What Does RFP Stand For?

RFP stands for Request For Proposal. Typically, organizations that are looking to bring on a new vendor, make a big purchase, or engage with a contractor will create RFPs and publish them for public view. Organizations use RFPs to outline vendor requirements with the hopes of finding a reputable company to purchase a product or service. RFPs can be used in a range of situations, but they're especially useful when you want to:

• Find out if there are any products or services that could improve your business or help you achieve your goals.

• Compare different vendors' offerings so that you can make an informed decision about which vendor is best for your company.

• Identify potential partners who may be able to help you expand your business into new areas or markets.

RFPs are often used in the public sector and some public organizations are required by law or by internal policies to publish an RFP for any large transaction.

How Technology Is Changing The Retail Energy Sector

Technology is changing the way we do business throughout the world, and although the retail energy sector might be lagging, it is no different. Energy brokers who take advantage of technology have an unfair advantage over those who do not.

Overview

The retail energy industry has been late to adopt technology as a way of transacting business. Many energy brokers and suppliers still process energy quotes and contracts via the telephone and email. As technology continues to develop and grow, the retail energy industry is beginning to transform. Today, there are online energy brokers who allow residential and small commercial customers to transact with suppliers on their websites. Other brokers are implementing reverse-auction functionality where suppliers bid on customer contracts in real-time. As this industry continues to evolve, it is important to be positioned for success with the right technology.

Workflows

An energy broker software application, like Edge, allows brokers to be at the forefront of this technological revolution. Not only does a system like Edge allow brokers to replace manual processes with automated workflows, but it also streamlines the broker-supplier relationship. Applications such as Edge’s RFP enables brokers to submit custom price requests to multiple suppliers with the click of the mouse. On the other end, suppliers can turn around price quotes directly in the Edge system, allowing brokers to manage opportunities from a single dashboard.

Utility Data

Furthermore, access to utility systems such as the Eligible Customer List (ECL) has given brokers an unprecedented opportunity to create prospect lists, confirm customer utility data, and structure pricing. Edge’s ECL application is another example of how technology can transform the way you transact business. In the current climate, finding the lowest rates for your customers is paramount. Utilizing the ECL, Edge clients can automatically calculate load-factor to determine the best way to quote a customer.

Payments

Additionally, many energy brokers have commission pay structures in place to pay agents, channel partners, sales employees, and referral partners. Trying to manually reconcile supplier commission payments while figuring out who to pay is an operational nightmare. Systems like Edge allow energy brokers to process commissions automatically. Not only will our system identify errors in supplier commission statements, but it will also calculate multiple levels of sales commissions based on your pre-set parameters.