Request For Information – pre-qualification for suppliers
Suppliers are the backbone in an organization and without them the activities and processes are said to obstruct severely. Hence, it is imperative to pre-qualify them so that financial, business and reputation risks can be curtailed.What is pre-qualification of suppliers? Pre-qualification, it simply refers to the credit-worthiness of a potential seller. Why is it essential? Seeing that pre-qualification ensures that the participated bidder has the demonstrated ability and expertise to perform the final contract in a satisfactory manner, it is essential to go for a pre-qualification option that increases the chances of acceptance of the business deal.
It helps you to analyze the potentiality of the person involved in a transaction. It shortens the process of procurement. Once you are done with this process, all that you need to do is to consider the technical and commercial features of the bid, and then proceed further. Simply put, it is all about shortlisting the right ones who can meet your demand and rejecting people who may appear to be interested but not in an intention to complete the transaction or closing the deal.
Highly common on major projects, pre-qualification continues to be the standard procedure when circumstances call for an extra level of expertise. Procurement perspectives are highly intricate and to curtail the elaborate process it is highly suggested that you go for a pre-qualification process that will make things easier. In view of the fact, that unqualified bidders get weeded out in the pre-qualification process, it helps the whole transaction to speed up because only a limited number of pre-qualified bids have to be examined.
Hope you found this article helpful. Bidzpro’s Request for Information solution has been designed keeping in view the best practices in RFI, hence it eliminates all the hassles that you have to face in the bidding process. Our B2B online bidding portal helps both buyers and sellers to purchase and sell more effectively while still be able to connect, collaborate, and participate in Quick Quote, eTender, and Online auction and compete dynamically for real opportunities every day. Organizations with varied missions and sizes rely on Bidzpro for their procurement needs.