MarTech Series – Marketing Technology Insights
JAGGAER, the global leader in Autonomous Commerce, announces a new strategic partnership with RFPIO, the leading RFx software and response management platform. The alliance advances JAGGAER’s Autonomous Commerce strategy by automating the historically labor-intensive and time-consuming request for proposal (RFP) supplier response process.
JAGGAER enables procurement teams to make more informed and strategic buying decisions by recommending qualified suppliers to invite to bid, which questions to include in the RFP, what criteria should be used to evaluate respondents and how to frame questions based on the product and category. RFPIO now extends this by helping the supplier appropriately respond to RFPs.
RFPIO improves the efficiency and win rate of responses for suppliers. The system maintains and continuously updates a library of pre-approved and compliant responses. Once an RFx is received, RFPIO uses machine learning (ML) and artificial intelligence (AI) to autonomously generate responses based on the library. Responses can be then reviewed and finalized by users in a fraction of the time it would take to create manually. Once finalized, the RFP response can be easily submitted to the buyer.
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“Suppliers benefit from more efficiency, structure and control. Buyers get what they need with speed, quality and from a greater selection. These mutual benefits have been at the center of RFPIO’s vision from the beginning and JAGGAER’s Autonomous Commerce strategy aligns perfectly with our technology, focus and experience.”
In cases where strong content does not already exist in the supplier’s response library, questions can be shared across the team and routed for approval and submission. Ultimately, the system helps suppliers respond to RFPs faster, collaborate with critical organizational resources to tailor the responses to the prospective customer and win a higher percentage of bids, resulting in accelerated revenue growth.
“The premise of Autonomous Commerce is to make life easier and more efficient for buyers and suppliers so that they can focus on driving value for their organizations,” said Jim Bureau, CEO of JAGGAER. “By applying AI to the RFP process, we’re offering a streamlined and fully digitized experience that significantly cuts down cycle time, brings new business opportunities by matching buyer needs with supplier capabilities and accelerates time to value for all parties. This is a prime example of how Autonomous Commerce is transforming the way enterprises approach business.”
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“The typical end-to-end RFP process takes a lot of time and effort for organizations. We’re employing automation with a human touch,” said Ganesh Shankar, CEO at RFPIO. “Suppliers benefit from more efficiency, structure and control. Buyers get what they need with speed, quality and from a greater selection. These mutual benefits have been at the center of RFPIO’s vision from the beginning and JAGGAER’s Autonomous Commerce strategy aligns perfectly with our technology, focus and experience.”
Extensibility is a cornerstone of Autonomous Commerce. JAGGAER is committed to providing its network of suppliers, buyers, and partners with simplified plug-and-play access to industry-leading solutions such as RFPIO.
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MarTech Series – Marketing Technology Insights