When we use the term ERFx, we are referring to an electronic request for any certain product. This offers different suppliers a portal to put their products out on the market, and businesses can then get their hands on products without spending on going out and individually meeting every single supplier.
There are different types of requests that a company can go for. This may include a request for a bid regarding a certain product, request to seek information, a proposal, or even a request for quotation. In other words, a buyer is calling out to different suppliers.
How It Helps?
To start off, the ERFx is a great way to ease the entire process of getting in touch with a supplier and requesting them for whatever is required. Furthermore, some of the more contemporary platforms such as Scanmarket, are developed in a far better manner as compared to those developed previously. Such platforms are now quite fast and far more efficient.
The key thing to note about ERFx is that it structures every minute aspect of the portal to make it easier for the buyer to compare the different suppliers. Not many people realize that ERFx is actually an integrated part of eSourcing which, on the other hand, is a part of the strategic sourcing platform.
The best thing about modern ERFx software is that unlike previous times, the buyer and the seller don’t need to go back and forth in order to complete a certain transaction. Neither does the buyer need to spend that much time and effort in finding the right supplier, or vice versa. Contemporary platforms have made what took weeks, into a matter of hours.
Another reason why ERFx is gaining this much hype in the modern day is that it helps greatly in killing a lot of costs. Since there is no traveling involved, there is no cost in that aspect. In addition to that, you also save a fair bit of money that you would spend otherwise, searching for the perfect suppliers and comparing them to choose the best one.
Similar is the case on a supplier’s part. They do not need to go out to market their product and add to their expenses. Taking part in an ERFx is all the supplier needs to do. In fact, it has been proven by experiments that using ERFx saves money at both ends.
Before ERFx, businesses were required to choose from one or two alternatives at a maximum because going for additional alternatives elevated the costs. Electronic Request For X is an aspect of eSourcing that has changed all that. Since there is little to no cost involved, you have a wide range of suppliers available at your disposal to choose from. Click here to see how it can get you the best results when you’re searching for Guard services. This is just one of the many uses you can put it to, for added convenience and lesser costs.
All in all, it is a fact that strategic sourcing platforms and especially their ERFx feature have changed the way we do business today. It has made things far more efficient and user-friendly.