Selecting Vendors: The Role of RFPs
1 hour 30 minutes
Understand the importance of RFPs, their role in the overall procurement process, and how to draft more effective RFPs.
RFPs are one of the most important tools businesses have to ensure they get the best contract terms and pricing in their vendor agreements. Unfortunately, because of a failure to use RFPs effectively, many businesses have substantially decreased or, even, abandoned the use of RFPs. This topic helps procurement, legal, and businesspersons better understand the importance of RFPs, their role in the overall procurement process, how to draft more effective RFPs, manage the RFP process for best results, and review RFP responses for key risk issues. The focus of the discussion will be on real-world techniques that can be put to immediate use in your business.
• You will be able to define a better, more rigorous process for conducting RFPs.
• You will be able to identify key areas where vendors may undermine the budget they propose.
• You will be able to recognize common ploys used by vendors to undermine the binding nature of their response.
• You will be able to review vendor RFPs to better identify key areas of risk.