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ERFx Software: What Is It & What Can It Do?

In an economy based on supply and demand, it always helps suppliers to have multiple ways to efficiently get their product to market. ERFx software helps buyers to query multiple suppliers and make a quicker yet well informed choice.

What Does ERFx Software Do?

ERFx is actually an acronym that is short for “Electronic Request For.” The “x” at the end of the acronym can stand for a:

  • Proposal
  • Quotation
  • Information
  • Bid (or Tender)

While these processes are different because they request different information, they are all requests from a buyer for a supplier. Each buyer has their own process, and ERFx software can help a buyer to be more efficient about collecting what they need, be it proposals, quotations, information, or bids.

How the Process Works

Under normal circumstances, the bid process to secure pricing can involve a lot of paperwork and a long waiting period. With the EFRx solution, buyers can query potential vendors with multiple choice questions and request important information in electronic form. This speeds up the process and saves the buyer money on administrative costs.

Helpful Features

Even in the age of digital information, there are still parts of the bid process that can be difficult to automate. The EFRx solution offers a few key features that previous software platforms did not offer, which help to make the whole process easier.

In some platforms, this software can develop multiple results from the same answers using different evaluation methods. The software can also produce results based on a weighting system that gives certain answers priority over the rest.

One of the more convenient elements of ERFx software is that it can create a template for vendors who bid frequently and submit answers to questions that have already been answered. This cuts down of the amount of time the vendor and the buyer have to spend evaluating results.

ERFx Software Saves Buyers and Vendors Money

Prior to the ERFx solution, buyers had to spend money creating multiple price request packages and then spend weeks going through the results to determine a winner. Vendors had to invest time and money in completing these complex bid packages and then deliver them to the buyers by the required deadline.

The ERFx solution saves administrative costs for the buyers and the vendors, it cuts down on travel costs for the vendors and it allows buyers to solicit more pricing options on projects, which can save buyers more money in the long run.

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