Consider a common purchasing scenario: A procurement manager is engaged by a line-of-business team to help source and evaluate a new IT solution for the enterprise. That activity will likely involve the procurement manager convening an internal team of potential users, gathering and finalizing technical and business requirements, developing a scoring model, and identifying vendor candidates.
Once the vendors have been identified, the procurement or sourcing manager will invite them to complete a (usually spreadsheet-based) request for proposal (RFP). Procurement will send multiple emails to multiple vendors, answer seemingly endless questions, gather responses, and collate answers to enable comparison.
Then, the procurement and sourcing manager will work with the line-of-business team to evaluate and compare vendor responses based on the technical and business requirements, and select a final candidate. Once the vendor is notified, procurement moves to negotiate the contract and pricing, and the vendor relationship begins.
This scenario all too common in enterprises today. Teams utilize a highly manual process focused solely on determining whether the solution is fit for purpose and fit for use. However, they often ignore the potential risks that a new vendor could introduce into their environment until after the contracting process has begun (or worse, after it’s completed). This raises a clear need for:
The problem is, there have been few options available that enable teams to efficiently accomplish both objectives. Until now.
Today, Prevalent is announcing RFx Essentials, a SaaS solution that centralizes and automates the distribution, comparison, and management of requests for proposals (RFPs) and requests for information (RFIs). RFx Essentials makes it easy for procurement teams to not only select solutions and vendors that meet your organization’s functionality and risk requirements, but also take a critical first step in managing risk throughout the third-party lifecycle with built-in vendor intelligence.
Unique risk intelligence capabilities in the RFx Essentials vendor profile include:
Additional insights available in line with RFx responses include:
This comprehensive risk intelligence model adds context vendor selection decisions and can eliminate the need for multiple, siloed tools.
RFx Management Executive Brief
Learn about different vendor evaluation request documents, steps and challenges in typical RFx processes, and best practices for improving RFx automation and vendor risk visibility.
In addition to comprehensive risk insights, RFx Essentials automates and centralizes selection decisions with:
As part of the Prevalent Third-Party Risk Management Platform, RFx Essentials features native integration with the platform’s contract lifecycle management and due diligence capabilities to automatically move vendors to the next stage of the lifecycle.
For more best practices on adding risk intelligence and automation to the RFx process and starting the third-party risk lifecycle with risk-based vendor selection decisions, download the executive brief, or request a demo to schedule a strategy session.
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