RIP to RFP – In Procurement 2016
Our very own Matt Mansfield was invited to write an article in this year’s first issue of In Procurement (@inprocurement). In this article, Matt addresses how far along the RFP process has evolved since the highly time consuming binder-based RFPs of his early procurement days (he does have a few grey hairs;-).
Although the process has evolved significantly through sophisticated sourcing strategies and tools, supplier information and experience remains mostly unshared between procurement and sourcing teams as well as across functions. In many companies, valuable supplier intelligence stays in people’s heads and are only captured in person through hallway conversations or by email. With limited legacy, sourcing professionals still spend an enormous amount of time searching and gathering internal and external supplier data prior to presenting options to their internal business partners. This critical data collection can be a time lag that is often misunderstood by internal stakeholders and can affect productivity and trust.
With new and smart technologies available, information should no longer be siloed and the process of finding and qualifying suppliers should start with easily accessible collective internal data. If procurement and sourcing could reduce the time spent searching for information, it would empower them to provide immediate value to their internal business partners, allow them to support more initiatives, build trust and increase cost efficiencies.
The advance of new smart technologies are empowering sourcing professionals to be critical business partners.
Please take a few minutes to read Matt’s article and download the latest issue of In Procurement:
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