How to save time and effort using digital tools?

Saving money and time are among the top priorities for every business, whether large, small, or midsize. Business owners and managers are always looking for ways to reduce business costs. Each department must be analyzed, choosing where to spend, and every penny spent must be justified. One way significant savings can be made is by digitalizing processes such as procurement.

The traditional procurement process is very labor-intensive, time-consuming, and involves a lot of paperwork. Digitalizing procurement uses digital tools and technologies to streamline routine procurement processes, decreasing expenses.  

Some Digital Tools Used in the Procurement Process

Certify Purchasing — a purchasing tool

Certify Purchasing is a cloud-based procurement digital tool that automates the purchasing processes, from requests to purchase approvals, invoicing processing and payments. The tool also offers real-time visibility of the entire purchasing process and generates analysis reports to help you keep track of purchase expenditure and performance.

TradeGecko — automates inventory management

TradeGecko is an inventory management system ideal for businesses that buy and sell stock regularly. The system automatically orders new items when you need them and forwards them to your clients on time. The system also follows up on semi-fulfilled orders manages your supply chain and customer relationships. With this tool, business owners will save time on paperwork, fulfill customer needs and free up cash held in excess inventory.

Kissflow — manages procurement cycle from order to payment

Kissflow is a comprehensive digital procurement tool that handles purchase orders generation, invoice tracking, spending reports, and supplier management. The Kissflow dashboard shows you the status of all your purchases and provides updates whenever there are changes. The purchasing orders are generated automatically once a purchase request has been approved. Additionally, the tool lets you rate the suppliers depending on their performance, helping managers to identify top suppliers quickly.

SmartRFQ — a safer, faster way to handle RFQs

Incorporating a Request for Quotation (or RFQ) software into your procurement process is one of the initial steps of digitalizing processes in your business. With RFQ software in place, your business will no longer have to manually prepare RFQ and enter the bids’ information into a common document to compare the quotations. Instead, suppliers will submit their quotations into the software system, which will provide summarized details (i.e., price, quality, and delivery time) to help you select a supplier you can work with. This will help your business save both time and costs.

SmartRFQ does precisely that — it makes sourcing for suppliers easy. no need for an RFQ template You start by creating a digital RFQ in five simple steps, then sharing the RFQ to all interested suppliers at a click of a button. Instantly, the suppliers will receive the RFQ in their e-mail, Whatsapp or SMS. The suppliers will then be allowed to submit back a price quotation for each item in RFQ.

The tool will clearly illustrate quotes of different suppliers, making it easy for you to review the quality of products/services, delivery time, and prices quoted. Acquire the Smart-RFQ today and maximize time and resources.


What is Request for Quote (RFQ)

What Is a Request for Quote (RFQ)?

A request for quote (RFQ), also known as an invitation for bid (IFB), is a process in which a company solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill certain tasks or projects. The RFQ process is especially important to businesses that need a consistent supply of a specific number of standard products. Companies may send RFQs alone or before a request for proposal (RFP). 

How Requests for a Quote Work

An RFQ is usually the first step in submitting a request for proposal (RFP). These two documents are similar as they provide details of the project or services required, but RFQs generally ask for a more comprehensive price quote. Also, businesses usually design RFQs for generic products in which the quantity needed is known, and RFPs are for unique, niche projects where quantities and specifications are unknown.

In addition to pricing, RFQs may include details such as payment terms, factors that could influence a company’s bid selection, submission deadline, and the like. A government agency that wants to buy 500 computers with a specific hard drive size and processing speed, for example, would send an RFQ to several vendors as prospective bidders.

Because the RFQ format is uniform within a given company, when the RFQs come back with price quotes, the soliciting company may compare them easily. Typically, an RFQ process consists of four sections: the preparation phase, the processing phase, the awarding phase, and the closing phase. The company generally will award the contract to the vendor that meets the minimum qualifying criteria and presents the lowest bid.