Suppliers Love Electronic RFP
E-sourcing benefits are becoming more evident as the wider understanding of its many uses become apparent. The main reason companies have embraced electronic RFPs is to reduce costs, increase productivity, provide visibility into day-to-day transactions and make it easier for users to get the supplies that they need.
Good news: Recent insights from SRMhub shows that Suppliers are growing increasingly comfortable with electronic submission and reporting significant benefits to electronic submission over paper submissions. There is a growing familiarity with the electronic submission process.
Suppliers also report high levels of satisfaction with electronic submissions, citing several key benefits that improve their process. We analyzed the benefits reported by Suppliers after switching from paper to electronic submission.
The number one benefit of using electronic submission reported by Suppliers is time savings. Not surprising given that electronic submission eliminates the administrative workload of printing, copying, assembling, binding, and delivering/sending bids, giving Suppliers more time to devote to the content of their response. As one supplier explains:
“Without having to print and deliver, we have more time to finalize a quality submission.”
Whether transporting submissions themselves or hiring a courier, the delivery of paper bids is a significant source of risk for Suppliers. Suppliers cited multiple unknowns that could interfere with the successful delivery of their bid: delays due to traffic or weather, parking issues, difficulty finding the right building, courier error, and misplaced or mishandled bids.
Electronic submission removes those risks, ensuring instantaneous delivery and confirmation of receipt, and in turn giving Suppliers greater confidence in the process.
“It gives us peace of mind! The fear of a lost proposal box is gone. We know that the client has received the documents and can access them at any time. There’s no chance of misplaced documents.”
Ease of submission
Electronic submission often means an easier process for Suppliers. Not only can teams cut down on printing and copying tasks, the online portal provides a clear structure to ensure that Suppliers submit each piece of information that is required of them. There is no guesswork or room for misunderstanding of the required information.
“Loved the ease of assembly and uploading. It was easy to give the customer exactly what they wanted to see, and made response preparation so much easier and streamlined.”
With electronic posting and submission, Suppliers can access and submit to open opportunities anytime, anywhere. Electronic posting also ensures that all pertinent documents and communication are centralized in one place. This accessibility is a benefit of electronic submissions, from the supplier’s perspective.
“It’s great to have the ability to access the RFP documents from anywhere, at your convenience.”
We’ve already covered the time savings and peace of mind associated with electronic submissions, but Suppliers also cite hard dollar savings as a consequence of no longer investing in printing, binding, and courier/transportation costs.
“Electronic submissions save on precious time and money. No printing, assembly, or courier/delivery costs.”
The final benefit cited by Suppliers was the environmental benefits of reducing paper and transportation emissions. Though it may seem trivial, when you consider that the average RFP submission is 100 pages in length, the paper piles up quickly. It’s a win-win situation for Suppliers and procurement teams to reduce their paper use and sustainability practices.
“The number one benefit is the environmental impact. Love the opportunity to help the planet in any small way.”
Fight Corruption with e-Procurement
Prescription for Managing Procurement Fraud
Need for Speed
Inside the Evaluation Room
Sustainable Supplier Relationship Management
Blow Your Own Trumpet
Justification for Outsourcing Prequalification
Procurement Values in a Tough Economy
How to Overcome Fear of Discretion
Walk with your Suppliers as You Experience Growth