How to maximise business opportunities with RFQs

By Emma Peters, Head of Engagement

In today’s competitive market, Local Buy pre-qualified suppliers have a significant opportunity to grow their business by engaging with Requests for Quote (RFQs) issued through VendorPanel. For suppliers, participating in these RFQs can open doors to lucrative contracts and valuable partnerships. However, to fully capitalise on these opportunities, suppliers must follow key practices to ensure they remain competitive and responsive.

The Importance of Responding to RFQs

RFQs issued via VendorPanel represent crucial business opportunities. These requests detail specific needs and requirements from Local Buy customers, providing pre-qualified suppliers with a chance to showcase their products or services. By carefully reviewing and responding to these RFQs, suppliers can expand their client base and also establish long-term relationships with local government and other organisations.

How to check for RFQs

When one of our purchasers issues you a Request for Quote (RFQ) via VendorPanel, you will receive an email from noreply@vendorpanel.com.au. Please ensure you mark this email address as a safe sender, otherwise it may go to your spam or junk folder. At this stage you can log into VendorPanel to read the RFQ and download the specifications/scope pertaining to the request.

Indicating Your Intent to Respond

One critical aspect of engaging with RFQs is to clearly indicate your intention to respond or decline via VendorPanel. This step is essential for several reasons:

1. Clarity for the Purchaser: By notifying the purchaser whether you will submit a quote or not, you help the purchaser understand their pool of potential suppliers. This clarity ensures that purchasers can better manage their expectations and procurement process.

2. Efficiency in the Process: If a supplier fails to respond without indicating their intent, it can cause delays in the procurement process. An unacknowledged RFQ might lead to confusion or inefficiencies, affecting both the supplier and the purchaser.

Keeping Insurance Documentation Up-to-Date

Maintaining current insurance documentation is more than just a formality—it's a crucial requirement. Local Buy customers require up-to-date insurance to mitigate risks and ensure that all participating suppliers meet industry standards. Suppliers should regularly review and update their insurance policies and upload the latest documentation to VendorPanel to avoid any compliance issues.

Ensuring Notification for Multiple Colleagues

In many organisations, multiple team members are involved in the procurement process. To avoid missing out on important RFQs, suppliers should ensure that notifications are sent to multiple colleagues within their organisation. This step helps:

1. Avoid Oversights: With several team members receiving notifications, the risk of missing an RFQ is significantly reduced.

2. Enhance Response Time: Having a broader team engaged can lead to quicker and more efficient responses to RFQs, which is crucial in a time-sensitive procurement environment.

Responding in a Timely Manner

Timeliness is key in responding to RFQs. Local Buy purchasers may close and award quotes earlier than expected if all potential suppliers have submitted their responses. To avoid missing out on business opportunities:

1. Monitor RFQs Regularly: Suppliers should keep a close eye on new RFQs and updates within VendorPanel to ensure they can act swiftly.

2. Prioritise RFQs: Prioritise responses based on deadlines and the strategic importance of the opportunity to your business.

Conclusion

Engaging effectively with RFQs issued via VendorPanel is a significant aspect of leveraging business opportunities through Local Buy. By indicating your intent to respond, keeping insurance documentation up to date, ensuring that multiple colleagues receive notifications, and responding in a timely manner, you can enhance your chances of winning valuable contracts and building strong business relationships. Being proactive and organised in your approach to RFQs not only demonstrates professionalism but also positions your business for sustained growth and success in a competitive market.

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