RFPmange©
Full Automation of Procurement Process for Financial Technology
RFPmanage© is designed to fully automate the procurement process for technology transformation in Banking and Financial institutions. This data-driven solution addresses a wide range of functional requirements, with data centrally stored and customized to meet the specific needs of each financial institution.
RFPmanage© offers multi-level admin and user controls for banks and their vendors, automating the creation of functional and technical requirements across different modules, setting evaluation criteria, managing vendor responses and submissions, and overseeing the final evaluation process. The system operates through user-assigned tasks, a maker-checker workflow, and admin oversight of submissions and evaluations from both the bank and vendor sides. This significantly minimizes data leakage and the uncontrolled distribution of RFP documents, a common issue when using email for circulation.
Salient features of RFP manage
Predefined functional requirements
Multiple Vendor Admin & User Assignment
Predefined functional requirements
The ready-to-use functional requirements are crafted by professionals in the Banking & Financial Services sector and experts in Financial Technology procurement process. These requirements are structured across multiple modules, offering a streamlined approach for drafting comprehensive Request for Proposals (RFPs).
Flexibility in finalizing the RFP
Multiple Vendor Admin & User Assignment
Predefined functional requirements
Bank users can add, edit, or delete any existing requirements, with an audit trail to track modifications. They can edit the requirement as mandatory or optional. The authorizer can give final approval for the RFP to be shared with multiple vendors.
Multiple Vendor Admin & User Assignment
Multiple Vendor Admin & User Assignment
The bank admin can share the RFP with multiple vendors for their responses. A vendor admin is automatically created in the system, and they can assign multiple internal users to specific modules or submodules for responding RFP.
Evaluation Criteria
Allows the setup of multiple evaluation criteria based on functional responses, commercials, number of live sites, or any other additional criteria defined by the user, with weightage assigned to each item. Functional scoring can be setup for Available, Partly Available or Customizable items. Similarly, multiple commercial patterns can be created with weightage within the commercial criteria.
Bank admin & user assignment module
Bank admin & user assignment module
The bank admin can assign multiple users to specific modules or sub-modules, for drafting and finalizing the RFP. They can define makers, authorizers, or reviewers at two levels across the modules.
Vendor query management
Bank admin & user assignment module
The vendor query workflow is automated in RFPmanage. Vendor users can raise queries based on specific line item references, and depending on the module, each bank user can respond to the query and share the response with the vendor admin and users.