Why should suppliers want to participate in eRFX events?

March 5th, 2014

There are any number of significant benefits that suppliers receive by participating in eRFX events. Here's TEN!

Today’s post is by Ron Southard, CEO at SafeSourcing.

Quite often when speaking with new suppliers in order to invite them to participate in an eRFX event like a reverse auction or an on line request for information or proposal the question comes up; “What’s in it for me”? This is almost never the case for suppliers that have been involved in the practice before.

Supplier benefits may include but are not limited to the following:
 
 1.  Suppliers can accurately represent their company and its capabilities to a buyer or group of buyers.
 2.  Suppliers benefit from reduced cost of new business acquisition.
 3.  Suppliers are exposed to more opportunities for new business.
 4.  eRFX events bring more potential business partnerships directly to the supplier’s door
 5.  eRFX events are transparent and all requirements are clearly defined
 6.  Suppliers can have access and compare their offering to the best pricing during the auction, which helps suppliers position themselves correctly in the marketplace
 7.  All of the buyers terms and conditions, product specifications, and other pertinent information is clear and concise which allows for accurate quoting
 8.  Suppliers are introduced to tools they can use in their businesses in order to compress their pricing.
 9.  Suppliers can instantly submit and modify their bids electronically rather than submitting paper bids, providing a faster, more efficient purchasing process.
10.  Suppliers can upload pertinent CRM data that they would like the host company to consider.

The next time an customer sourcing company like SafeSourcing calls you on behalf of their host company requesting your participation in an eRFX events, ask to be added to their database and what you have to do to be invited to all events in the future.

If you’d like to learn more about the SafeSourceIt™ Global Suppler Database, please contact a SafeSourcing Customer Services Account Manager!

We look forward to and appreciate your comments.

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