The Ultimate RFQ Software You've (Probably) Never Heard of
When it’s time to issue a Request for Quote (or RFQ), it’s a sign that things are getting serious, as you narrow down potential suppliers to fulfill your procurement needs. There’s money and sensitive data involved, and it can get convoluted fast. Find out how automation can revolutionize your RFQs and business processes, helping you keep up to speed.
A Request for Quote is a process tool used by organizations who need suitable pricing estimates from selected suppliers to complete a specific project, service or task.
Procurement professionals issue RFQs either singly, or alongside a Request for Proposal. Once a need is defined, they are typically sent to pre-selected contractors. Those chosen suppliers then submit quote proposals and subsequent bids for comparison, evaluation and selection as part of the RFQ process.
When you’re relying on emails, spreadsheets and paperwork for issuing and reviewing RFQs, things can quickly become unwieldy.
Managing RFQs manually slows down the buying process leading to inefficiencies. And in fluctuating markets with sensitive supply chains, a slow procurement process can have massive cost implications for both the buyer and supplier.
Using software to automate your process offers many benefits, enabling you to communicate, negotiate and collaborate with your vendors safely, securely and more efficiently than using a manual process.
Here’s what you should expect from a top-class RFQ software solution.
8 Superb RFQ Software Benefits to Power Up Your Procurement
These essential capabilities and convenient perks are just some of how cutting-edge procurement software (such as DeepStream) supports more efficient procurement processes.
1. Fast Implementation With Seamless Integration
Onboarding should be quick and easy, saving you time, with little to no training required. It should also integrate easily with what you already use.
For example, DeepStream’s customer success team is on standby to speedily respond to your queries and support your implementation.
Our system also blends seamlessly with your tech stack. It’s an award-winning, cloud-based RFx software compatible with third-party platforms such as Microsoft Dynamics, SAP, Salesforce, Quickbooks, plus many more systems. We also offer custom-built integrations to suit your needs.
2. User-Friendly Proposal Automation That Speeds Up Your Workflows
Using our software for all of your RFx processes, you save time by not having to wade through the same repetitive proposal creation efforts every time, helping you build efficient eSourcing practices. When building RFQ templates, you can personalize your workflows, from determining evaluation criteria, to creating pricing sheets and comparing bids.
Being able to save and reuse templates, create duplicatable pages and sections, and select from varied question formats to allow for numerical, short or long answers, gives you the flexibility to create new, customized proposals more speedily than you would do manually.
3. Nimble Communication That Aligns With Your Collaboration Goals
Procurement software is ideal for effortless buyer-to-supplier communication as it eliminates time-wasting manual transmission methods.
Our collaborative environment is simple and easy to use, whether you’re communicating with internal stakeholders, procurement team members or outside suppliers. No emailing ‘back and forth’ unnecessarily, so no one gets left out of the loop on the status of a project.
You get to decide who can view and amend proposal elements and responses, and track document downloads. Access, organize and monitor all of your information and communication in one place.
You can also send bulletin notifications to your suppliers, communicate deadlines, issue late notices, and release addenda, all from a single, shared workspace.
4. Informed Evaluation With Comprehensive Supplier Analysis
Collecting extensive but targeted vendor information helps you to make more informed decisions about which supplier will be the best fit. It also puts you in a better position to negotiate, so you can optimize your spend management based on price.
You can scope your RFQ requirements and manage your evaluation process more effectively by breaking it into staggered stages, triggered by submission steps. You can also choose your scoring options, use intuitive reporting for comparing supplier responses, and run live bid analysis to speed up your award process.
5. Keeping You Compliant With 360 Degree Visibility
Compliance should be simple. Whether it’s pulling a full project report, tracking communication across progressing RFx, or reviewing multiple vendor data, our software gives you total visibility and transparency across all elements of your procurement processes.
Advanced reporting means you can gain comprehensive insights, helping you to flag errors, identify challenges and realize opportunities for improvement. With remarkable documenting and reporting capabilities, you get access to an accurate, all-inclusive audit trail to ensure your sourcing, buying and sales process is compliant.
6. Top Cybersecurity For Your Purchasing Peace Of Mind
We are committed to employing the best security practices to ensure the safety of your valuable information. Using our ISO certified RFQ software for managing and protecting your data, helps you mitigate risk and protects your purchasing security.
You can undertake satisfactory vendor security risk management and monitor your extended supply chain with data confidentiality. And you get to control who gets access and editing rights. From secure logins, to granular permission settings, and data encryption, we’ve got you covered.
7. Product Agility To Keep Up With The Speed Of Your Changing Needs
Our customers are central to what we do as our iterative approach to software development involves collaborating with our users. We build new features and updates based on their feedback to meet their user needs.
Want to check the status on all of your active RFx at the click of a button? Check!
Need a winner selection tool? Check!
Would you like to convert your RFQ to a real time auction for finalists? Watch for this feature soon!
Our agile procurement technology coupled with world-class customer support ensures that using our product will deliver outstanding value and results for your team.
We’ve partnered with outstanding established businesses and future-focused organizations that are leaders in their fields, and the list of our collaborators keeps growing.
6 Dynamite Testimonials That Will Blow You Away!
We feel proud to build resilient relationships with business professionals who understand the benefits of automating their procurement processes, especially when they are dealing with complex projects and multiple vendors across the world.
Here’s what some of our partners have to say about how our software is improving the efficiency of their procurement and inspiring better business processes.
1. DeepStream Is Powering Up Ionity’s Procurement Processes
“DeepStream makes things simple, we have so many suppliers and different commodities in many countries and it helps us organize things in a more efficient way.” ~ Panagiotis Apostolopoulos (Head of Procurement, Ionity)
Overseeing a charging network that extends across 24 European countries, Ionity has benefitted from the software’s easy, timesaving communication capabilities to support collaboration across an extensive supplier network.
Their users cite direct communication and straightforward document exchange as highlights of their experience. Replacing the use of emails has also improved Ionity’s processes, reduced the risk of human error and cut down on administrative tasks.
2. Maersk Is All For DeepStream’s Ease Of Use & Flexibility
“DeepStream understands the procurement process, having a system that people in the heavy industry can relate to, and the (platform’s) flexibility, so you can structure the tender how you want to - it’s just easy.” ~ Sara Nandin De Carvalho (Maersk)
While at Maersk, Sara used several systems before trying our solution. She felt that the user friendliness, robust organizational features and agile, lean structure made her job easier.
In our Maersk Case Study, Sara shares more about how they streamlined their RFx processes.
3. Xos Trucks Gets Revved Up About Our Easy Onboarding Process
“We’ve been very impressed with DeepStream’s one-stop-shop for managing supplier RFx related interactions. Customer service has been top-notch, going so far as to make every effort to accommodate our schedules, as well as proactively listening to our feedback and working quickly to implement our ideas and suggestions into the platform.” ~ Marcus Nelson (Xos Trucks)
From easier task tracking, and running multiple requests at once, to the seamless, intuitive communication options, the Xos team had lots of good things to say about how our software supports their procurement.
“I find it agile, fast and very intuitive. It is very easy to launch a new RFx for any size of procurement activity. The communication features between buyer and bidder are excellent, status/dashboard screens are clear and easy to understand. Using this tool eliminates wasted productivity in offline methods (emails & spreadsheets).” ~ Procurement Analyst (Britishvolt)
Since partnering with Britishvolt, a Lithium iron battery producer, their teams have run multiple RFx through our platform. The clean user interface, transparent audit trail and timesaving, editing functionality are just a few of the features they favor.
“At Brooklyn, we are proud to partner with DeepStream to digitalise the procurement process end-to-end and streamline the customer-supplier relationship. With DeepStream’s ability to manage the RFx process, combined with our award-winning VendorOps SaaS platform to perform best practice in post-contract and compliance across all commercial relationships, it transforms the Procurement function and closes the expensive gaps left by all S2P suites on the market today.” ~ Jesse Lee, CEO (Brooklyn Vendor Assurance)
We partner with Vendor Brooklyn Assurance to back up their commercial customers and stakeholders, and they benefit from our seamless support and the platform’s integration capabilities.
6. Twisted Orange Loves Our Solution’s Simplicity
“For too long the market has needed a solution such as DeepStream, for me it allows organizations, at any stage of their procurement journey, to access class leading RFx technology that is both logical and dare I say it simple in its approach. When it comes to RFx, you do not need overly complex solutions, you need something that will support your existing ways of working, not conflict with it and hence why I am excited by this opportunity to partner with DeepStream." ~ Twisted Orange
Twisted Orange is a procurement and distribution specialist. They value the practicality of using our software to boost their client’s outcomes.
We’d Love To Be Your Go-to RFQ Software Partner
Our comprehensive, feature rich platform enables you to communicate, negotiate and collaborate with your vendors safely, securely and at top speed.
Whether your focus is on gathering your quotes in a structured, easy-to-compare way, or you want to ensure you can make transparent, impartial decisions, our RFQ software is here for you.
Full audit tracking across all facets keeps you compliant.
Easy-to-create templates help you build a competitive bidding framework so you can manage your spend more effectively.
Smooth communication options save you time and facilitate more effective, strategic collaboration across teams and suppliers.
DeepStream’s sophisticated capabilities help you at every stage of your RFQ process, from preparation and issuing, management and scoring, to supplier selection, bid reviews, contract award and evaluation.