A well-executed request for proposal (RFP) is an absolute necessity in the hands of a procurement professional. Its basic function is to solicit bids for the product or service you want to purchase, but if done right, an RFP can do much more. It can better inform you in your decision-making and ensure that you get the best return on investment possible.

Pairing your RFP process with effective contract management helps ensure every vendor agreement is tracked, organized, and executed smoothly.

If you don’t have a streamlined system for issuing and using them, you might not be getting the most out of your RFPs. Here’s a look at the entire process, along with some tips about how to better use RFPs in your procurement process. (more…)