A large portion of developing a comprehensive sourcing strategy involves ensuring accurate documentation. A cohesive request for proposal (RFP) is no exception to the rule. An RFP is put forth when a company is looking to accept bids for a particular project, opening up a potential business partnership to a wide range of suppliers. From its birth during the RFx stage, the success of an engagement can largely be shaped by the clarity of the terms and outline of necessary steps found in an RFP. The below infographic elaborates on several components of this document that are instrumental in creating a smooth transition to the next phase of the purchasing process. With all information laid out clearly, an articulate RFP can make expectations known and allow for a better communicated scope of work.
To enhance your sourcing process further, Source One is a key resource for organizations who seek to get the full value out of their procurement activity. Our free e-sourcing tool, WhyAbe, includes RFx management capabilities to aid in the clarity of this sometimes complex process.
The next time you are putting together the “ingredients” for a best-fit RFP, remember this handy recipe.