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RFP360: Vendor Analysis — Solution overview, acquisition, competitors, tech selection tips, analyst summary

10/18/2021 By

In this Spend Matters PRO Vendor Analysis, we give an overview of RFP360, a sourcing provider with a unique approach to the RFP process. We also touch on where it is going and cover the solution, looking at how it addresses typical challenges that organizations have in their RFP processes. We then look at the competitive landscape and close our analysis with recommendations.

Sourcing is at the core of procurement activities and connects it to the inside (stakeholders) and the outside (vendors). Yet sourcing can take many forms, from an execution point of view. The “X” in RFX can stand for “information,” “quote” and “proposal” — hence covering different goals and purposes. Beyond that, each variation of the RFX induces more or less collaboration, with flavors like requests for “solution” or “partner” being, potentially, the most radical open approaches to the sourcing process where RFQs are, often, very buyer-driven because they’re based on specific requirements or specifications.

And, the more collaboration/openness in the process, the more challenging it becomes for the customer and suppliers. RFPs exemplify this because they entail a strong collaboration with stakeholders on a specific business context that may not be an area where procurement has deep expertise. And, on the vendor side, the typical challenge relates to crafting a solution for the customer’s specific problem in the most efficient manner, which often means reusing knowledge and/or answers provided in the past for similar requests.

This double-sided challenge with “knowledge/information management” at its heart is precisely what RFP360 addresses by providing buyers and suppliers with dedicated capabilities.

Here’s why RFP360 matters:

  • To the market: It has an interesting take on the RFP process, and the recent acquisition of RFP360 by RFPIO will reinforce the attention they put on the supplier side of the process, hence fostering adoption by both buyers and suppliers.
  • To customers: RFP360 provides a compelling user experience and acts as a knowledge base, giving buyers the ability to build better RFPs faster. Its supplier-facing functionalities ensure that RFPs receive better answers faster.
  • To potential buyers: Organizations wanting to enhance their RFP process will want to consider solutions like RFP360 that offer value to their own users and to their suppliers. Good RFPs are only great RFPs when they receive high-quality answers.
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