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Centralizing Procurement with Quote Management

Mar 7, 2018

When it comes to procuring technology, every business wants to get the right product or service at the best price in the shortest possible timeframe.

But the process of selecting the right vendor can be incredibly complex and hard to track. When receiving quotes for goods or services, you need to stay on top of emails, attachments, due dates, expiry dates, upfront costs vs recurring, delivery timeframes. How do you demonstrate due diligence to your management in order to get costs signed off? How can you show your procurement process is effective?

Meanwhile, you’ve got people knocking at your door, wanting to know when the new services will be available.

Working closely with clients, MDSL developed Vendor Quote Management, a way to centralize and expedite the quoting process. Vendor Quote Management allows the initiation and tracking of mini Request For Quote (RFQ) exercises for any form of quoted technology service.

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Configurable questions are defined to precisely target the vendor/service/country in scope. Vendors then complete the required fields with their quote info, ensuring there is no need for any back and forth to capture necessary information at a later date.

Information concerning deadlines, costs, and delivery timeframes are captured in a centralized location, as well any supporting documents and comments. It is now easy to provide a side-by-side comparison and visualization to quickly determine which quote is best, whether that be based on price, lead time, bandwidth, Service Level Agreement (SLA) or any conceivable, configurable criteria.

The winning quote can then be directly converted into a PDF purchase order to return to the vendor. Upon completion of the order, the TEM inventory is automatically updated with the new services, which are traceable back to the individual RFQ. Administrators can then easily generate reports to demonstrate savings achieved through the RFQ exercise, and cost forecasting as a result of the new procurement.

The centralized process results in far less back and forth with the vendors, and no need to dedicate resources to manually piece together a comparison from sporadic email attachments, verbal replies and incomplete responses. With clarity over the options and fulfilment dates available, new products and services can be acquired in the shortest possible timeframe. Automated email reminders for both the business and the vendors help prevent any delays to the process.

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In addition to the savings generated by pitting vendors against each other, the quote engine can provide pricier vendors with historically trended quote data to encourage them to be more competitive in future RFQs. Vendors are also encouraged to provide more contractual information up front, and the ability to capture attachments to send back to the vendors ensures they stick to their quoted terms.

Want to save time and money with a simple, centralized quoting process?  Talk to us about Vendor Quote Management 

Written by Joel Sadler

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