Streamline Your Qvidian Rfp for Pharmaceutical Processes with airSlate SignNow

Qvidian rfp for Pharmaceutical

hey procurement Legends I'm Daniel Barnes host of world of procurement and we are here to talk about request for information request for quotation request for a proposal these are commonly referred to as rfx so a request for information RFI is commonly used to seek information from a vast array of different suppliers so say you are looking at buying a new service or new product and you know there's quite a lot of different providers out there you've done your market research you have data already you've got some intelligence around this but you want to go a step further so sending out a request of information to ask about your top five concerns the quality of the product where they Source from just whatever you need to find out more to narrow the pool of let's just pick 20 as an arbitrary number here of suppliers down to five it's a really good process for doing that it can be very fast very quick very efficient but you do need to tee up the various suppliers that you're gonna go out to that hey this is coming your way and we do need a response for you to consider you for an eventual RFQ or RFP depending on what happens there so we'll come to that in a moment I think it's probably worth noting here that you can certainly go out to suppliers that are on your approved supplier list here and those that are not on it those that you've never worked with that you don't have contracts with just go out to people find out what's going on there's so many procurement Tech Solutions now that assist with this rfx process that I actually think this RFI idea this way of working will probably be probably become a thing of the past I just don't think it will be needed in the future I think we're gonna have such a vast and strong understanding of the solutions that are out there we're going to have aggregated data very clean data on these things Tech provider is going to build this up for us we're going to build it up within our own organizations if we haven't already that I fundamentally think it will be as simple as just pressing a button and we will buy stuff in decentralized way but I'll get off my soapbox about that we can cover that in another episode so that's what an RFI is let's go into what an RFQ is because an RFQ is very simple and I think this is probably what a lot of people start off doing when they're a buyer this is when you go out to anyway however many suppliers and the the very cliche thing here is you go out to free suppliers you ask for quotes and you typically work with the one that's got the best price best quality the the one that fits within your time frame for delivery and an RFQ is effectively we know exactly what it is we need so let's take a part we know the exact measurements we know the exact outputs and we know that this is effectively a off-the-shelf product so so you can buy this from a number of different suppliers it may be slightly different there might be some slight variations but fundamentally it's off the shelf we buy it and we can plug it into whatever we need to do I'd also add that you can use the request for quotation first for services of course because a lot of services are very similar and it's very easy to review service providers in this way and also any Goods that aren't off the shelf but they're like modified off the shelf so for example if you know that 10 different suppliers do this off the shelf product and you need a slight little tweak on them and you know that these these suppliers can do that tweak for you well that's very easy to compare and contrast it's very easy to see the price differences the the quality differences the scheduling differences so request for proposal is maybe the one that people are less familiar with typically a requested proposal is used when you know that you need some sort of outcome on so let's use a component here we have a need to have a component that can work at 30 000 feet in the air it can withstand x amount of heat and it can send signals all around the world I don't know I'm just making stuff up kind of loosely based on my Aerospace days we know that there isn't really Parts out there that can do this we might be able to couple something together from off-the-shelf Solutions but there's nothing we can effectively Mass produce and we don't necessarily have the expertise in-house to develop this or we don't have the the capacity the resources the the budget to bring all the equipment and everything in so and a request or proposal is we have an outcome we need to achieve and supplier we need you to bring your expertise your Innovation your skills your capabilities and capacity here and you need to tell us how you would do this we're going to effectively grade you we're going to if evaluate your response based on our open-ended outcome-based requirement and we will give it to the supplier that is potentially well priced good quality very much the same as what I've just mentioned in the RFQ but there will be a very strict scoring criteria with weighted scoring on it regarding price sustainability transparency to be honest whatever you want it and of course any other commercials contract principles things like that so you can see it let's just summarize this RFI information gathering RFQ buying a fixed item that we know that is off the shelf or service that is very easy effectively mass-produced in that sense an RFP is when we're not quite sure of how to do it we know the outcome we need to achieve this works for both goods and services and we need a supplier to tell us how they would go about doing it if it is pros and cons to all of them just bear in mind rfis and rfqs can be quite fast like day a week an RFP only ever had especially if you're doing it through like the Word and Excel format they can they can take a long time and depend on the complexity of your RFP you need to give the suppliers ample amounts of time to come back to you do like we're asking super challenging things so when you're building out your your program your project plan around like how long is everything going today allow a adequate amount of time for your RFP responses evaluation and then contract negotiations awarding the contract things like that I hope this video has helped you it's a super complex area to get into in a video I've also written an article on it and I I'll leave that in the description really hope it helps I do think that every procurement person should learn a little bit more about digital procurement so check out this video about what is digital procurement I'll see you on the next one goodbye