Studies show that companies using automated request for quotation software experience a 20% reduction in procurement cycle time and a 10% decrease in costs. 

Beyond Intranet’s Bid Management Software is the #1 request for quotation software built for Microsoft 365, designed to solve these problems and streamline your entire procurement process. In this article, we’ll explore Beyond Intranet’s Bid and RFQ Management Software in detail, along with 9 alternative options to consider for organizations not fully invested in the Microsoft ecosystem. 

1. Beyond Intranet’s BMS: The #1 RFQ Software on Microsoft 365

Beyond Intranet’s Bid and RFQ Management Software is a comprehensive RFQ management software designed to revolutionize your procurement process. Built directly on the Microsoft SharePoint platform, it offers unmatched integration with the Microsoft tools you already use and trust, creating a seamless and secure environment for your team. 

Key Features:

• Ratings & Reviews: Microsoft AppSource: 4.9/5 (50+ reviews). 

• Intelligent RFQ Creation: Build and publish RFQs in minutes using pre-filled templates and automated workflows. 

• Centralized Vendor Management: Maintain a comprehensive vendor database with contact information, separate vendor portal with intuitive dashboard, and compliance documentation. 

• Automated Quote Comparison: Instantly compare & score the quotes side-by-side, highlighting cost differences and identifying the best value. 

• Real-Time Collaboration: Communicate directly with vendors within the platform, eliminating email clutter and ensuring clear communication. 

• Detailed Reporting & Analytics: Gain actionable insights into your spending patterns and identify opportunities for cost savings. 

• Itemized Bidding: Break down complex projects into detailed line items using reverse auction, ensuring accurate pricing and transparent bidding. 

• Built-in Compliance: Maintain a complete audit trail of all procurement activities, ensuring compliance with internal policies and regulatory requirements. 

• Seamless Microsoft 365 Integration: Effortlessly connects with SharePoint, Teams, Power BI, and other Microsoft applications for enhanced collaboration and data visibility. 

• Pricing: Contact for a personalized quote tailored to your organization’s needs. 

• Customer Testimonial: “ Beyond Intranet’s Bid Management Software has completely transformed our procurement process. The seamless integration with Microsoft Teams has made collaboration so much easier, and the itemized bidding feature has helped us save $90k on complex projects.” – One of our satisfied clients!

2. Coupa – Best for Spend Management

Coupa is a well-known spend management platform that offers a range of features for controlling costs and optimizing procurement processes. While it provides robust spend management capabilities, it lacks the deep integration with Microsoft 365 that Beyond Intranet’s Bid Management Software offers. 

• Key Features: Spend management, supply chain management, vendor management, Coupa Community.ai. 

• Pricing: Contact for pricing. 

• Ratings & Reviews: G2: 4.2/5 (260+ reviews), Capterra: 4.2/5 (80+ reviews). 

3. Kissflow – Best for Automating Purchase Orders

Kissflow is a customizable platform for automating purchase orders and streamlining approval workflows. While it offers flexibility and integrations with some third-party applications, it doesn’t provide the native Microsoft 365 integration of Beyond Intranet’s Bid Management Software. 

• Key Features: Automated purchase orders, customizable workflows, granular permissions, API integrations. 

• Pricing: Starts at $1,990/month. 

• Ratings & Reviews: G2: 4.3/5 (520+ reviews), Capterra: 4.3/5 (10+ reviews). 

4. Vendr – Best for SaaS Costs

Vendr specializes in managing SaaS costs and streamlining software procurement. While it’s a valuable tool for organizations with significant SaaS spending, it doesn’t offer the comprehensive RFQ management capabilities of Beyond Intranet’s Bid Management Software. 

• Key Features: SaaS cost management, vendor management, compliance management, negotiation advice. 

• Pricing: Starter ($36,000/year), Growth ($78,000/year), Enterprise ($120,000/year). 

• Ratings & Reviews: G2: 4.6/5 (100+ reviews), Capterra: N/A. 

5. GEP SMART – Best for Direct Procurement

GEP SMART is a robust software suite for direct procurement and source-to-contract. While it offers a wide range of features, some users find it difficult to navigate and implement compared to the user-friendly interface of Beyond Intranet’s Bid Management Software. 

• Key Features: Direct procurement, AI-powered automation, compliance management, end-to-end procurement. 

• Pricing: Contact for pricing. 

• Ratings & Reviews: G2: 4.4/5 (20+ reviews), Capterra: 4.6/5 (7 reviews). 

6. Jaggaer – Best for E-Procurement

Jaggaer specializes in e-procurement and offers features for compliance and intelligent shopping. However, some users have noted that it lacks global procurement tools compared to the comprehensive global capabilities of Beyond Intranet’s Bid Management Software. 

• Key Features: E-procurement, supply chain management, supplier relationship management, intelligent shopping. 

• Pricing: Contact for pricing. 

• Ratings & Reviews: G2: 4.4/5 (27+ reviews), Capterra: 4.2/5 (2+ reviews). 

7. Procurify – Best for Supplier Management

Procurify is a user-friendly tool for supplier management and procure-to-pay processes. However, it lacks inventory management features, which are included in Beyond Intranet’s Bid Management Software’s comprehensive suite. 

• Key Features: Supplier management, mobile app, accounting system integration, custom expense approval workflows. 

• Pricing: Starts at $2,000/month. 

• Ratings & Reviews: G2: 4.6/5 (170+ reviews), Capterra: 4.5/5 (140+ reviews). 

8. Team Procure – Best for Custom Procurement Workflows

Team Procure offers custom approval workflows and an RFQ & E-Auctions feature. However, its inventory management capabilities are limited compared to other procurement software options. 

• Key Features: Custom workflows, RFQ & E-Auctions, warehouse management integration, supplier KPI tracking. 

• Pricing: Cloud Procurement Suite ($250/month), Enterprise Procurement Suite (Custom pricing). 

• Ratings & Reviews: G2: 5/5 (2+ reviews), Capterra: 4.7/5 (3+ reviews). 

9. Corcentric – Best for B2B Teams

Corcentric specializes in B2B commerce and offers features for managing source-to-pay and order-to-cash processes. However, some users have reported a slow and buggy experience compared to other procurement tools. 

• Key Features: B2B commerce, intelligent applications, strategic advisor, managed services. 

• Pricing: Contact for pricing. 

• Ratings & Reviews: G2: 3.2/5 (7+ reviews), Capterra: 4/5 (3+ reviews). 

10. Precoro – Best for Contract Management

Precoro offers features for contract management and automating procurement processes. However, some users have reported issues with its notification rules and inventory module. 

• Key Features: Contract management, real-time data sync, automated RFPs and RFQs, workflow revision histories. 

• Pricing: For smaller teams ($35/month per user), For larger teams (Contact for pricing). 

• Ratings & Reviews: G2: 4.7/5 (120+ reviews), Capterra: 4.8/5 (200+ reviews). 

Comparison: Beyond Intranet’s Bid Management Software vs. The Alternatives 

Must-Have Features of an RFQ Engine: 

When choosing request for quote software, make sure it has the features that actually simplify your process: 

• Easy RFQ Creation: Creating RFQs shouldn’t take hours. Beyond Intranet’s Bid Management Software helps you build and publish RFQs quickly with templates and pre-filled fields. 

• Centralized Vendor Management: Keeping vendor details—like contact info and performance history—in one place is a game-changer. Beyond Intranet’s Bid Management Software makes it easy to stay organized. 

• Automated Quote Comparison: Comparing quotes manually is time-consuming and error-prone. Beyond Intranet’s Bid Management Software does it for you, highlighting cost differences automatically. 

• Real-Time Collaboration: Stop wasting time on emails. Beyond Intranet’s Bid Management Software lets you communicate directly with vendors through the platform and keeps everything in one place. 

• Detailed Reporting and Analytics: Good data is key to better decision-making. Beyond Intranet’s Bid Management Software provides reports on key trends and performance metrics. 

• Secure Environment: Built on Microsoft SharePoint, Beyond Intranet’s Bid Management Software ensures your data is protected with encryption and restricted access. 

• Seamless Integration: The best RFQ platforms integrate with your existing tools, like ERP and CRM systems. Beyond Intranet’s Bid Management Software connects easily to your current setup. 

How to Choose the Right RFQ Management Software: 

1. Define Your Needs: What’s your biggest procurement challenge right now? Which features would solve it? 

2. Assess Your Microsoft 365 Investment: Are you heavily invested in the Microsoft ecosystem? If so, Beyond Intranet’s Bid Management Software is the clear choice. 

3. Set a Budget: Decide how much you’re willing to spend—don’t forget about ongoing costs. 

4. Evaluate Features: Look for tools that simplify your process, like Beyond Intranet’s Bid Management Software’s automated workflows and reporting tools. 

5. Check Compatibility: Make sure the platform integrates with your existing tools. 

6. Read Reviews: Check what other users are saying about the software. 

7. Request a Demo: Always test the software before committing. Beyond Intranet’s Bid Management Software offers free demos to help you see the value firsthand. 

Conclusion 

If you’re a Microsoft 365 user and looking for the most efficient and user-friendly request for quote software on the market, Beyond Intranet’s Bid Management Software is the clear choice. Its seamless integration, comprehensive features, and dedicated support make it the ideal solution for streamlining your procurement process and maximizing your ROI. 

Ready to experience the Beyond Intranet’s Bid and RFQ Management Software difference? Request a free demo today and discover how our request for quotation software can help you transform your procurement process. 

Through bid management software, a company can manage its bids successfully at any point. With a variety of features to try out, like simplified proposal invites, easy collaboration with the vendors, seamless notification alerts, and even multi-tier approvals, this software is suitable for both small and large-scale companies and relies on standardized procurement procedures.

There is an automated workflow and centralized documentation and safety control features. Bidders can engage with the company and come with full auditability of the documents. Using bidding management software will also help cut down the time taken to create a request for quotations. To know what is RFQ, read on to know more.

What is RFQ?

This is a business document that invites vendors and service providers to come up with payment conditions and prices for the required services. Usually, an RFQ contains documents like technical specifications of the required service or product, the duration of the contract and delivery dates, and the terms and conditions that the vendor must accept. 

This is one of the initial steps that must be taken in case a company requires a product or a service. Once the vendor accepts it, a contract is created, and the purchase process begins. There was a time when RFQs were to be made by companies belonging to the project management domain. Later, the users of such software diversified.

Today, RFQ bidding software has become so versatile that it is used by government organizations too to procure the best products and services for their needs. Alternatively, they also come in handy to check if a vendor and the product or service meet the internal standards and requirements of the company. Sometimes, an RFQ is alternatively known as RFP- Request For Proposal too.

What is RFQ Process?

The RFQ process begins with documentation where the companies identify clear requirements from the stakeholders and include them in the requirements. Some of the requirements in the RFQ include detailed specification of the products, delivery requirements, quantities, and submission requirements. An RFQ can open to all types of bidders, but since there is a need to streamline the process, companies assess operational and financial risks involved in selecting a company by running a pre-selection process.After the RFQ is sent, the company waits for responses to and analyses the ones that arrive. In the end, the company selects the succesful one and signs the contract. There are some extended steps too, especially when the company can give feedback to unsuccessful bidders and point out what can be done to make their bids better. 

What does a bid consist of?

In the process of requesting and getting a bid, it is important to include details like the features and specifications of the service or product required for the company. Adding a timeline about the delivery of the services is also a must to avoid any mishaps in the functioning of the company especially with the ones that involve the new product or service that is going to be acquired. Details like the opening date, last date, and any time intervals or periods, if necessary, can be mentioned. 

RFQs are of different types:

Modern RFQ software eliminates manual tracking and document handling by centralizing the entire RFQ process, from request creation to final contract selection.

• Open bid

In the open bid system, a quotation format is followed where the details about the requirements are displayed and is a more transparent process. This is also more competitive but this also gives vendors a chance to overshoot the budgetary requirements of the companies. However, the chance of getting a lot of bidders is high. This also means that companies will have to scrutinize through a lot of bids to pick the best ones.

• Sealed bid

A sealed bid is a form of asking vendors to approach the company and submit a sealed bid. In this case, once the bids are received, they are opened after the company decides to close the process and proceed to the next step. Usually government organizations or companies opt for such a process. 

• Invited bid

In case companies or organizations want to cut costs during the acquisition process, they opt for the invited bid process. In this process, only a select few vendors are approached. Usually, vendors that have a long association with the company or have enough goodwill with the company are chosen. However, since this involves only limited vendors, the level of competition is also limited.

While making a bid, it is important to have all the needs sorted at that point. At a time when a company has a lot to make multiple bids or approach multiple vendors, it is crucial to managing all of them, especially related to deadlines. In such a case, there are plenty of tools like bid management software that can cut down human efforts and make this process much easier. Apart from that, here are some more reasons to opt for bid management software.

Benefits Of Using a Bid Management Software

• Saves time

Time is money. Companies opting for a bid management software come with a lot of steps that are usually automated. Steps and documents involving tender, bid and proposal once automated, can save a lot of effort and time. This eventually leads to increasing the productivity in the team and that also leads to an increase in the profitability of the company.

• Gives a professional look

Some bid management softwares comes with templates that come in handy in case a bid has to be created. A high quality bid can help increase the chances of getting one that is favorable for the company. This will also help the company portray itself as a professional one. A professionally backed software is always prone to being updated. In such a case, stakeholders of the bid will be using an updated version of the software at any given point of time. 

• Added safety

A bid management software must have necessary provisions to allow vendors what kind of information must be shown. While choosing one, it is important to pick one that is accredited and approved for safety. Apart from vendors, a bid management software comes with facilities that allow companies to control the risk management process. Vital information of the company stays safe, whereas the company can just set what is the information that must be shown to the vendors if they want to make a bid.

• Easy to access

A bid management software usually comes with features like a dashboard. This helps keep an eye on the bids to know the status of the bids easily. Dashboards are automated, so this reduces the chances of training additional staff for operating it. This eventually helps cut costs for the company too. Bids managed by a software are stored in cloud storage. This comes in handy especially when the different stakeholders in a company are spread across the world or are working remotely and want to access the important details related to the bids. As long as there is a stable internet connection, it is easy to work remotely and even collaborate with different types of clients spread across the world.

Conclusion

Bid management software is also versatile enough to be used across different types of industries, right from healthcare, construction, energy, oil and gas, and manufacturing. Since it is equally important to have updated software, bidding management software can be upgraded with features like sending bulk invites, giving email notifications during the entire process, and even choosing between operating the software either manually or even setting it in automation. Thanks to all of these reasons, the chances of getting the best bid increase and there is a higher chance of smooth operation of the day-to-day operations of the company, making bid management software the go-to investment to securing the best deals for your company.