Could Digital Vendor Profiles Replace RFIs? [Video]
Over the past two decades, options for HRMS & HRIS systems have gone from a “coffee black or with cream?” kind of question (with just a couple of HR software choices), to an endless interrogation.
Now Benefit Plan Administrators have a minefield to navigate: implementation period? 360-degree feedback? SaaS? Not only do they have to ask these questions in making initial selections, but in ensuring their chosen vendors' information stays up-to-date.
Last week we covered the first problem: an easier way to approach RFP management and vendor selection. This week we’re diving into the second piece, how to use vendor management best practices to revamp supplier profiles.
How digital vendor profiles make supplier management easier for both Buyers & Sellers, and can even replace the annual RFI template.
- Status quo annual RFIs make it difficult for Buyers to find what they need
- Their outdated information means Vendors risk losing opportunities
- It's much easier for purchasers to short list when they use digital profiles
- When it comes to benefit strategies, efficient supplier management is a win-win
How do digital profiles work?
There are two big advantages to making vendor information digital:
- For Buyers: it's easy to see which suppliers are active, and when their information was last updated
- For vendors: it's incredibly convenient, they can update their profile whenever they want
(RFP365 platform digital vendor profile example)
Any vendor management software you choose should allow you to tailor digital profiles according to your unique categories.
For example, one of our Benefit Planning Consultants clients uses our platform to configure and update their company profiles according to different components of HR technology (payroll, HR, Benefits).
And because vendors can update their profiles anytime, our client always has up-to-date data and no longer has to send out “tiring RFIs.”
A great supplier relationship management tactic (SRM) for them, as it makes their partners very happy.
However, if you don’t have RFP software (and you’re not interested in trying it) to help with your business process outsourcing, one simple thing you can do to keep your data fresh is request vendor information updates quarterly, rather than annually. Yes it's more work, but the accuracy is worth it.
Meanwhile, if you’re intrigued by digital vendor profiles, find out more about vendor management software and how it can replace RFIs.