What is the problem we solve? B2B buyers solicit supplier proposals for large items using a Request for Proposals process. An efficient RFP generates competition on price and solution. When run well, an RFP does not cost too much or take too long to execute. Buyers that get this right obtain value-for-money. This means they buy the best good or service for the problem they are trying to solve. It means that they pay the lowest reasonable price. It means that they purchase from a proven supplier. Unfortunately, most RFPs take too long, cost too much, and do not end up producing competitive auctions.

Why should you use EdgeworthBox? Generating competition for your business and executing efficiently are not things that most existing procurement technology delivers. The leading tools are transactional. They focus on executing the purchase. But financial technology is different. It obsesses over driving efficient competition. The New York Stock Exchange alone writes millions of contracts daily. Market participants rely on data and intelligence to manage their risk. They demand cost-effective trading. EdgeworthBox brings techniques proven to work in capital markets to B2B buying. EdgeworthBox approaches procurement as an exercise in risk management and business optimization. EdgeworthBox is flexible. B2B buyers can use the platform either as a standalone solution or as a complement to existing infrastructure. EdgeworthBox is unique in facilitating group purchasing. This includes helping internal stakeholder groups reach consensus faster, buying organizations obtain supply chain visibility, and multiple enterprises combine to purchase jointly and collaboratively.

What does EdgeworthBox do for you? The tools enable B2B buyers to do two things. Buyers can collect and organize structured data about suppliers and procurement projects. Buyers can share this data and collaborate with others. EdgeworthBox makes it easy to onboard suppliers with little friction. EdgeworthBox also enables storing structured procurement data in a private repository. Anyone with internal permission can see data about live RFPs, historic RFPs, previous supplier proposals, and signed contracts. EdgeworthBox is also a social network for buyer employees who work on procurement projects. They can use our messaging system to communicate with one another about specific events. They can also speak with people from other organizations to get market intelligence. When buyer organizations are ready to execute, EdgeworthBox works with your team. This includes hosting the RFP project, supplier discovery, proposal solicitation, and submission evaluation. Our proprietary scoring tools enable faster, better decisions.

How does EdgeworthBox make this happen? EdgeworthBox is a cloud-native web application for anyone in the buying organization. The platform contains vendor onboarding, public and private procurement data repositories, project-specific messaging tools, and the scoring system in a single location. Buyer committee members turn to it when working on the project and log out when they are not. The tools provide significant market intelligence. EdgeworthBox works with the buyer organization to execute the RFP, with a view to driving and managing competition. EdgeworthBox works with partners to arrange payables financing.

Where is the value of EdgeworthBox? Key benefits from using EdgeworthBox include faster procurement cycles, lower transactions costs, lower opportunity costs (from seeing a wider range of solutions), and better access to market intelligence.