RFx Essentials automates, centralizes and adds risk intelligence to vendor selection process
Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), introduced RFx Essentials, a SaaS solution that centralizes and automates the distribution, comparison and management of requests for proposals (RFPs) and requests for information (RFIs). RFx Essentials makes it easy for procurement teams to not only select solutions and vendors that meet their organization’s functionality requirements, but also take a critical first step in managing risk throughout the third-party lifecycle with built-in vendor intelligence.
“There are several reasons why managing the RFP process can be one of the most frustrating and time-consuming parts of vendor management,” stated Alastair Parr, senior vice president of global products and services for Prevalent, Inc. “Not only is it an extremely manual process for under-resourced procurement teams, but selecting a vendor that doesn’t match their risk requirements can have enormous security and business consequences. RFx Essentials provides organizations with an automated solution that encompasses important risk intelligence, leading to more informed vendor decisions.”
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Many organizations are required to conduct fair and objective evaluations of vendor solutions. However, most companies utilize manual RFx evaluation processes, which are complex and time-consuming. From keeping track of requirements and communicating with stakeholders to conducting due diligence and evaluating options, spreadsheet-based RFx processes lack automation, consistency and enterprise visibility which can lengthen purchasing cycles and introduce risk.
RFx Essentials eliminates time-intensive manual processes, providing procurement teams with a single automated platform to evaluate and select solutions and vendors that meet an organization’s needs while automatically moving selected vendors into contracting. With RFx Essentials, organizations:
- Speed purchasing cycles by automating and centralizing time-consuming internal and vendor communications.
- Unify internal teams with a single, centralized platform for requirements management, communications and selection.
- Make better risk-based decisions with comprehensive vendor business, reputational and financial intelligence.
- Reduce human error and bias by automating manual tasks and enabling direct supplier comparisons.
- Validate what the supplier has provided in their RFP response with external intelligence.
- Gain better risk visibility earlier in the relationship for faster, more targeted risk assessments later in the lifecycle.
- Accelerate auditing and reporting with centralized documentation and supporting evidence.
- Simplify contracting processes by automatically moving vendors into the contract lifecycle and pre-contract due diligence upon selection.
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