intuitive request management process. Users can easily create and submit requests, and better visibility into existing contracts and performance can help them submit more informed requests. Users can collaborate on defining requirement specifications, and workflows help enforce the right review and approval process. Buyers can also inform their strategic sourcing processes with smart visibility on requests.
RFx Package Creation
Procurement professionals can get more competitive bids by assembling an RFx package based on business rules, ensuring that the right requirements with corresponding terms and conditions are shared with all invited suppliers. Workflows make sure that users leverage the pre-approved terms library and templates when preparing RFIs, RFPs, and RFQs, with the smart inclusion of NDAs and other required components.
Conduct online bidding events that are secure, transparent, and efficient. Procurement teams can define strategic sourcing events and invite suppliers to participate on the portal with real-time visibility. The platform automatically maintains all records related to the events with no loss of information. The platform also manages event milestones, enables notifications, and captures proposals and bids from invited suppliers.
Evaluation and Selection
Improve efficiency in the evaluation and selection process with structured, system-driven insights on supplier bids. The Icertis platform helps RFx management stakeholders collaborate on the selection process and scores supplier responses based on rules defined for response templates. Evaluations can be updated against supplier responses, and workflows help enforce the review and approval process on selections and awards before initiating contracting.
To learn more about how a CLM software can help you automate and streamline your RFx process, request a demo of Icertis RFx Management today.