TECH BUYER Jul 2020 - Tech Buyer Presentation - Doc # US46649720

Effective Competitive Sourcing: Beyond the RFP — Future Enterprise Planning Guide

By: Meredith WhalenChief Research Officer, IDC

On-line Presentation

Abstract

This IDC Tech Buyer Presentation is part of IDC's Future Enterprise Planning Guide series. Each module delivers key overviews, targeted advice, and peer insights to guide users through key parts of the digital transformation process.

This module helps technology executives understand more about overhauling the RFP process and replacing it where possible with more agile and efficient approaches to sourcing. These approaches, based on business need, help break down walls between functional groups while still creating a competitive environment among vendors. Where RFPs are still necessary, there are tips and processes to get the most effective proposals and procurement.

The RFP as we know it is a legacy of the past, not always the most effective tool in competitive procurement. All too often companies follow a RFP process because it's what they have "always done." They receive repetitive boilerplate back from vendors — all without necessarily solving the business problem the technology was intended for.

Enterprises need to forgo the old complex and lengthy RFP process and instead adopt efficient, standardized approaches to procuring IT products and services. There are better, faster ways to identify vendors, evaluate capabilities, and solicit pricing through agile sourcing. With budgets tightening from the effects of the COVID-19 pandemic, increased revenue, agility, speed, and cost savings from agile sourcing are imperative.

Enterprises that adopt agile technology sourcing report higher year-over-year revenue increases and get higher percentages of revenue from digital transformation initiatives.

"RFPs and competitive environments can be created in a streamlined and expeditious manner, satisfying even the most aggressive of digital transformation timelines," says Aaron Polikaitis, vice president, Technology Sourcing and Vendor Management, IDC's IT Executive Programs (IEP).


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