How do you use RFQs to leverage your buying power and achieve cost savings or value-added benefits?

As part of the definition phase, it is critical to ensure your contract is built in a manner that matches how you plan on administering the contract; what can the supplier charge you for, do they need to display progress throughout the work scope, will there be penalties if work is not completed on time. By working through how the contract will work you'll be able to easily identify key work criteria that you can evaluate as part of your RFQ documents.

some of my thoughts when you're in other side of shoes. - Your network is your net worth: Tap into colleagues, industry groups, even LinkedIn connections – ask who's had good (or bad!) experiences with vendors in similar areas. - Think outside the big names: Emerging players are often hungrier to win your business and might offer more flexibility or innovation. - See their work 'in the wild': If a potential vendor has public case studies, that's way more valuable than a slick sales pitch. Ask them to point you to a real-life example.

It's crucial to verify bidder understanding and completeness upfront. Failure to do so can lead to delays, project failures, and losses via modifications. Thorough bid checking is crucial for informed decision-making to avoid future problems. A checklist of requirements can help identify missing information and clarify uncertainties. Clear communication with vendors during the bidding process is key to fostering a healthy and ongoing business relationship. Collaborating and clarifying misunderstandings prior to bid acceptance allows for changes with minimal impacts. Changes and clarifications become more complex and riskier once the bid is accepted, potentially jeopardizing the relationship, quality, and project timelines.

- Dig into their reputation: Online reviews are a start, but try to find someone at a similar company who has worked with the vendor and can give you the real story. - Security matters, even if you're small: Especially in fintech! Ask for details about their encryption standards and what happens if there's a data breach (because unfortunately, it's a 'when' not 'if'). - Be upfront about what YOU bring to the table: Are you a fast-growing business (attractive to vendors), or maybe one with complex regulatory needs? This helps them tailor their proposal and avoid surprises that waste everyone's time.