eRFx is the spectacular technological innovation introduced to make the e-sourcing process more effective and efficient. The inventive system is software that enables to analyze, organize, streamline, systemize and mechanize all the phases of esourcing, thereby helping companies enhance their competitive edge in the procurement industry. The system also gives birth to a revolutionary marketing trend for wider market access and deeper business vision.
The term ‘eRFx’ comes from a consequential combination of ‘E’, ‘RF’ and ‘X’ with each variable having its own significance. ‘RF’ is the shorthand used for ‘Request For’ and the variable ‘X’ in the suffix caters to tender management requirements like Proposal (RFP), Quote (RFQ) and Information (RFI). Further to that, ‘E’ in the prefix stands for electronic that caters to online system of web based software. The term together stands for ‘Electronic Request for Proposal/Quote/Information’ and fulfill all the needs of an online sourcing.
Key Features of eRFx
Each eRFx has its primary goal and significance in the actual procurement process. The significance of each of these variables is as follow:
- eRFP (Electronic Request For Proposal): This is to have an online collection of proposals used for effective evaluation and shortlisting of business cases.
- eRFQ (Electronic Request for Quotation): It caters to electronic collection of product or service quotes used for shortlisting suppliers.
- eRFI (Electronic Request for Information): It caters to electronic analysis and collection of relevant information used for shortlisting suppliers.
The eRFX with its brilliance in the industry is a blessing to both the buyers and sellers. Buyers take to enjoy a wonderful buying experience with all the transactions and negotiations taking place through the online medium. The system also gives the buyer an added advantage of accessing all the relevant information and purchasing data from a centralized data repository whenever required. Coming to the supplier’s end, eRFx offers a comprehensive solution to their business needs as well. It gives them up-to-date information on when and where to submit offers and product details. As a sum up to the spectrum of benefits enjoyed by both buyers and suppliers, ERFx opens a rewarding gateway to a healthy buyer-supplier relationship.
Benefits of eRFx
To help you learn and understand the eRFX system better, here are some of the most significant benefits:
- Helps to intensify supplier competition.
- Reduces almost 70 to 80% of time required for executing the tendering process.
- Helps handle and monitor larger number of projects with ease.
- Maximizes buyer’s purchasing benefits.
- Helps to automatically consolidate supplier responses.
- Improves compliance to business requirements.
- Ensures a transparent and consistent sourcing process.