Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions

Hero rfp rfi management

RFP & RFI Management

Strengthen RFx processes with automation & risk intelligence

RFPs and RFIs are essential for selecting the right products or services for your needs – and also choosing the vendors who stand behind them. However, many organizations struggle with manual, inconsistent, spreadsheet-based RFx processes. The result? Slow purchasing cycles that can miss potential risks to your business. How can you streamline your organization’s solution evaluations while minimizing its exposure to third-party risk?

Prevalent RFx Essentials is 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 your procurement team 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.

Key Benefits

  • Shorten purchasing cycles with automated and centralized vendor communications and comparisons

  • Unify multiple internal teams responsible for vendor risk and procurement with a single solution

  • Improve risk visibility earlier in the vendor relationship for more targeted risk assessments and faster audits

  • Simplify contracting processes by automatically moving vendors into the contract lifecycle upon selection

 Case study professional services

Prevalent provides an automated approach to issuing, tracking and ensuring completion of questionnaires.

— Medium Enterprise Law Firm

  • Centralized Intake

    Centralized Intake

    Use a simplified intake form to create and populate detailed vendor profiles, eliminating unorganized, spreadsheet-driven processes.

  • Risk Profiling Snapshot

    Risk Profiling Snapshot

    Compare and monitor vendor demographics, fourth-party technologies, ESG scores, recent business and reputational insights, data breach history, and financial performance. See results in line with RFx responses for a holistic view of vendor risk.

    > Risk Profiling Snapshot Data Sheet

  • Template & Questionnaire Library

    Template and Questionnaire Library

    Tap into a library of pre-built RFx questionnaire templates or build your own assessment for maximum flexibility in setting selection criteria.

  • Scheduling & Workflow

    Scheduling & Workflow

    Create schedules that automatically distribute RFx questionnaires and kickoff workflow-driven vetting and selection processes.

  • Central Platform for Answers & Evidence

    Central Platform for Answers and Evidence

    Provide each vendor candidate with a unique link to an online RFx questionnaire that supports evidence uploads and maintains a single audit trail.

  • Tracking & Management

    Tracking and Management

    Centrally track each vendor’s RFx response, and keep projects on track with role-based visibility into progress toward questionnaire completion.

  • Risk-Based Scoring & Grading

    Risk-Based Scoring and Grading

    Use a flexible scoring algorithm to weight answers according to your business priorities.

  • Notes & Comments

    Notes and Comments

    Comment on answers, add notes, and invite others to review RFx responses, ensuring that all internal teams have visibility and input into selection decisions.

  • Comparative Reporting for Selection

    Comparative Reporting for Selection

    Compare vendor responses side-by-side in a single register, and view all results in a league table report for quick review and selection.

  • Contracts & Due Diligence Integration

    Contracts and Due Diligence Integration

    Seamlessly move selected vendors over to contract workflow and due diligence processes in the Prevalent Third-Party Risk Management platform.

Who Wins

  • Procurement

    Speed purchasing cycles and improve the consistency and fairness of reviews by automating the evaluation of vendor solutions.

  • IT Security

    Gain an early view of vendor risks to accurately scope further due diligence and better prepare for future audits.

  • Risk Management

    Reduce the risk of a business disruption by ensuring the viability of both the vendor and their solutions.

The Procurement Risk Playbook

This 10-page paper shares actionable steps for coordinating your team to reduce risk throughout every stage of the third-party lifecycle.

Read Now
Feature procurement risk playbook 0221
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