Keith Hausmann, Chief Revenue Officer, Globality, explains how the AI revolution is transforming the way companies source complex categories – typically services, delivering faster, better decisions; more autonomy for stakeholders; and greater opportunities for procurement professionals to drive innovation.
Request for Proposal (RFP)
In March 2020, Pedernales Electric Cooperative (PEC)—the largest electric cooperative in the United States, servicing more than 346,000 accounts in Central Texas—had to go from being fully in-office to fully remote virtually overnight, like many organizations across North America during the COVID-19 health crisis.
Knowing the behavioral history of a supplier prior to negotiations is essential to understand the reasons why a supplier is likely to offer optimal prices and service level agreements (SLA).
In the past, siloed and in-person negotiations often revealed insights about supplier behavior, but these insights were usually ignored because there was no empirical way for a sourcing professional to capture, share, and leverage this behavioral data cross-functionally.
- They decide they need a new procurement solution.
- They conduct research and begin to engage with appealing providers.
- They create and distribute an RFP.
- They score the RFP responses to narrow things down.
- Supplier Pre-Qualification
- Bid Strategy
- Request for Proposal/Solution/Partner Development
Mobile phones have a long history from concept in the mid-20th Century – think comic strip detective Dick Tracy and the 2-way wrist radio in the 1950s through the fictional spy Maxwell Smart’s “shoe phone” in the 1960s, to the
For procurement, sourcing construction projects can represent a significant challenge. Given that there are a variety of delivery methods that can be deployed, variability in benchmark cost data, and that owners are more likely to purchase a concept than a commodity, buyers have to navigate a complicated ecosystem in order to bring tangible value.