Supply Chain Procurement Software Gives Suppliers an Edge

Promote Circularity and Better Communication

When it comes to promoting circularity, removing information silos is the primary focus of digital products. Information transparency and visibility ensure the right materials are delivered on time and the project continues with its proposed timeline.

For example, consider capital power or energy projects. Delays in piping, valves, instrumentation, and specialty equipment can halt project completion, thus wasting time and money.  

Standardize RFX Entering

At present, information sharing and communication occur digitally. Yet, access is limited from the suppliers’ position. It is common for buyers to send out RFXs in Excel, but responding to Excel-formatted RFQs is a time-wasting, cut-and-paste task for suppliers.  

Innovative procurement platforms, like Requis, can eliminate time-wasting activities in favor of auto-filling applications and standardized RFXs. Suppliers and buyers have more transparency with standardized information.

More importantly, having just one location for data management on supplier information removes the tedium of reentering critical data. But buyers still need to send out information on RFQs. Equally important, suppliers must have user-friendly, standardized processes to access such inquiries and respond quickly. 

Streamline Procurement Process for Small Businesses

Small and medium-sized companies do not have the advantages made possible through large procurement departments. A small staff is charged with finding, replying, and following up on RFXs and other bidding/sales duties.

Finding long-term value creation in procurement processes involves embracing the right technology. Joining a procurement platform is a viable option for a company to expand its digital presence and business development. 

Benefits of Using Our Platform

For example, consider LinkedIn; it is a professional-focused community. On the LinkedIn platform, users have many communication options, including: 

• Building digital relationships with other members 
• Sharing information in standardized formats 
• Creating professional networks within the forum.  

The LinkedIn platform allows individuals and companies to share news and other media in real-time. Suppliers need similar platforms that standardize information sharing and connectivity for supply chain and procurement processes. 

Requis’ platform operates in a format like LinkedIn. Table 2 summarizes the supplier benefits through Requis’s digital platform. More importantly, consistency in data management, RFXs, and portal designs enable clear communication and connectivity. Standard company profiles eliminate time-wasting activities.  

In particular, the Requis platform meets many suppliers’ needs in a secure environment. In addition, the in-house capability to easily create and manage product services and catalogs support time management for small suppliers. 

Requis users can capitalize on information sharing. Communication conduits through project announcements, newsletters, and sourcing events assist suppliers in business development. Access to capital project information such as permitting, MOUs, FEEDs, and financing enables suppliers to participate as vendors (See: Drax project). With early involvement, suppliers can provide valuable information on materials and services to improve project execution.  

Through digital platforms, information on projects and pricing history is also accessible across the network. Such data is converted into trends and forecasts to reduce risks and ensure supply availability. As a result, knowledge is retained and shared across supplier and buyer companies.  

More importantly, Requis’s platform provides customer support and webinar-based training for platform users. From the supplier’s viewpoint, the user experience (UX) involves efficiency, transparency, security, and scalability.  

Digital Procurement Software is the Future

Real-time procurement information is an asset. Suppliers can use new technologies and innovative platforms to build long-term relationships. Requis’ digital procurement platform focuses on supplier needs in achieving connectivity and clear communication across all levels of the business.  

In 2023, we will bring an even better experience for our users. We will release a Public API to our existing and prospective customers. The Interconnectivity of procurement data, including asset and supplier information through various enterprise platforms of an operations life cycle, will drive circular and sustainable decisions at every decision point of procurement activities.

Schedule a Procurement Software Demo Today

Requis fosters business development and eliminates time-wasting tasks. As a result, suppliers can focus on building their networks and creating value. Procurement is about partnerships, productive interactions (connectivity), and information management for all parties, especially suppliers.

For more information on our services or to schedule a demo, email us at info@requis.com.