BlogHow Enterprises Can Benefit from Vendor Quote Management

How Enterprises Can Benefit from Vendor Quote Management

May 16, 2019, Expense Management

By Scott Forbes

When it comes to procuring telecom or other technology services and assets, it’s no easy feat. Every enterprise wants to get the right product or service at the best price within the least amount of time. However, the traditional method of handling Requests for Quotes (RFQ) is complex, time-consuming, and prone to errors.

Valuable time can be lost sifting through countless emails, attachments, voicemails or incomplete responses. You have to stay on top of expired dates, upfront costs vs. recurring, delivery timeframes, and more. How do you know if your procurement process is effective, or that you’ve performed due diligence on all costs, all while your team is in need of new services or products?

The Top 4 RFQ Difficulties Enterprises Face

Enterprises face a myriad of challenges when it comes to procurement processes, but there are four major problems that form a roadblock to RFQs and beyond:

  • Inefficient tracking processes via email and manual processes take up valuable resource time and can lead to errors.
  • With no centralized quote repository, there is no easy way to compare quotes from vendors and ensure best pricing. Trying to determine the best price is difficult and time-consuming.
  • There is no easy way to communicate with vendors. Communication is done through exchanging multiple emails, phone calls, and other scattered methods.
  • There is no ability to track vendor performance related to ordering/provisioning and to ensure SLAs are being met.

However, for enterprises that require frequent requests for quotes for new or existing services, there is no need to waste time, money, and headaches on these challenges.

How the Right Vendor Quote Management Solution Can Help

The solution to these problems and more can be found by choosing the right centralized vendor quote management solution. Such a solution can ensure the best rates are being received while internal obligations are met.

A quote management solution creates more transparency by helping to streamline processes, communication, and information. This allows enterprises to save time and costs by improved visibility and processes. The benefits of a good vendor quote management solution include:

  • Streamlined procurement. Reduce errors due to manual processes. Manage, view, and track all quotes within a centralized repository. Easily convert winning quotes to pending orders and pending orders to inventory – enabling full order lifecycle management. Support off-contract ordering.
  • Connected processes. Connect to order processing and management, inventory build and management, and initial and ongoing invoice validation. Automatically update inventory once order is complete.
  • Increased visibility. Easily compare quotes side by side in grid view to determine best offer. Track and report on status and close dates.
  • Easier communication. Eliminate manual back and forth. Keep vendors informed on bids won and lost.
  • Save time. Speed time to market by turning services up faster. Save valuable time with bid summaries and improved communication.
  • Better performance. Ensure vendors are meeting performance and SLA requirements.
  • Lower costs. Achieve lower costs by making vendors compete for your business. Validate agreed-upon pricing upon invoice receipt. 

Vendor Quote Management with Calero

There is no need to find a third-party solution. Calero users can receive all of the benefits above all from directly within the application. Calero’s quote management tool helps organizations better manage vendor quotes for telecom services by enabling a streamlined bid approach, better communication with vendors, more visibility and faster activation of services.

Users can open a ticket to start the bid process, select appropriate criteria and vendors to include for the quote, and manage all responses and activity within a centralized repository. Once the winning bid is selected, it is moved to a pending order and inventory is automatically updated.

Stop the waste and streamline your procurement processes today. Get the best terms and pricing, all delivered via Calero’s quote management tool — making it easy to select the winning bid, move it into orders, and streamline everything in between.

To learn more, download this brochure.