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The CIPS Procurement Cycle is made up of 13 steps - starting at RFx specification and finishing with asset management.
During steps 1 - 4 of the cycle you’ll have already specified your business need, conducted market analysis and defined your procurement strategy.
The next thing you’ll need to do is turn all this work into detailed specifications and requirements and figure out who’s going to provide them to you.
This is where DeepStream comes in. We’ve built our software to make steps 5 to 9 in the procurement cycle as EASY as possible, so you have the capacity to cast your net wide, do thorough evaluation and source the best suppliers’ for your business.
How exactly do we do this?
Step 5 of the procurement cycle refers to the development of documentation and specifications for what you need to request for. It’s important to get feedback from a wide array of stakeholders at this point so your RFx is exhaustive.
How does DeepStream help?
- With our flexible tool you can build out a Request ahead of sending it out and make sure you capture all necessary information that might need to be included.
- You can group the information into separate Pages, list Line Items, exchange Documents and capture all Questions you need to ask.
- Add internal stakeholders (get finance and your tech teams on board early!) by inviting them to work on the platform, and even include third parties like JV partners or consultants - using our Collaborator Company feature
- If you’re sending out similar Requests regularly you can save your workflows as Templates which you can reuse to help you save time!
Step 6 of the cycle refers to the point at which you choose which suppliers you want to invite to bid on your Request.
How does DeepStream help?
- You can invite any suppliers you want to work with on DeepStream. Supplier sign-up is free of charge, they get access to unlimited customer support and we see a 96% sign up rate when they’re invited to bid.
- We have a Network of over 4500 suppliers. On our Network you can search for new suppliers using our Product & Services Tags.
- You can invite as many suppliers as you want to each Request.
Step 7 of the CIPS cycle is attributed to the issuing of your tender documents. This is when you will capture and share the detailed specifications and requirements you’ll need from suppliers and also confirm the timescales in which they have to respond.
How does DeepStream help?
- You can split the level of information you Request from suppliers into Stages and progress the strongest suppliers through each Stage to make sure you’re not overloaded with information. You can also set a deadline for each Stage so suppliers know when they will be expected to provide all the information by (our tool is flexible so you can extend these as needed!)
- You can easily field any questions that suppliers might have about your Request within the software - they can open a Clarification for you to respond to
- If you want to make any updates to your Request you can do so at any point and let all suppliers know simultaneously there’s been a change through the Bulletin feature - this increases your suppliers’ confidence in the transparency of your processes
Step 8 considers the activity you will undertake in assessing the bids you’ve received from suppliers. You need to make sure this is structured and transparent - you’ll likely be comparing price, technical submissions and looking at supplier's quality and capability to deliver
How does DeepStream help?
- Using the Evaluation tool you can rank and compare suppliers' proposals based upon bespoke criteria side by side. You and your team can enter points and weights accordingly.
- From the Comparison tab you can view supplier submissions for line items or questions, and/or your scoring for supplier evaluation in a side-by-side comparison view.
Finally Step 9 of the CIPS cycle refers to the point at which you award the bid to the successful supplier(s). This is when you and the successful supplier align on what they will provide, what the success criteria is and agree to enter into a contract together.
How does DeepStream help?
- With DeepStream you can award a bid to the successful supplier and at the same time let everyone else know they’ve been unsuccessful.
- With the Audit Trail feature you can track & download all significant events, responses, communication and revisions on their Request. This means that after (and during) awarding your Request, a full audit report can be downloaded and stored offline (no more money spent or time wasted chasing up and making sure all the correct processes were followed.)
During steps 10 - 13 of the cycle you will be managing the implementation of the agreed contract with your supplier, setting KPIs and performance, managing the contract, building a strong relationship with your new supplier and managing the assets you have obtained.
DeepStream is a best-of-breed platform that is built to integrate into your existing tech stack, so information can flow freely between the different stages of your Procurement Cycle. This automatic syncing of data reduces manual internal processes, minimizing the risks of human error and increasing the efficiency and accuracy of the total procurement process from step 1 right through to 13.
Are you ready to experience how DeepStream simplifies your RFx processes - helping you to save time, reduce spend and transact with confidence.
