The RFP Process:
A Buyer’s Guide to Best Practices
Gone are the days when the RFP process was merely sending out a request to three suppliers and selecting the lowest bid offered. Procurement provides value far beyond simply purchasing what stakeholders need. Now RFP best practices have also evolved beyond basic purchasing and the “rule of three.”
Benefits of the RFP Process
There are numerous benefits to a strategically-run RFP. First of all, you get valuable market insight from suppliers. Secondly, it’s one tool you can use to keep costs down by leveraging supplier competition. While you may invest additional time preparing your request, it will save you time in the long run, as you’ll be confident in your choice of supplier and you’ll have the information you need at hand when it comes time to negotiate.
What this Guide is About
This guide shows you how to squeeze most out of your RFP process. It’s designed for procurement professionals who already have a basic understanding of the underlying concepts and looking for a clear strategy to help them meet more challenging goals. We’ll address advanced RFP techniques to save both time and money, along with RFIs and supplier qualification, evaluation best practices and how to use the requesting process to facilitate innovation.
Complete Chapter List
- What role do RFPs play in an effective sourcing strategy?
- What are RFIs and how can they be used for supplier qualification?
- How do I prepare RFPs for services and transportation procurement?
- What can I do to maximize cost savings during the RFQ process?
- How do I manage the RFP evaluation process?
- How can I use RFPs to encourage supplier innovation?
- What’s the best way to negotiate during the RFP process?