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eRFX

eRFX or electronic request for [x], wherein [x] could be information, quotation, proposal, or tender. eRFX is used by procurement professionals to gather quantitative and qualitative data from potential suppliers through procurement softwares. Traditionally, suppliers used to share such information over phone, spreadsheets, email or fax, which made it difficult for companies to compare and standardise across business verticals and categories. Using eRFX softwares, companies can define their RFX workflows through customised templates and independently compare submissions within seconds.

Types of eRFX

Request for Information (RFI) RFIs or Requests for Information is a formal process for collecting information of desired goods/services from potential suppliers. The document features specific answers as per the procurement requirements of the organisation which helps in developing strategies and maintaining a database of collected responses.

Request for Quotation (RFQ) Request for Quotation is the process of requesting a quote for desired products/services from a supplier which includes details like payment terms, price per item, contract tenure, type of material, and quality standards, among others.

Request for Proposal (RFP) RFPs or Requests for Proposal is a formal request made during an ongoing project wherein suppliers specify the proposal for goods/services to be procured. RFPs are instrumental in outlining the bids and contract terms which helps companies evaluate entries and identify the best vendor. Request for Tender (RFT)

RFT is an open invitation to obtain competing offers from suppliers participating in the eAuction. RFTs are usually much broader in scope as compared to RFPs, which also follows all legal requirements to help companies finalise the best vendor out of the lot.

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The unique strategies they use during auctions help us achieve real cost reductions that aren’t always possible through face-to-face negotiations.

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Senior GM Procurement,
Havells

We integrated Procol with SAP, and it brought complete transparency to our procurement. Everything from PR to PO is now tracked, saving us 30–40% of time and costs.

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Head of Strategic Sourcing, Signature Global

After implementing Procol, the user experience is way better than it used to be. The cost is also much lower compared to other competitors in the market.

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Strategic Sourcing Manager, Emami

It’s super user-friendly, helps us reduce manual work, speeds up decision-making, and allows us to access all our procurement data anytime from one place.

Elango Srinivasan
Chief Financial Officer,
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