All benefits mentioned above are true, but maybe a little bit theoretical.
In the real life, due to user-adoption, most of time I have noticed that only basic functionalities were used by buyers.
In this case, your eRFx tool may becomes a mailbox for procurement … ;-(

In order to take all benefits from eRFx you need to invest in change management and to help buyers to use advanced functionalities. This way, you can reduce your sourcing cycle time, increase collaboration between team members and suppliers and so on …
Otherwise, just forget it.

Take care,

A few comments from a user satisfaction survey we ran internally that was related to our eRFx tool and that actually reinforce this post.

No1 benefit perceived by users = Centralized Repository, as highlighted in the post. Everything being in 1 single location, you get better tracking/management/retrieval of information. Not talking about enabling analytics.

No1 challenge = get suppliers to answer via the tool so “communication with suppliers” is key!

Keep the good work!