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How to respond to a DDQ

How to respond to a DDQ

Entering into a business relationship, whether it includes making a large purchase or even a merger or acquisition, is complicated. […]


Category: Product & Best Practices

How to respond to a DDQ

How to respond to a DDQ

Entering into a business relationship, whether it includes making a large purchase or even a merger or acquisition, is complicated. With today’s security challenges, it is riskier than ever.

When a company receives a DDQ, the document shouldn’t be taken lightly. Lack of due diligence on the part of the responder can risk future deals, future partnerships, and even the company’s reputation.

What is a DDQ?

DDQ stands for due diligence questionnaire. While that sounds somewhat vague, a DDQ is all about mitigating risk by determining whether the company receiving the DDQ complies with the issuer’s standards and regulations.

A DDQ could be a precursor to an RFP, a merger or acquisition, or an audit from an existing customer. It could even be a way of creating a list of “safe” companies for future dealings.

Naturally, DDQs are as varied as the companies, and especially the industries, that issue them. Tech companies, for example, emphasize security and privacy compliance. Financial institutions want assurance that vendors won’t put them in hot water with the Securities and Exchange Commission, among other regulatory agencies. And those in the healthcare industry need to verify HIPAA compliance.

Naturally, it’s not that simple. There’s a lot of overlap. Every industry, for example, is concerned with security and privacy. Nearly every DDQ, regardless of sector, probes companies about their history, investments, organizational structure, etc.

In short, the job of a DDQ response team is to paint a picture of a company that is stable and compliant.

A DDQ is not a sales document. Most DDQs will not ask about product functionality, market share, hiring practices, etc., although they might ask about major new product releases, as they could affect financial forecasts.

Who issues DDQs?

While any organization could issue a DDQ, they’re primarily issued by technology companies, financial services companies, and government agencies.

DDQs can have dozens, hundreds, and even thousands of questions, but even the simplest DDQs require input from multiple stakeholders. If you’re in charge of responding to DDQs, you may need input from the following roles:

  • Financial – You could receive questions regarding your company’s financial health. These may include questions about anything from investors, to financial statements, to liens, to the amount of taxes your company pays, etc. If you work for a privately held company, you might not choose to answer those questions, but the issuer will ask.
  • Legal – Most legal questions fall under the purview of RFPs. However, you may see DDQ questions related to legal compliance.
  • Mergers and Acquisitions – Companies must issue DDQs before entering into mergers or acquisitions.
    Analysts – While raw data might be enough to answer some questions, many will need a deeper understanding and even forecasting.
  • Compliance – Gauging compliance is the core function of a DDQ.
  • IT – IT departments are at the front line of enacting and maintaining security protocols.
  • Procurement – In many companies, procurement departments are DDQs’ project managers. It’s rare, however, to see questions related explicitly to procurement.

Why do companies issue due diligence questionnaires?

Issuing a DDQ simplifies the collection and delivery of vital information needed before engaging in or continuing a business relationship.

A DDQ enables the issuer to learn about current or prospective partnerships’:

  • Financial status – It’s easy to understand why a company might want to learn about a potential vendor’s financial position. A financial misstep from a vendor could have reverberations down the line. However, many, if not most, privately held companies will not open their books to people outside their organization. Publicly traded companies are another story; their financial statuses must be public.
  • Business holdings – Business holdings are part of financial due diligence and could reveal debts and potential tax liabilities.
  • Compliance standards – Compliance requirements are numerous and deep. If a vendor is out of compliance with an issuer’s obligations, the issuer could find themselves out of compliance,

A DDQ helps a company measure risk in a variety of types of business transactions. Reasons for issuing DDQs include:

  • Completing a merger – A merger is a marriage, so to speak, between two companies. It’s a legally binding agreement that essentially states, “what’s mine is yours and what’s yours is mine.” It would be irresponsible to enter into a merger without knowing what the “yours” that will be “mine” is.
  • Assessing an acquisition – An acquisition is much like a merger in that transparency is critical, and a DDQ will reflect that.
  • Considering an investment – Large investors want to vet their potential investment before writing a check.
    Third-party vendor risk management – Even if a company is 100% compliant, their vendors could put your customers at risk. Risk assessments have to dig below the surface.

Responding to a DDQ

An effective DDQ response provides enough information to empower buyers, prospective investors, or business partners to confidently move forward.

A DDQ response process has a lot in common with an RFP response process, but there are some differences. Here are the key steps for responding to a DDQ:

1. Define your response strategy

Just as responding to an RFP requires a strategy, so should a DDQ response. First, you must determine:

  • Whether the SLA (service level agreement) is defined and available.
  • Who to put in charge of intake.
  • When you will be ready to start answering questions.
  • Who will answer the DDQ.
  • How long the DDQ will be in question/answer mode.
  • When the DDQ will be ready for review.

2. Assign tasks and due dates

A typical DDQ will have several SMEs and stakeholders. Make sure everyone knows their precise roles and responsibilities and expected timelines.

3. Answer commonly seen questions

Most questions on a DDQ, or for that matter, an RFx, are identical or nearly identical to questions you’ve answered before. A well-developed Content Library should automatically provide those repeatable answers, enabling you to accept them as is or edit them as needed.

4. Consult with collaborators

Once you’ve answered all the common questions, it’s time to turn to the experts. Consult with your response team and SMEs (subject matter experts) to complete the DDQ.

5. Review

Go through the DDQ with a fine-toothed comb to ensure there are no errors or missed (answerable) answers.

6. Submit the Questionnaire to the issuer

On time, right?

Due Diligence response best practices

Even though companies send DDQs with different goals in mind, and they are as varied as any other type of document your proposal team may see, there are a few best practices you should follow for all your submissions.

Understand your position in the sales funnel

Your latest DDQ may or may not be part of the sales process. If it leads to a potential sale, you’ll typically see a DDQ high up in the funnel, perhaps as a way of selecting compliant vendors before issuing an RFP.

Occasionally you might see a DDQ after responding to an RFP and as the prospect is nearly ready to select a vendor.

Sometimes, though, the DDQ is so far removed from the sales process that it’s nothing more than information gathering, either on current vendors or maybe-one day-in-the-future vendors.

No matter where the DDQ is in the sales funnel, if it’s in the sales funnel at all, it’s not a good idea to set the document aside. Maybe it will lead to future deals, or perhaps it will expose some of your own vulnerabilities.

Aim for a consistent and systematic approach

Some DDQs have thousands of questions, which might feel intimidating, and your instinct might be to answer each question as succinctly as possible. While that approach might save you time, proving compliance requires a detailed and consistent response.

Still, you can take steps to ensure that you don’t skip questions and to help you manage the time required to provide complete answers. They include:

  • Prepare a customized checklist – Create a customized checklist of the types of information you might need, preferably categorized by industry. You could require an organizational chart, financial information, legal documents, and of course, governance, risk, and compliance documents. Here’s one you can download right now.
  • Create due diligence questionnaire templates – Consistency saves time. If you upload your DDQs into a customized template, each stakeholder will know precisely where to locate what they need.
  • Leverage RFP response management softwareRFP response management software also works for DDQs. Intelligent response management software will help you create and store both checklists and templates.

Centralize response information

Most of the questions on a DDQ are very similar to questions you’ve answered in previous questionnaires. Storing your responses and documents in a single source of truth for information can save hours, days, and sometimes even weeks on your response process. Beyond saving time, a Content Library:

  • Ensures accuracy – A company is legally bound to their answers, so accuracy is critical. The Content Library will hold on to the company-approved answers, enabling users to produce accurate responses.
  • Supports transparency – Transparency is critical for both trust and employee morale. When all the necessary information is right there for authorized users to see and use, it creates trust among the rest of the response team and potential customers.
  • Improves knowledge access – Anyone with the proper credentials can access the knowledge they need.

Automate the response process

You may not be using automation in your response process, but your competitors and many—if not most—of your customers and clients are. There are several reasons leveraging automation improves the DDQ response process, including:

  • Tracking real-time vendor completion progress – Automated response software has (or should have) project management built right in. It tracks each stakeholder’s progress.
  • Streamlining response time – Automation can answer up to 80% of your DDQ with just a few clicks.
  • Scaling ability to respond to DDQs – Automation helps determine the size and scope of the ideal response team as well as timeline estimates.
  • Efficiently managing tasks and deadlines – Define and manage tasks and expectations with automation.
  • Improving collaboration – Automated responses value and save SMEs’ time, creating more willingness to collaborate.

Due diligence checklist

While all transactions differ, a DDQ checklist facilitates a more thorough response through better organization and time management.

Common materials collected during a DDQ response include general corporate information, financial information, compliance certifications, licenses, legal documents, etc.

Organization and ownership

A DDQ might be a potential vendor’s first encounter with your organization, which means they need a proper introduction. The DDQ could ask for:

  • An organizational chart
  • Partnership/profit sharing agreements
  • Records of shareholder meetings
  • Senior leadership information (e.g., age, tenure, promotions, etc.)

Human resources

DDQs don’t generally dive too deeply into human resources issues, but you can learn much about a company’s long-term viability and potential problems from the HR department. DDQs might ask HR about:

  • Projected headcount (by function and location)
  • Benefit plans
  • Key employment agreements
  • Personnel turnover data
  • Incentive stock plan overviews
  • Employee litigation

Financial

DDQs are common in financial service organizations. Also, because DDQs might precede a lengthy business relationship, the issuer will want to know your organization is financially stable. It is important to note, though, that many privately-held companies will not provide financial documents. Requested financial records might include:

  • Annual and quarterly financial information
  • Accounts receivable
  • Capital structure
  • Summary of all debt instruments
  • Financial projections
  • Revenue (by product type, customers, and channel)
  • Major growth drivers and prospects
  • Summary of current tax positions
  • Schedule of financing history (equity, warrants, and debt)

Fund information

DDQs are necessary for mergers, acquisitions, or business partnerships. It probably goes without saying that fund information is crucial for financial or investment partner due diligence. The document might request information about:

  • Fund strategy
  • Product and fund descriptions
  • Market share
  • Timing of new products
  • Cost structure
  • Profitability

Governance, risk, and compliance

Assessing governance, risk, and compliance is the primary purpose for issuing a DDQ. Be prepared to offer documentation for:

  • Policies
  • Code of ethics
  • Fund exposure
  • Service provider risk
  • SEC communications

Legal

Legal documentation helps issuers determine whether a company is in good legal standing. You may be asked to provide information on:

  • Pending and past lawsuits
  • Environmental and employee liabilities and safety
  • Intellectual Property
  • Insurance coverage details
  • Summary of material contacts
  • History of regulatory agency issues

Streamline your DDQ response process with RFPIO

Issuing and responding to DDQs can be repetitive and time-consuming, and not just for dedicated response teams. RFPIO’s automated response software saves time, improves quality and accuracy, and helps foster good working relationships.

Due diligence software offers several features to help optimize the DDQ response process, including:

Knowledge library

RFPIO’s AI-powered Content Library is a centralized knowledge source—a single source of truth—that enables streamlined responses by intelligently answering most of a DDQ’s questions and providing the corresponding documents without asking SMEs to reinvent the wheel each and every time a similar question arises.

Answer intelligence

Using machine learning, RFPIO response management software understands the questions and knows how to respond to routine (and some not routine) requests based on previous answers. All you have to do is edit or accept the suggested responses.

Collaborative integrations

RFPIO offers best-in-class integrations with all the productivity, sales enablement, communication, and CRM tools you already use.

*Put your best answers forward with RFPIO*

Learn how RFPIO can help your company respond to DDQs with accuracy, efficiency, and expedience. Schedule a free demo – RFPIO, DDQ management software.

How to choose the right RFP software

How to choose the right RFP software

According to Bill Gates, “Software innovation, like almost every other kind of innovation, requires the ability to collaborate and share ideas with other people, and to sit down and talk with customers and get their feedback and understand their needs.”

Software, as Bill Gates reminds us, is a tool. The best software breaks down silos and encourages collaboration. The best software is agile—it addresses its customers’ needs today and quickly adapts to tomorrow’s. 

The best software is built by humans. Machine learning technology adapts the software to its users’ needs. Great software companies go even further by using customer feedback to routinely improve their products. 

Great RFP software and software companies do all that but with the specific goal of encouraging efficiency in the RFP response process. The most successful responders see the best results by collaborating within a single response management platform…RFP software.

What is RFP software?

Request for proposal (RFP) software helps organizations respond to more RFPs in less time. Of course, that barely scratches the surface of advanced RFP software capabilities. Advanced RFP software helps optimize every step of the RFP process, from before the document is received to after the bid is made. 

Essential RFP software features

An efficient response management platform includes features that streamline your team’s workflow. At the very minimum, RFP software should feature: 

Import and export capabilities

Before the advent of RFP software, there were *gasp* manual processes. Of course, the challenge is that issuers send RFPs in a variety of formats, including Microsoft Word and Excel, Google Docs and Sheets, and sometimes PDFs. And—this will surprise no one—issuers weren’t (and still aren’t) consistent in their formatting inside their docs, spreadsheets, or PDFs. 

Have you ever searched a poorly organized spreadsheet? Where do you search docs or PDFs if you don’t know what you’re looking for? Manual importing is tedious and time-consuming. In fact, it can be the most time-consuming part of a manual RFP process. 

RFP response software should be able to recognize critical questions and information, regardless of the format, and import them into your RFP software.

There are two kinds of people in this world: people who say there are two kinds of people and people who don’t. There are also spreadsheet people and doc people, although some live on the wild side and do both. 

Spreadsheets are mathematical and formulaic, but that doesn’t mean the formulas are standard from RFP to RFP. RFP software imports spreadsheets in a couple of ways:

  • Standard template – Basic RFP software allows for standard template import, where you download the template spreadsheet, copy/paste the questions, and then upload it. 
  • RFPIO’s advanced configuration – Forget copy/pasting. Advanced configuration lets you process raw source files, customized how you want them. Beyond that, RFPIO automatically detects predefined dropdowns and automatically configures the sections.

Word and Google Docs, on the other hand, are more visual. The biggest challenge with Word and Google Docs is knowing what you need to reply to. Word and Google documents often have a lot of filler, such as company detail, at the beginning of an RFP. 

While most RFP software can import the text from Word, they have difficulty distinguishing between what’s useful and what isn’t. RFPIO reads the document’s style guide and can auto-identify sections and questions. 

Often, RFPs arrive in mixed formats. Many Word documents have Excel tables or charts inserted into the doc. Not a problem, at least when you’re using RFPIO. Many of the same rules apply to importing Word and mixed documents as to Excel sheets:

  • Identify the sections, questions, and answers in the original document.
  • Process the source document and customize it using RFPIO’s advanced configuration.
  • Preview to make sure everything is in the right place.

RFPIO’s advanced import and export capabilities can shave as much as half the response time. 

Content management

In the early 2000s, workers whose jobs required access to company knowledge spent about 2.5 hours a day searching for information. If you’re old enough to remember, those were the days of dial-up, AOL, and Ask Jeeves. Software as a service (SaaS) was unheard of. 

Twenty years later, nearly everyone has the internet. Need an answer to a question? Google it. And you’d be hard-pressed to find a business problem that can’t be addressed using a SaaS application. Surprisingly, the time spent searching for knowledge has increased from a bit over ¼ of the workday to nearly half.

Why would that be? There are probably a couple of reasons, including that businesses are a lot more siloed now than they were at the turn of the millennium—and of course, there’s a heck of a lot more knowledge to search. 

Not surprisingly, disjointed content is one of the top challenges of an RFP process. RFPIO’s Content Library not only simplifies the search but also does much of the work for you. 

RFPIO’s Content Library:

  • Stores marketing approved content in one place – Your company’s single source of truth.
  • Lets you stitch together high-quality content – Browse previous responses to create customized answers.
  • Create content – Once you answer a question, you can store the Q&A pair for future needs. As your company accumulates knowledge or documents, it’s simple to upload it into your Content Library.
  • Format content – Organize and format content however you like. 
  • Automatically answer the majority of questions – With just a few clicks, you can answer up to 80% of the questions on an RFP, regardless of the format. 
  • Encourages regular content audits – Keep your Content Library fresh and up to date with regular audits. RFPIO will remind you when it’s time to review specific content. 

Integrations

When it comes to breaking down silos, RFPIO walks the walk with industry-leading integrations. Users from across your company can access RFPIO through more than two dozen applications you already use, including:

  • CRMs – RFPIO is an ideal solution for all revenue-generating teams, not just response management. Access the Content Library and other RFPIO features through your company’s chosen CRM, including Salesforce, Pipedrive, Dynamics 365, PipelineDeals, and HubSpot.
  • Communication apps – RFPIO enables company-wide collaboration through your existing communication apps, including Slack, Google Hangouts, Jira, and Microsoft Teams.
  • Cloud storage apps – Worldwide, we create 2.5 quintillion bytes of data every single day. Cloud storage enables companies to manage data without accumulating vast technical debt. RFPIO seamlessly integrates with Sharepoint, Box, Dropbox, Google Drive, and OneDrive. 
  • SSO authentication apps – RFPIO works within your company’s security protocols through SSO authentication integrations with Microsoft ADFS, Microsoft Azure, OneLogin, and Okta.
  • Browser extensions – Access RFPIO’s Content Library through RFPIO® LookUp and Chrome.
  • Vendor assessment apps – Securely import directly from third-party platforms using Whistic. 
  • Productivity apps – Work faster using RFPIO with Microsoft Suites and Google Sheets.
  • Sales enablement apps – Revenue-generating employees can access RFPIO through Seismic or Highspot. 

AI assistance

RFP automation slashes time spent answering RFPs. RFPIO goes beyond simple automation. We use machine learning to intelligently assist you through every step of the RFP response process. Leverage RFPIO to:

  • Auto-identify response content – RFPIO’s advanced artificial intelligence automatically identifies response content.
  • Get automated answers – RFPIO’s AI-powered recommendation engine pulls from the Content Library to recommend answers based on previous similar questions.
  • Assign questions to pertinent subject matter experts – With RFPIO, there’s no more trying to figure out the best people to help with your RFP. AI technology identifies relevant and available SMEs.
  • Analyze win-loss opportunities – Not all RFPs are worth a response. Have you won similar bids in the past? Is this one worth it? RFPIO learns from previous wins and losses to help you decide whether to pursue the next one. 

The benefits of RFP response automation

Roughly 80% of a typical RFP consists of questions you’ve answered many, many times. Response automation lets you focus on the questions that matter most, the questions that will help you win the bid, by answering the routine queries with a click of a button. 

The benefits of leveraging RFP automation include: 

  • Streamlined workflow – RFPIO is not just a response management tool; it’s a project management platform. RFPIO uses automation to establish roles and ensure on-time deliverables.
  • Decreased response time – When a workplace tool does most of the work for you, it’s bound to increase productivity and reduce response time.
  • Improved response quality – Automated replies free you to craft winning responses to the essential questions.
  • Centralized content library – Automatically store and catalog responses in a single source of truth. 
  • Improved collaboration – RFPIO’s integrations enable company-wide collaboration.
  • Increased revenue growth – Responding to more of the right RFPs in less time means more opportunities to drive revenue.

Steps for choosing the right RFP management software

Choosing the right RFP management software shouldn’t be taken lightly. There are several factors to consider:

1. Assess your RFP response process

Before you commit to an annual RFP software subscription, schedule a meeting with your entire RFP response team (subject matter experts, executive stakeholders, bid writers, etc.). The goal is to discover gaps and opportunities in your current workflow, then make improvements through RFP automation.

2. Prioritize RFP software features

Now that you know what your RFP response team needs to thrive, it’s time to prioritize RFP software features. Divide features into two columns—”must-have” and “nice-to-have.” If having a holistic view of RFP projects is a top priority, project dashboards are a must-have. If communication is dialed in, then Slack or Microsoft Team integrations are a nice-to-have.

3. Explore RFP software comparison platforms

Third-party validation is a vital part of decision-making for any purchase, including RFP software. Think of G2 Crowd and Capterra as Yelp for software products. Use these RFP software comparison tools to compare and contrast features and check out customer feedback. Seeing use cases in the real RFP response management world will inspire ideas and validate decisions.

4. Make a data-driven value assessment

Have no idea how many hours your team spends on RFP responses? Demystify these costs by tracking everyone’s time. Use our ROI calculator to determine how much you will save on hours and resources with RFP response automation. Armed with data, you’ll rely on stats instead of emotions to make a strong case for additional funds to cover RFP software.

5. Understand the product and the service

Once you have narrowed down RFP software providers, schedule a demo to see the solution in action and meet the team you’re considering working with. Bring your priority features list, along with questions that need to be addressed. Pay special attention to the user experience as the solution should be quick and easy for all RFP contributors to learn.

Important questions to ask RFP software vendors

Adding to your existing tech stack can be a challenging sell for executives and your IT department, so it’s essential to ask the right questions of potential RFP software vendors. 

  • What is the average ROI customers report after using your product? – There’s no surer way to secure executive buy-in than demonstrating your return on investment. ROI will vary from company to company. RFPIO’s proven ROI is as high as 600%. Calculate your ROI here. 
  • How would you describe your training and onboarding process? – You have executive buy-in; what about user buy-in? The onboarding process is vital for training and creating buzz over new software. RFPIO’s onboarding process is incremental, easy to follow, and designed to set you up for success. 
  • How do you manage customer requests and feedback? –Because needs vary from company to company and change from day to day, there’s no such thing as perfect software. RFPIO recognizes the importance of a bespoke solution, which means listening to every customer and addressing their individual needs.
  • What integrations are available? – Toggling between multiple applications is a pain. RFPIO integrates with over two dozen of the most popular business tools.
  • How would your software solve problems x, y, and z? – Is the RFP software going to address your company’s needs? It’s hard to imagine a response management problem RFPIO can’t solve, but if we’re not the right solution for some reason, we will tell you.
  • What are your data import and export capabilities? – If all RFP issuers used the same format, RFP response platforms might not be such a critical tool for response teams. RFPIO imports and exports from Microsoft Word, Excel, and even PDFs. 
  • Do you offer lifetime updates and enhancements? – Technology changes, as do your needs. RFPIO provides regular updates and enhancements.
  • What are your competitive differentiators? – What makes one RFP solution better than others? As mentioned, RFPIO offers more integrations and import/export options than any other RFP response software. We lead the pack in AI-powered automation. Additionally, we have an unprecedented pricing model. Instead of charging per user license, RFPIO charges based on the number of projects going at any given time. 

Automate your RFP process with a management solution that’s right for you

If you’re ready to see how RFP software will help you craft higher-quality responses to more RFPs in less time, schedule a free demo

 

Considerations when creating an RFP process

Considerations when creating an RFP process

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency”.

– Bill Gates

Do you know how you’ll approach the RFP that arrives in your inbox today? What about one that comes next week or next quarter? You might be tempted to say, “Obviously not, because each RFP is different.” If that’s your answer, it might be too late to win those bids. 

Let me ask a more personal question. Have you received a bill lately? You’re probably nodding right now. How do you plan to pay that bill? If it’s a fixed bill, such as insurance or your mortgage, you might set up automatic payments. If the bill is for something unexpected, say a car repair or vet bill, you might turn to your savings account or a credit card. 

What will happen if you don’t have the resources to pay that bill? 

What I just described are processes. Bill-paying processes ensure that you barely have to blink when paying expected bills and are prepared in the event of something unexpected.

What does that have to do with RFPs? Out of hundreds to thousands of questions in a typical RFP, most are, if not expected, standard. Much as you have systems to pay expected bills, a great RFP response process allows you to respond to those common questions in seconds. 

But what about the rest of an RFP? Certainly, cookie-cutter responses to complex questions aren’t going to win many bids for you. If you don’t plan for the unique parts of an RFP, you will spend more time on it, and there’s a very good chance you’ll lose your bid.

So, what should you consider when creating an RFP process?

What is an RFP process?

A request for proposal (RFP) is part of a broader category called RFx. RFx also includes requests for information (RFI), and requests for quotes (RFQ). It can also apply to other supplier questionnaires, such as security questionnaires and due diligence questionnaires (DDQ). 

An RFP process is a roadmap. It outlines the entire RFP journey, from how it’s received within your organization, whether to reply, who the stakeholders are, who is responsible for each task, when each deliverable is due, how and when to send the response, to how to record and organize the attached question and answer (Q&A) pairs and documents. 

An effective and efficient RFP process decreases response time, improves response quality, and is far more likely to get your responses to the top of the prospects’ shortlists. 

Designing a great RFP process

An effective RFP response process—assisted by industry-leading automation—has several quantitative and qualitative benefits, including:

  • Quantitative:
    • Faster responses – Set your stopwatch! A great RFP response process speeds up your response time.
    • More responses – Faster responses = more time to respond to RFPs you might have set aside. 
    • A higher win rate – The average win rate is about 45%. A great response process can increase that by 15% or more.
    • Significant ROI – See how one RFPIO customer saw a 6x return on investment within just months.
  • Qualitative: 
    • Better teamwork – Great RFP response processes help develop collaboration, even across silos. 
    • A comprehensive and up-to-date company knowledge base – A great RFP process includes knowledge management. Make sure to schedule regular audits.
    • Focus – When team members know what is expected of them, and when, they are far more likely to approach a goal with focus.
    • More opportunities to personalize and customize — Re-invest time saved to give every response a better chance to win.

Considerations when creating an RFP process

One of our most common questions from our potential customers is whether RFPIO integrates with their existing software. Since the platform seamlessly and scalably integrates with more than two dozen popular business applications, the answer is almost invariably “yes.” 

Companies understand the value of business applications, especially when it comes to sales. 91% of companies with more than 10 employees use CRMs in their sales departments, so why do only 16% of companies use RFP software? $11 trillion in annual revenue, and some of the biggest deals, come from RFPs. Shouldn’t RFP response processes be as big a priority as sales processes?

Part of the answer is undoubtedly within companies’ cultures. RFP response processes require expertise from people throughout an organization. Additionally, RFP response often has a haphazard rather than strategic approach. Defining processes before RFPs hit your inbox will help you to determine which RFPs are worth your time and how to focus your efforts

Getting buy-in from stakeholders

Unlike a straightforward sales deal, an RFP response requires multiple stakeholders. An RFP process could require buy-in from finance, HR, operations, security, purchasing and procurement, sales, R&D, manufacturing, IT, etc. In other words, stakeholders can come from anywhere in the company, and you will need their cooperation at some point. 

Getting everyone aligned on the process is an essential consideration in creating it. Fortunately, RFPIO can help make the case for you. 63% of salespeople say RFPIO gives time back to them, enabling them to close more deals overall. 

71% of marketing executives say RFPIO’s Content Library saves them time locating company knowledge, and subject matter experts (SMEs) gain back more than ⅓ of each day.

Quantity vs. quality

Is it better to submit more RFPs or focus on improving your responses? In an ideal world, the answer is both, but is that reality? Although both approaches could be suitable for companies, depending on their resources and RFP landscapes, a clearly-defined response process should help with both. 

Beyond question, a response manager should focus on crafting the best responses on the most winnable RFPs. Responses riddled with errors, typos, and incomplete answers are wastes of time. So, in that respect, quality wins out over quantity. 

That said, RFP responses are a numbers game. The more well-written responses you submit, the more revenue you will generate. Given a choice, however, it’s far better to submit a few great responses than many mediocre ones.

Where to focus

When choosing where to allocate your RFP response resources, it’s best to institute a go/no-go evaluation process, which means only responding to RFPs you have a good chance of winning. You may ask about each incoming RFP:

  • Do you know the company sending the RFP? – Do you have an existing relationship with them? Were they referred to you? Your odds of winning a bid are much higher if there was a specific reason they sent the RFP to you.
  • Is yours the right company? – One of the biggest temptations among revenue-generating employees is to say, “Sure, we can do it!” While that might be true, RVP issuers aren’t looking for what you might be able to offer in the future; they’re looking for the here and now, preferably with a track record showing the ability to accomplish exactly what they are asking within their timeline. 
  • Can you meet their budget requirements? RFPs are not the time for guesswork. Consult with the right SMEs to ensure that the price you’re offering is competitive but also accurate. There might be room for some negotiation, but not for lowball bids. Suppose you happen to win a lowball bid. In that case, you risk alienating not just that customer but others in and around their industry, as well as your own company, as costs will undoubtedly escalate beyond the initial bid.
  • Is it an all-around strategic fit? – Do their needs match your organization’s business or product development strategy and vice versa? Is their industry one you know? 
  • Do you have the time? – How much is on your and stakeholders’ plates? Can you answer the RFP on time without affecting other responsibilities?
  • Have you won similar bids in the past? – Your chances of winning a bid go up when you’ve won and successfully fulfilled similar projects, especially from the same issuer.

Who’s on the team?

RFP response teams are as unique as their companies. Some, such as this RFPIO customer, have 2-person response teams. Others are larger, but the vast majority of RFPs require input from people outside the department. SMEs and other stakeholders vary from RFP to RFP, but you should have that all figured out before placing a bid.

Response managers are often known for their near-encyclopedic knowledge of their companies. They might not know every employee, but they know where to turn when they have questions. To ensure goodwill, make sure each stakeholder is aware of their roles and has the capacity to carry theirs out. 

Where is the relevant content?

Office workers report spending more than half of their time searching for information. Imagine how much more productive they would be if every bit of company knowledge existed inside a single, easily accessible, and searchable database. 

RFPIO’s search feature pulls relevant content from docs, spreadsheets, and even PDFs. RFPIO’s Content Library makes it easy to find RFP Q&A pairs, answers to security questionnaires, company history, etc. You can even store documents. 

Once you find the content you’re looking for, you can apply those answers as-is in a click or two or modify them as needed.

What else should an RFP process take into consideration?

Just as most sales departments couldn’t imagine achieving their processes without the help of their trusty CRMs, response teams should include advanced RFP software in establishing their procedures. RFPIO follows an RFP from inception to completion and even beyond. 

Whether you’re starting anew or you have an existing process, RFPIO can help by providing a framework for an optimal RFP process and the tools to get there.

  • Import an RFP from any format – Whether you receive the RFP via a document, spreadsheet, or PDF, RFPIO will capture the information and plug it into an intuitive UX platform, ensuring consistency and simplicity for each stakeholder.
  • Shred the RFP – With RFPIO, you can organize and section RFPs in the best way for your organization.
  • Analyze the project – RFPIO features built-in project management analytics to estimate the project’s time requirements and your likelihood of winning.
  • Answer all the questions you can – Tap into your Content Library to answer up to 80% of an RFP’s questions in seconds. 
  • Engage SMEs – For those questions that require additional input, RFPIO will suggest SMEs based on previous, similar RFP responses and the SMEs’ availability. Collaborate from around the globe with RFPIO’s translation tools and multi-language UI.
  • Track the project – RFPIO’s project management tools track each deliverable to ensure on-time delivery.
  • Submit the proposal – Design your customized branded template to ensure a professional and consistent look.
  • Store your new content – Once you’ve submitted the RFP, store all new content in your RFPIO Content Library for use next time.
  • Rinse & repeat – Time to start the next RFP.

Improve your win rate, organize your RFP response process, save time, and increase revenue using RFPIO. Take a few minutes for a free demo of RFPIO. 

As for Bill Gates, he’s not wrong, but RFPIO goes beyond just magnifying efficiencies. RFPIO helps response teams establish, as well as enhance, efficient processes. His brainchild, Microsoft, agrees. 

 

Benefits of a great RFP process

Benefits of a great RFP process

There was a time, I suppose, when major company purchases were relatively straightforward. If a company wanted to buy supplies, for example, they would simply contact vendors or put out the word that they were seeking bids. 

Then a salesperson answered the call with a detailed bid, including company information, product or service description, pricing, and timelines. 

Sure, there were some security concerns, as hacking and overall bad actors have been around for a very long time. Still, the regulatory environment was less rigorous, and it was generally easier to track down subject matter experts (SMEs). 

That’s not to say things were easy. Most early-day RFPs came from the government; enough said there, I assume. But response processes were somewhat less defined and usually handled by sales. 

Today, $11 trillion of revenue comes from RFPs. Many companies have entire response departments. Although nearly every other department, including sales, has software to help them become more productive, only about 16% of organizations use RFP software. 

Either organizations don’t see the viability in a robust RFP process, or it’s an issue of “why fix it if it ain’t broken.” The problem, though, is that it is broken. RFPs are tremendous revenue-generating opportunities, and a great RFP process can generate millions of dollars while saving valuable time and other company resources. 

If you are leaving viable RFPs in the virtual dustbin due to lack of time, or your win rate is in the tank, you need RFP processes. Processes will help you determine which RFPs you want to answer as well as organize timelines, key players, etc. Read on to learn more about how you can set up RFP processes for your company.

What is an RFP process?

In short, an RFP process describes the way a company responds to an RFP. It should define how you decide which RFPs are worth your time, organize the project, consult with SMEs, and determine how to manage any new content produced during the response. 

RFPIO’s response managers (yes, we answer RFPs too) use an 8-step response process which includes:

What makes a great RFP response process 

The average RFP win rate is about 45%. A great RFP response process improves on that rate in a couple of ways—it allows you to zero in on winnable and profitable RFPs and spend less time on each response, thereby letting you focus on crafting winning bids for the desirable opportunities.  

Benefits of a great RFP process

A great RFP process doesn’t just benefit the response team; it benefits the entire organization with higher win rates, more revenue, and an organized and accessible knowledge base. 

Avoid missing or delaying opportunities

RFPs are like the lottery: you can’t win if you don’t play. If your RFP pipeline is backed up to the point where you’re missing or delaying viable opportunities, a great RFP process will help you break through the clogged pipeline by allowing you to triage opportunities and get the right RFPs into the right hands. 

Higher win rate

If you’re responding to a lot of bids without the revenue to match, it’s time to focus on your win rate. An effective RFP response process lets you spend more time on viable RFPs and less time spinning your wheels. 

Focus efforts in the right place

“You’ve got to know when to hold ’em, know when to fold ’em.” – Kenny Rogers  

Do you play poker? I don’t, but I know enough about the game to know that if you go all-in on every hand, you’ll probably lose all your money early in the game. If you take a strategic approach, however, and only bet on the hands you think you could win, the odds tilt in your favor. 

Your boss probably doesn’t want to hear this, but RFPs are a lot like poker. Indeed, there are very few royal flushes—or guaranteed wins—but laying your time and resources on the table for a less-than-viable RFP leaves you a lot less time and fewer resources for the ones you might win.

Learn to evaluate which RFPs fit with a go/no-go qualification system in place.

  • Do you know the customer? – Do you have an existing relationship with the prospect, or did they choose to send you the RFP for specific reasons? If so, your chances are much better than if it’s a more open bidding process.
  • Is yours the right company? – If your solution doesn’t fit the customer’s needs, you should pass. Even if you spend time trying to make their round peg requirements fit into your square hole solution, you’d be wasting the prospect’s time, and you could end up annoying them.
  • Can you match their budget? – Pricing is a tricky tightrope. On the one hand, you want to win the bid, but on the other, the deal should be profitable for your company. If your SMEs in charge of pricing say they can’t fulfill the customer’s needs within a reasonable price range, listen to them. 
  • Can your company meet their needs? – Do you realistically have the time and resources to onboard and support the customer?
  • Do you want the business? — Business opportunities are a two-way street. Does the company fit your product development or business strategy? 
  • Do you have the bandwidth to answer the RFP? – If you think you’re swamped now, the number of RFPs issued is increasing every year. Sometimes, even winnable RFPs have to take back seats to better opportunities. 

Less time per proposal means more proposals

This is a no-brainer. If you answer RFPs in a streamlined, more efficient way, you will have more of that aforementioned bandwidth for more RFPs.

Revitalized internal knowledge 

RFP response teams are perfectly positioned to become the gatekeepers of company knowledge. When they record and regularly audit answers in a centralized company knowledge base, it gives executives the information they need to make more informed decisions. It also provides quick answers to anyone who needs it, including other revenue-generating teams. 

Team building 

Team-building exercises are generally either fun or downright silly, not that downright silly can’t be fun. But you don’t have to fall backward into coworkers’ arms to find camaraderie. When a team works together toward a common goal, trust and friendships are bound to develop.

Even beyond that, RFP responses require input from multiple people spread across the organization. An effective response process helps tear down silos. 

Generate more revenue

I saved this one for last because if your bids aren’t generating revenue, there’s really no point. A great response process helps you identify the opportunities that will increase revenue. 

Why a company might want to reevaluate their response process

Maybe you know your response process isn’t working for you, but even if you feel it is, maybe there’s room for improvement. Here are four scenarios that should encourage you to take a deeper look at your processes:

  • You hired a new proposal manager – A new proposal manager taking over is a great time to reevaluate your processes using fresh eyes. 
  • Your current process is—shall we say—lackluster – Is your current process winning bids for you? Is your team working hard but bored out of their minds answering questions they’ve responded to 1,000 times before? Are your processes scalable so you can win future bids?
  • Your company merged with another – Which company has better results from their processes?
  • There was a significant change in your business – Do you have new products to offer? Have your products changed? If so, your RFP Q&A pairs will change as well. Sometimes a clean break is in order. Introduce new processes to go with your new everything else. 

Examples of high-quality RFP processes

All organizations benefit from high-quality RFP response processes, but not necessarily in the same ways. Here are a few real-world examples of our customers’ benefits after moving their processes to RFPIO.

  • An insurance company proposal manager said about RFPIO, “When we realized we could finish the first draft of an RFI (request for information) in hours rather than days, it was like the clouds parted and the angels sang.”
  • IBA, a medical device manufacturer in Belgium, increased its win rate by 15%.
  • TOMIA, a software company, streamlined processes, and improved company collaboration.
  • Genpact, a global professional services firm, dramatically improved proposal quality.
  • Microsoft (I assume they need no introduction) estimates they saved $2.4 million in the first 18 months after implementing RFPIO.
  • On average, it takes about 8 days to complete an RFP, and that’s when there’s a fairly sizable team. That’s about 8 RFPs per quarter. RFPIO helped this two-person team answered double that, 16, in the first quarter after implementation. 
  • Let’s cut to the chase. Your boss wants to know about ROI. Well, Crownpeak, a digital experience management platform, realized a whopping 6x return on investment with RFPIO. 

Want to make your RFP process great?

Now that you know the importance of a great RFP response process, where do you start

  • Set goals – Companies talk a lot about customer pain points, but what are your pain points? Would you like a new RFP response process to decrease your response time? Could the quality of your responses improve? Are you being taken out of the running too quickly?
  • Develop a checklist – My mother is a big list-maker. I’ve never been as organized as my mother, and I blame my lack of list-making. Be my mother. Here is a somewhat typical checklist, although yours might look a little different:
    • Identify key stakeholders – Your stakeholders won’t be the same for each RFP, but having a list of stakeholders will save you from having to reestablish roles each time.
    • What is your average timeline? – Having this as a benchmark will help you figure out where your bottlenecks lie.
    • Get company buy-in – A new process is only as good as the number of people willing to adopt it.
    • Figure out if an RFP is worth answering – See above.
    • Locate and evaluate content – Most often, this is the most time-consuming part of the RFP process. 
  • Consider RFP software – Okay, I’m biased, but RFPIO wouldn’t exist without a real need for better RFP processes.

RFPIO is an ideal tool for RFP response processes. 

  • RFPIO cuts response time by an average of 40% by answering up to 80% of an RFP’s queries using machine learning.
  • RFPIO simplifies data-driven decision-making with RFPIO’s customizable reporting dashboard.
  • RFPIO’s industry-leading Content Library democratizes knowledge management organization-wide.
  • RFPIO® LookUp gives any authorized user with a browser company knowledge at their fingertips, even if they are traveling or out in the field.
  • RFPIO integrates with more of the apps you’re already using than any other response platform. Use RFPIO within your existing CRMs, sales enablement, productivity, and vendor assessment apps. Communicate with stakeholders using your company’s favorite communication tools. Your IT team will be relieved to know we offer the same SSO authentications your company already uses.

Maybe your RFP response processes need a complete overhaul or a few tweaks here and there. Regardless of your needs and goals, see how RFPIO will quickly help you drive revenue and improve your processes. Schedule a free demo now.  

 

Understanding RFP management

Understanding RFP management

When a request for proposal (RFP) comes across your inbox, it might seem overwhelming. Some RFPs contain 100s of questions on 1,000s of pages (or vice versa). Your first instinct might be to set it aside in favor of more straightforward deals, especially if you’re in sales instead of on a dedicated response team.

RFPs might be long and complicated, but most high-value deals come through RFPs, so ignoring a viable opportunity could cost your company $10s of thousands of dollars or far, far more. Further, if the RFP comes from a well-known or enterprise organization, ignoring it could cost your company some coveted cache that could ultimately bring in more business through having that company on your customer roster.

Whether you’re a relative newbie to RFP responses or a seasoned professional, learning more about RFP management could help you win more bids. And while we can’t guarantee you’ll get a raise or promotion, winning a big deal is a big deal and might earn your boss’s respect.

What is a request for proposal (RFP)?

When a company needs to purchase a significant service or product, it will often issue a request for proposal (RFP) to collect bids from multiple vendors. Sometimes they solicit bids from specific vendors, and sometimes they open the bidding process to any potential fit.

RFPs are typically more than about getting the lowest price—we’ll get to that later in this article.

An RFP is often 100s or even 1,000s of pages long with questions as diverse as, well, diversity in hiring practices and whether the vendor complies with the customer’s regulatory requirements.

The primary purpose of an RFP is to help issuers determine which company is the best fit for their specific needs. An RFP also:

  • Formally announces a project for bidding – An RFP is a little like a starting gun at the beginning of a race. Instead of the first to the finish line, however, the winner is the vendor that best suits the customer’s needs.
  • Defines project for issuers and responders – RFPs offer detailed explanations of project requirements and expectations.
  • Enables buyers to compare potential vendors – If you’ve ever shopped for a mattress, it’s almost like each retailer or manufacturer speaks a different language. If two stores carry the same manufacturer, the model names and numbers are entirely different. That’s intentional; it makes it really difficult to compare pricing and features when you’re comparing apples to watermelons. RFPs let the buyers define the parameters, and vendors (should) respond with specific and straightforward answers, which enable apples-to-apples comparisons.

Proposal manager: role and responsibilities

At the very surface, a proposal manager is the project manager for the RFP response process. When we dig a little deeper, though, we see that proposal managers are some of the most important and knowledgeable people in an organization.

When a proposal manager isn’t herding cats, their job is to know the organization’s who, what, where, when, why, and how, or at least where to find such information. A proposal manager:

  • Is the point of contact for the organization – There to answer questions from RFP issuers, response teams, sales teams, executives, and SMEs.
  • Aligns tasks and team members – Herding those metaphorical felines
  • Facilitates team meetings
  • Drives discussion and collaboration – Once those cats are in line (I think I’ve milked this metaphor dry), the proposal manager is responsible for ensuring that the right people are answering the right questions.
  • Enforces timelines for project status – RFPs have strict deadlines. Proposal managers have the experience to know how to break the project up into manageable timelines to reach that final deadline.
  • Verifies project compliance – Does the proposal answer the issuer’s questions? Can the company comply with their needs?
  • Produces proposal submission – No matter how many stakeholders were involved in answering an RFP, it’s ultimately up to the proposal manager to ensure that it’s accurate, well-written, and on time.

Managing RFPs

An RFP response should be strategic and laser-focused on a single goal, winning those winnable bids. While it might sound straightforward, effective RFP management is akin to conducting an orchestra when the musicians are scattered throughout the music hall and even the world.

When a company specifically reaches out to your company for a bid, it’s sort of flattering, and the impulse is to answer the RFP. Many RFPs, though, are open to any bidder. A poorly-defined RFP management process might include answering the wrong RFPs and a disjointed response process, resulting in a low win rate.

That’s why a transparent, strategic approach is critical to managing RFP responses and fostering a more efficient proposal response process.

  • Organize RFP response process – Is the RFP worth pursuing? If so, who are the key stakeholders, and what are their roles, responsibilities, and expectations?
  • Establish a channel for accountability – RFPIO features communication and accountability tools to keep your team running smoothly and on time.
  • Decrease response time – Save time with efficient communication and an AI-enhanced content management system that can answer up to 80% of an RFP with a few clicks.
  • Improve response quality – Winning a bid is about far more than just price. Dramatically shaving time from the more monotonous parts of the response provides more time for crafting compelling stories and ensuring that the response is well-written, complete, and accurate.
  • Create a centralized database of assets and resources – Save subject matter experts (SMEs) and team members from having to duplicate their efforts by recording responses in a centralized database of assets and resources.
  • Increase bid win rate – Respond to the right RFPs instead of more RFPs to increase your bid win rate.

There are three primary options for managing RFP proposals. They include outsourcing responses, manual responses, and RFP software.

Outsourcing the response process

Many companies choose to outsource their response process, especially if they’re relatively small or their employees are strapped for time. While outsourcing has significant advantages, there are some steep downsides to watch out for.

Advantages of outsourcing

  • Saving time – Outsourcing does save significant company time. Proposal managers can step into more of a supervisory role and let the contractor do all the labor-intensive work.
  • Improved response quality – Outsourcing lets you pull the response manager out of the weeds and allows them to focus on the final drafts instead of each iteration.

Disadvantages of outsourcing

  • Risks confidential information – Providing outside access to proprietary information is risky. Hackers and cybercriminals could intercept even if the contractor is fully screened and has an airtight NDA.
  • Loss of business knowledge – RFP contractors don’t generally update a company knowledge base, meaning any information provided to them will be lost to the next person who needs it.
  • Big financial investment – Outsourcing the response process could pay for itself, if you answer a lot of RFPs each year. Otherwise, it’s much cheaper to keep it in-house.
  • Time spent tracking down stakeholders – The further a contractor is removed from your company’s infrastructure and org chart, the more time spent tracking them down.

Manual responses

Smaller companies, or those who haven’t found the right RFP software fit, may still use manual response processes. There’s often a reluctance to let go of manual processes, which we completely understand.

Are you working harder than you need to? As the response manager, you’re tasked with juggling all of a response process’s moving parts. It’s up to you to stay on top of everything, including sending emails, managing all authors and SMEs, reviewing each Q&A pair, and ensuring deadlines are met.

Still, there are some benefits to sticking with manual processes:

  • Requires no upfront investment – Manual processes utilize the tools you already have, such as document and spreadsheet software and PDF readers. And let’s not forget the most essential tool of all, human power.
  • Familiarity with tools and processes – If you’re already used to manual processes, there’s no learning curve.
  • No uplift – You’ll never have to worry about software price increases.

Still, it’s pretty hard to make the case that manual response management processes are the ideal solution for any company. They are:

  • Time-consuming – You have to answer how many questions? How many times can you answer the very same question? Why is pinning down SMEs so complicated?
  • Repetitive – How many times can you answer the very same question? Oh wait, did I just ask that?
  • Decentralized – Financial statements, diversity policies, data compliance assurance, timelines, pricing…an RFP will include information from multiple departments and sources. Do you have to chase each one down?
  • Collaboration inhibitors – Poor and non-existent communication and project management tools make collaboration challenging.
  • Response capacity killers – The more time you spend stalking stakeholders for information, the less time you have to craft a compelling response, and the less time you have for answering other RFPs.

Leveraging RFP software

RFP software is designed to organize and simplify the RFP response process. Most importantly, advanced RFP software lets you respond to more of the right RFPs, increasing your proposal win rate and producing a hefty ROI.

Recent statistics show that:

  • 77% of proposal professionals say that their response process could use some improvement.
  • 75% of proposal teams with fully-adopted response technology say they always respond on time.

That’s not to say all RFP software is the same, but there are some standard features.

Features of an RFP response tool

The core features of RFP software include:

  • Automation – RFP software should help make your entire response process more productive by automating as many tasks as possible.
  • Content library – A content library is a centralized resource, a single source of truth, that holds assets in a single, easily accessible location.
  • Collaboration tools – RFP response software should foster collaboration through notifications and efficiencies with repeatable tasks.

Integrations and extensions

Advanced RFP response management software has features that level up the response process with integrations and AI-powered intuition. An automated response process has demonstrable benefits, including faster response times, more accurate and better-written responses, higher win rates, and a substantial ROI.

Competitive advantages of automating the response processes with RFPIO include:

  • Efficient response management – Streamline the response process with project management features, accessible and searchable content, reporting, and intuitive automated responses that answer the majority of questions with a click of a button.
  • Improved response quality – Simplified collaboration and automated responses gives back time to response managers, allowing them to fine-tune their proposals.
  • Easier collaboration – Communicate across verticals, state lines, and oceans. Compile responses right inside your favorite communication app with RFPIO’s seamless integrations. We integrate with Slack, Microsoft Teams, Jira, and Google Hangouts. Unlimited user access ensures that all stakeholders are included.
  • Standardized formatsRFPIO supports importing RFPs, security questionnaires, and DDQs from any format (such as Word, Excel, PDFs) and plugs the questions into your preferred template. From there, you can export using white-labeled templates or the source format (usually a spreadsheet).
  • Consistent deliverables – RFPIO’s project management features keep projects on track and on time.
  • Cost savings – Most SaaS products have subscription-based pricing models, which is costly, especially for smaller companies. RFPIO has a unique pricing model; instead of charging a subscription fee for each user, RFPIO charges based on the number of projects during any given time.
  • Increased revenue growthBetter bids translate to a higher win rate which translates to higher revenue.

There are some challenges to implementing RFP management software, although they don’t have to be deal breakers.

  • Demonstrating ROI – Demonstrating ROI to decision makers who may not even know what a response team does can be tricky. RFPIO makes it simple to make the case.
  • Securing an increased budget for an RFP management solutionSecuring budgets, especially in a tight economy, is challenging, even with a proven ROI. Your company already knows the value in sales enablement tools. RFPIO adds value to your existing CRMs and the rest of your tech stack with industry-leading integrations.
  • Onboarding RFP response team – There is a short ramp-up time to learn how to use RFP software, and RFPIO’s integrations help set your team up for a smooth transition.

Tips for improved RFP management

Whether you are full-time or an accidental response manager, and whether or not you use RFP software, follow best practices for facilitating more effective proposal responses by taking time and care when there’s an opportunity.

  • Develop an efficient go/no go process – Start by deciding whether an RFP is even worth it with an efficient go/no go process. Can you meet the customer’s needs? Do you want to meet the customer’s needs? What is your track record with similar RFPs?
  • Leverage automation to streamline workflow – Automated project management processes ensure that each deliverable is met. RFPIO’s automated Content Library does up to 80% of the work for you.
  • Create a quality content library – RFPIO’s Content Library is a single repository for all company knowledge, but it needs regular maintenance to deduplicate and ensure accuracy. Conduct regular audits; audit new clients more frequently and old customers less frequently.
  • Utilize branded response template – As much as we’d love you to sing our praises to all of your customers, responses come from you, not us. Add your brand to your preferred templates.
  • Consider an all-in-one software solutionRFPIO offers nearly anything you might want to see in an RFP response solution. If there’s a feature you don’t see, ask us.

The challenges of RFP response management

Additional challenges to the RFP response process include:

  • Labor-intensive processes – RFP responses are labor intensive, but proposal software can dramatically cut the number of hours.
  • Tight deadlines – If a proposal is due at noon on Wednesday, it’s due at noon, not 12:01, and definitely not Thursday. RFPIO’s project management features will help you meet that deadline.
  • Disorganized proposal contentData professionals spend around half their time trying to find, protect, and build content. Having that content in a single, easily searchable place saves hours each week.
  • Collaboration – Everyone, it seems, is either busy or far away. RFPIO’s collaboration tools take the hassle out of working together.
  • Security – Protect your data with RFPIO’s SSO Authentication.

How RFPIO can help

RFP response management software is a more efficient way to create quality responses. RFPIO utilizes advanced technology, including machine learning, and a unique pricing model to remain at the forefront of RFP response management software. We help companies overcome challenges with our:

  • Centralized proposal knowledge library – Most questions already have answers somewhere within your organization. Keep them all in one easy-to-find place with RFPIO’s Content Library.
  • Automated proposal responses – Let us answer the common and easy questions while you focus on the dealmakers.
  • Streamlined workflow and task management – Use RFPIO’s project management features or use RFPIO within your existing task management software.
  • Simplified communication – Gone are the days when we run down the hall to ask a question. RFPIO lets you ask any question or anyone in the organization at any time.
  • Integrated data protections into your management solutionRFPIO takes security very seriously.

Improve your RFP response process with better management solutions

Improve your work processes and impress your boss(es) with RFPIO’s all-in-one RFP management solution. Schedule a Free Demo to learn how.

3 ways RFPIO-HubSpot integration streamlines proposal management and closes more deals

3 ways RFPIO-HubSpot integration streamlines proposal management and closes more deals

Selling a product takes work. Sales agents spend their days calling leads, responding to inbound queries, tracking progress, meeting quotas, and juggling a lot of paperwork in partnership with revenue and finance teams — but that’s where RFPIO and HubSpot come in to make life a lot easier.

Sales platform technology has improved so much that the tedious, manual parts of the sales process — like proposal management, document generation, and content sourcing — can now be handled by great AI, like the proprietary technology that powers RFPIO. 

RFPIO is an AI-enabled software that makes it easier for sales teams to create their best content, respond to opportunities, and deliver on expectations.

And HubSpot is a powerful CRM that enables sales, marketing, and customer care teams to find, track, and nurture prospects, engage existing customers, and deliver the right message at the right time.

Companies of all sizes can benefit from combining RFPIO and HubSpot. Sales, presales, proposal, marketing, analyst relations, customer support, IT, and legal teams can collaborate better and save time on proposal workflows by cutting out the tedious, manual tasks from the process. 

Customer revenue teams and sales teams already spend their days in their CRMs, so it’s easy to keep momentum and reduce screen-switching by extending proposal operation right into the platform where they’re already working.

Benefits of integrating RFPIO with HubSpot

With the RFPIO and HubSpot integration, teams can submit project requests, track progress, and access proposal content without ever leaving HubSpot. Sales and proposal teams do their best work when they’re truly collaborating, and connecting HubSpot with RFPIO is the best way to save time and win more business.

3 ways to use RFPIO with HubSpot to automate and streamline proposal management

1. Launch and track RFPIO projects directly from any HubSpot Deal page, leveraging existing content from account and opportunity objects

Sales teams across industries can use this integration to streamline the project creation process for anything like RFPs, RFIs, and Security Questionnaires. With RFPIO and HubSpot, sales teams on HubSpot get direct visibility into project completion status, without needing to log into the RFPIO platform. The integration can also be configured to send automated notifications and task assignments to project owners and SMEs, jumpstarting collaboration between revenue and proposal teams.

You can also drill down and track project status from any HubSpot Deal page at the project, section, or owner level, with built-in executive dashboards and summaries providing the insights your team needs. 

Example: A salesperson has gotten their excited prospect over to the contracts phase of closing their deal. Because of a high volume of deals closed thanks to a major promotion, the revenue team is a little under water and needs more time to finalize the contracts. But with the HubSpot-RFPIO integration, the salesperson can follow the progress of the paperwork within HubSpot and provide updates to the prospect without needing to further bog down the revenue team with requests for status updates.

2. Customer-facing teams can automate much of the response process when answering requests and questions

Teams can program and automate the right answers to prospect or customer questions in real time, and when creating proactive proposals. This leaves sales teams with more time on their hands to handle queries and proposals that are more complex. 

RFPIO’s patented import technology works for all types of proposal request document types. RFPIO also exports polished and personalized responses onto templates or original files. And the dynamic Content Library serves as a content repository and collaboration hub that’s enhanced by an AI-powered answer recommendation engine.

This automation results in significant process efficiencies, which in turn allow all customer-facing teams, especially those who triage incoming asks, to focus on personalizing responses that optimize the sales, onboarding, and customer support experiences.

Example: A sales manager notices that his team is getting the same handful of technical questions over and over again about their product via email and on the website’s chatbot. He goes into the RFPIO Content Library and fills in the answers that need to be fired off to these customers, and thus reduces the volume of questions routed to live sales agents by 10%—so they can better spend that time on the phone and closing deals. 

3. Sales managers can keep teams aligned and projects on track

Managers can receive automated notifications and send task assignments to project owners and SMEs—and project requesters and creators can track the progress of current projects from the same place they submitted them within HubSpot. 

This means proposal and customer-facing teams are better aligned, and can enjoy a significant reduction in status updates via email, Slack, or phone that just waste time. They can check project status on the related HubSpot Deal, communicate whether a project is “Approved” or “Declined” through HubSpot, and access completed response packets in HubSpot that have been delivered by RFPIO. 

Example: A proposal team is anxiously waiting to hear back from their partnering sales team about several large accounts waiting to be signed and closed. Instead of sending a Slack to the busy sales manager, they can log into HubSpot themselves and see the status of the RFPIO project items in the contact page. 

Knock out inefficiencies and give sales teams the time to win more than ever with RFPIO and HubSpot

Your sales, proposals, and revenue teams need to collaborate to close as many deals as they can, as quickly as possible. Using the RFPIO integration with HubSpot, this collaboration is easier than ever and happens within the software where these teams already spend their days. 

 

 

Understanding knowledge management

Understanding knowledge management

Aside from your employees, company knowledge is your organization’s most valuable asset. If yours is like most, the amount of knowledge accumulated over the years seems to grow exponentially until systems become bloated with duplicate and outdated information.

Traditionally, knowledge management was haphazard and siloed, with few auditing processes in place. AI-driven technology to the rescue! RFPIO’s Content Library is an AI-powered knowledge management database that helps democratize and organize information, benefiting anyone who needs it.

What is knowledge management?

Knowledge management is about managing a company’s content repository policies, practices, and pretty much anything that is valuable enough for the company to keep. There are several ways to capture, share, and organize knowledge. Knowledge management is about organization, but it’s also about sharing, along with the process of recording and retaining. 

If you are unsure about the importance of a knowledge management system, read how one of the most technologically advanced organizations in the world dropped the knowledge management ball, with ramifications that still reverberate, half a century later

Did you know that the main reason NASA stopped sending crewed missions to the moon is poor knowledge management? If that sounds implausible to you, we don’t blame you. 

In the late 1960s-early 1970s, the United States invested billions of dollars and tapped into some of the brightest minds on the planet toward creating the Apollo missions. 11 iterations in, and several years later, U.S. Astronaut Neil Armstrong walked on the moon. The entire world was rapt.

After that, it seemed we might be on our way to regular, perhaps even civilian, trips to the moon. But suddenly, in 1972, the Apollo missions stopped, and we haven’t sent a crew to the moon in the 50 years since. Why? Well, in large part because they forgot to write things down.

Indeed, this is an oversimplification. Other factors, such as more advanced materials and technology, made replicating the Apollo crafts difficult. And Apollo blueprints aren’t exactly single-paged documents. However, even NASA admits that its knowledge management failure hurt future projects. 

NASA Jet Propulsion Laboratory CKO David Oberhettinger recalls, “No one thought to keep a copy of the drawing and design data for the gargantuan Saturn 5 rocket that brought us to the moon.”

Today, thankfully, NASA takes knowledge management very seriously. They have managed to recreate much of the technology, but the design for the Saturn 5 rocket is gone.


Your company might not be in business to send people to the moon, but as with NASA, moving forward sometimes means looking backward. Not only does company knowledge help you learn from your successes and failures, but it also helps forge a path toward the future. Can effective knowledge management help you avoid Apollo-sized failures?

Obstacles to a knowledge management system

People are often reluctant to share or may take for granted that the knowledge is already public, at least among stakeholders. Some people are more deliberate and have somewhat of an old-school mindset—that if they share too much knowledge, it will make them expendable. 

How to encourage company buy-in

Minds don’t change overnight, and neither do work habits. The best approach is gradual. Don’t immediately change everything. Instead, record and organize what you’re doing for processes and how knowledge managers will be able to access information from multiple repositories across the company. 

Pitch why it’s essential, such as simplifying the training process. Emphasize that intelligent knowledge management will save their time and keep them from having to pester subject matter experts (SMEs) by eliminating the need to ask for answers to questions the SMEs have already addressed.

What are the three types of knowledge management?

Knowledge management generally encompasses three main types of knowledge: tacit, implicit, and explicit. What are the differences?

Tacit knowledge

Tacit knowledge is as it sounds. It’s the knowledge that comes from years of experience but might not be easy to put into words. Still, the majority of company knowledge is in tacit form. 

Tacit knowledge might include negotiation skills, creative thinking, or knowing the company tone and voice in written correspondence. Because tacit information is by definition difficult to record, it’s best passed on through training, trial and error, and mentorship.

Additionally, tacit knowledge helps position people as industry thought leaders who can communicate with others in the industry on equal footing. 

Implicit knowledge

Have you ever tried to teach basic computer skills to someone who has never used a computer? It can be frustrating to both parties. Implicit knowledge is expertise that comes through training or practice to the point where you no longer have to think about what you’re doing. It can also refer to individual preferential processes. 

For example, how you start your workday—boot up the computer, check emails, check the calendar, etc.—might come from implicit knowledge if it’s a habit. Another example might be how you approach SMEs or make entries into the Content Library.

As with tacit knowledge, implicit knowledge is difficult to record, but it’s not impossible. Implicit knowledge is best passed along through training, which might include 1-to-1s or videos. It’s important to realize that not everyone is elbows deep in your day-to-day tasks, so thoroughness and patience are critical, as they are when you teach someone to use a computer.

Explicit knowledge

When most people think of knowledge management, they think of explicit knowledge. Explicit knowledge is written or otherwise documented, and easily stored in a knowledge database. 

Examples of explicit knowledge include profit and loss statements, your company’s mission statement, compliance documents, employee handbooks, etc. 

An effective management system should provide combined access to all types of knowledge across all organizational levels, especially since tacit and implicit knowledge can disappear after the knowledge holders leave the organization.

Both tacit and implicit knowledge become explicit when recorded. 

Why is effective knowledge management important?

According to a McKinsey survey, interaction workers spend about ⅕ of their time trying to locate internal information. The same study found that searchable knowledge bases can reduce that time spent by as much as 35%.

An IDC study found that around half of a data professional’s time is lost to improper knowledge management:

  • On average, employees who manage or use data spend 14 hours per week on data they can’t find, protect, or prepare.
  • They spend about 10 hours per week building information that already exists.
  • About 80% of businesses say that accessible, searchable, and accurate information is vital for operational efficiency, policy compliance, risk reduction, regulatory compliance, and increased revenue.

A well-developed, well-maintained knowledge management system has several tangible and not quite as tangible—but still key—benefits, including:

  • Improved efficiency – A well-managed knowledge management system eliminates redundancies, saves time searching for information, and generally empowers employees to do their jobs.
  • Retention of organizational expertise – People within companies have decades of information and historical data in their heads. Retaining the expertise helps prevent repeating mistakes of the past and contextualizes current actions and processes. 
  • Facilitates collaboration – A democratized knowledge management system helps tear down silos by letting people from anywhere in an organization access needed documents or other information for maximum collaboration. 
  • Enables data-driven decisions – A well-maintained knowledge database tracks changes within an organization. It even provides knowledge managers with the tools to see how much a particular part of the repository is used, how much things are utilized and not utilized, where there are knowledge gaps, etc.
  • Reduces the risk of a data breach – A single source of truth should have consistent security processes, such as two-factor authentication. Administrators should also control access. Browser-based access, as is available with RFPIO, lets employees access the knowledge base from anywhere without logging onto the company server.
  • Increases revenue – Accessible company knowledge empowers revenue teams to provide the information customers need and close more deals faster.

See how Crownpeak saw a 6x ROI within months of implementing RFPIO

What should be included in knowledge management systems?

Of course, every company defines critical knowledge differently, but there are some things that every organization should house in a secure, well-maintained company knowledge base. Some information might be closely-guarded, and some might be publicly available. Here are some examples:

  • Company information – Company history, mission, values, public product information vs. what’s on the roadmap for the future. Policies such as diversity, equity, inclusion, etc.
  • Sales enablement material – Product info, processes, sales cycles, relevant data, quotas, busy/slower seasons, customer service information, etc.
  • Internal FAQs – General HR questions, benefits, PTO, policies, product information, customer-facing information, mission values, etc.
  • Customer-facing FAQs – Values, mission, history, products and bundles, diversity, equity, inclusion, philanthropy, case studies, notable customers, etc.
  • Calendars – Major events of importance, quarterly all-hands, meetings from the CEO, events throughout the year, quarterly deadlines, sales cycle, etc. 
  • Marketing documents – Branded and ready-to-go content, brochures, case studies, logos, etc.
  • Product information – Historical and up-to-date versions of the product(s); some include product roadmaps, lists of subject matter experts, product onboarding and training materials, etc. 
  • Security information – Security policies and practices, depth of protection, due diligence questionnaires (DDQs), compliance information, etc.

Types of knowledge management systems

There are two main types of knowledge management systems, corporate wikis and internal knowledge bases. Both have their advantages and disadvantages. 

Corporate wiki

A corporate wiki is a lot like Wikipedia. A wiki is truly democratized; anyone in the company can add to it or edit it. Corporate wikis shouldn’t house confidential information. 

Benefits of a corporate wiki

  • Enables increased employee engagement
  • Open source
  • Searchable

Downsides to a corporate wiki

  • Unreliable contributors and information
  • Difficult to audit
  • No defined page roles

Internal knowledge base software

Internal knowledge base software provides a controlled repository for information. It has defined access and page roles, and the content is generally reviewed for quality, accuracy, and timeliness.

Benefits to an internal knowledge base

What makes a successful knowledge management solution

An effective organizational knowledge management system should feature centralized accessibility, reusability, and efficiency. Intelligent knowledge management systems also include AI-powered automated response generation, real-time access, and auditing features. 

Knowledge management ensures that content is accessible and shareable within an organization and that there’s a clearly defined process for discovering and capturing knowledge. There are formal and informal ways of managing knowledge. Knowledge managers should look at what is being shared and what they need to capture.

How to develop a knowledge management strategy

Tools do not in themselves motivate people to share knowledge; however, a knowledge management strategy can support a cultural shift around sharing knowledge. Here are some steps for implementing a knowledge management strategy:

Identify organizational objectives

A knowledge management strategy should contribute to overall organizational goals, including organization objectives, culture, infrastructure, processes, etc. 

You can also break down your knowledge management practices, such as discovery, capture, organization sharing, etc.

Audit your current knowledge processes

Evaluating your current knowledge management system is necessary for benchmarking knowledge management capabilities. 

Questions you might ask to gain key insights into processes include: 

  • How effectively is knowledge currently accessed?
  • Where is knowledge presently stored?
  • Where do informational silos exist?
  • What gaps would exist if subject matter experts left and took their expertise with them?
  • What are common search terms?

Some information, such as company history, may be static, while other company knowledge needs regular updating. Setting regular—preferably automated—review cycles for existing data is essential. 

Capture and organize knowledge

As the saying goes, prevention is the best medicine. The same is true for knowledge management. Organizing knowledge as it goes into the database provides better searchability and optimized audit cycles. The best tactics for systematically codifying knowledge include:

  • Adding tags
  • Using templates for consistent formatting
  • Setting up custom fields and collections
  • Using filters for moderation
  • Restricting sensitive content visibility

Implement an accessible knowledge base

People often resist change, even if that change dramatically improves their work processes. The same is true with a knowledge management system. Rather than shock the company ecosystem, take it slowly. Tactics for rolling out a knowledge management system include: 

  • Establishing clear and transparent buy-in from departments – Include department heads in onboarding processes
  • Introducing the system to one department at a time for gradual expansion
  • Prioritizing departments in greatest need – For many companies, those in most need include revenue teams
  • Scheduling training for all users

Conduct regular audits

Advanced knowledge management systems are robust and intuitive, but when there are 1,000s of somewhat different answers to a single question, you might find yourself combing through them all. 

But a knowledge base is supposed to save you time, right? It will, but like a garden, it needs regular pruning—we suggest monthly. Here are some of the content auditing best practices:

  • Conduct a duplicate report and delete or warehouse duplicate content.
  • RFPIO’s Content Library allows auditors to pull insights reports to see how often content is used. Archive any content that hasn’t been used in the last year.
  • Archive content that hasn’t been used at all.

Measure improvement

There are many intangible benefits to knowledge base software, such as better collaboration, fewer mistakes, higher quality proposal responses, less frustration on the part of SMEs, better engagement, etc. But executives generally want to see more. They want numbers. 

Scheduling regular Content Library health reports can assist in demonstrating ROI to stakeholders.

Fortunately, RFPIO’s internal knowledge base software capabilities allow for easy, quantifiable measurements of post-implementation success through a wide range of reporting features, including:

  • Content Library Insights Report – Track trends, win/loss analysis, etc. Content Library reporting is almost limitless.
  • Content Library Timeline – Are you meeting customers’ timelines or your deliverables?
  • Content Library Search Terms Report – What are frequently used search terms?
  • Projects – Which projects are currently being worked on and which are on hold?
  • User activity – Which employees benefit from which content, and what content do they use?

RFPIO’s reporting features are fully customizable if the pre-built reporting features don’t cover all of your company’s needs. 

Breaking down silos: How RFPIO can help

Farm country, as you’ve probably witnessed, is dotted with grain silos. Silos are effective at storing grain because they’re insular—there’s little chance of contamination or leakage. That’s great for grain but not so much for companies.

Unfortunately, many companies, intentionally or not, work in solos. Departments are isolated, and any knowledge they create stays with them. RFPIO addresses the barriers that keep people from effectively sharing knowledge, including:

  • Not enough time – You have too much going on to provide information to people who you don’t even know. With RFPIO’s Content Library, they can find it themselves.
  • Cumbersome processes – RFPIO’s Content Library lets you customize and streamline your operations.
  • Outdated relevancy – The Content Library helps you conduct periodic audits to keep content fresh and accurate.
  • Lack of trustworthy source – User permissions help ensure content reliability.
  • Inaccessibility – The RFPIO Content Library is open to any stakeholder in the company. RFPIO® LookUp provides access from any browser.
  • Lack of collaboration – Desiloing helps encourage collaboration.

Dynamic Content Library

Your company might send people to the moon, but your accumulated company knowledge is vital for your future. Knowledge hygiene, or ensuring your knowledge base is accurate, de-duplicated, and current, helps ensure that employees aren’t running around like proverbial headless chickens as they try to locate the tools to do their jobs. 

Easy Collaboration

Most company knowledge is hard to define as company knowledge since it exists inside people’s heads. RFPIO’s collaborative software facilitates sharing implicit and tacit information with tools to tap into experts’ minds. 

  • In-app mentions – Tag collaborative partners with a simple @mention, right inside the RFPIO app. 
  • Messaging app integrations – RFPIO seamlessly integrates with all the most popular messaging apps, such as Google Hangouts, Jira, Microsoft Teams, and Slack.
  • Task assignment capabilities – Assign tasks and track project status in real-time with advanced project management tools.
  • Eliminates the differences between formats – Whether your information is on a spreadsheet, a document, or a PDF file, RFPIO supports full searching and collaborative capabilities.

Integrations

We get that tech stacks sometimes grow out of control, and users having to check multiple apps throughout the day is a hassle. RFPIO seamlessly integrates with more than two dozen of the applications you already use. 

Discover how sales teams can benefit from a streamlined and effective modern tech stack

Additionally, RFPIO® LookUp allows for quick access to the most up-to-date information from any web-based software, such as Salesforce, Slack, Google Docs, etc. If you have a web browser, you can access RFPIO’s Content Library.

Manage smarter knowledge with internal knowledge base software

If your knowledge management system contains out-of-date or inaccurate information, is siloed inside departments or inaccessible applications, or if you don’t have a knowledge management system at all, schedule a free demo.

 

Knowledge management best practices

Knowledge management best practices

When a business is in its founding phase, it’s undeniably chaotic, but it’s also when company communication is at its peak. Everyone is on a first-name basis and working toward the same goal.

If Mark in sales needs financial information about the company for a potential customer, it’s easy to run down the hall to ask Bethany, the CFO. If Bethany wants next quarter’s marketing forecasts, Harper, the CMO, is just steps away.

Soon, though, the business grows, which of course, is the goal. Then the company hires an HR team, and the staff begins to expand. And then, perhaps without noticing, something happens—silos develop. 

Harper and Bethany might still know each other, but their employees may not. Sales, for example, becomes wholly removed from the people responsible for building the company’s products. They may even be siloed off from others involved in the sales cycle. 

The most significant loss in a siloed organization isn’t about names or distance to colleagues’ workstations; the most significant loss is democratized access to company knowledge. 

This blog will discuss best practices for transforming scattered company knowledge into a single source of truth, a.k.a., an intelligent Content Library. 

What is knowledge management?

Knowledge management refers to how companies collect, organize, analyze, share, and maintain valuable company documents and data. The objective is to democratize knowledge and empower employees to accomplish more in less time. 

Knowledge management is also about ensuring that everyone in the organization is on the same page—a single source of truth. Effective knowledge management prevents miscommunication, incorrect information, and knowledge gaps. It also spurs productivity and helps connect, if not tear down, silos. 

Knowledge management systems

A knowledge management system is about managing a centralized repository of all of an organization’s information. It may include shareholder or annual reports, marketing collateral, sales enablement material, legal documents, contracts, company data, software documentation, operating procedures, etc. 

Knowledge, of course, is fluid—so is an effective knowledge management system. The software should prompt gatekeepers to run regular audits for inaccurate, non-regulatory compliant, or out-of-date files. It should also remind them when a record might need to be virtually shredded. 

Aside from its employees, internal knowledge is a company’s most important asset. Accurate and up-to-date knowledge management systems help executives, response management teams, sales, marketing, accounting, human resources, etc., do their jobs. Does that mean all employees should have access to the entire knowledge base all the time? Definitely not, but we’ll elaborate on that in a bit.

The importance of managing internal knowledge

We are in the midst of the Information Age. Nearly anything we’d want to know is a simple Google search away. But can we say the same about workplaces? As much as that might be the goal, for most organizations, the unfortunate truth is no. 

  • 75% of organizations qualify creating and preserving knowledge as important or very important.
  • Only 9% of those organizations say they are ready to address knowledge management.
  • About ⅓ of organizations haven’t leveraged any form of artificial intelligence (AI) for knowledge management.
  • Only 8% say they’re leveraging AI to a great extent.
  • More than half of companies’ data goes unused.
  • An employee survey showed that over 90% of respondents think it should be as easy to find company knowledge as it is to find information on Google.
  • Most think it’s easier for consumers to find information.

Advantages of developing a knowledge management system include:

  • Informed decision making – All the data and documentation is at decision makers’ fingertips.
  • Better strategies – Knowledge management systems provide click-of-a-button access to sales and market trends.
  • Increased revenue – Arm sales and response teams with the knowledge they need to win more business. 
  • Increased efficiency and productivity – No more searching for information.
  • Improved proposal quality – Content at your fingertips provides more time to write and edit a compelling, bid-winning story. 
  • Increased response accuracy – Reusing existing company-approved content is far less error-prone than rushing to compile information and provides more time to check work.
  • Trend analysis – Generate reports from anywhere.
  • Staying ahead of competition – Compile competitive and market research.
  • Expert knowledge retention – No one likes to answer the same questions twice (or more). 

What is content creation and reuse?

Content creation is about generating content that appeals to a company’s persona buyer. Content can come in written, visual, or audio form. 81% of organizations see content as a core business strategy.

A content management system allows users to create, collaborate, publish, edit, store, and catalog digital content right on the platform. Advanced content management systems help take work off of users’ hands, leveraging AI to read, catalog, and store uploaded documents. 

Then, instead of reinventing the wheel each time stakeholders need information, they can reuse and edit content as required. 

Best practices for knowledge management

Knowledge management aims to create an effective single source of truth, with accurate and up-to-date information. Whether a stakeholder works in sales, response management, legal, finance, or HR, the information should be easily searchable, consistent, and repeatable. 

But consistency and repeatability on their own aren’t enough. A knowledge management system needs to not only have the scalability to grow and change with the organization but also to help the organization grow and change. 

Determine the best type of management solution for your company

There are two main knowledge management solutions: company wikis and internal knowledge bases. Let’s delve a little deeper into which solution might work best for your organization.

Corporate Wikis

Did you know that the word “wiki” means “very quick” in Hawaiian? It sort of seems like an oxymoron for island life, right?

A corporate wiki is basically the same concept as Wikipedia. A wiki allows any employee to add, delete, or edit content. And surprisingly, most wikis are pretty quick.

Corporate wikis:

  • Are knowledge repositories – Employees add knowledge to the database as it becomes available.
  • Are searchable – As with Wikipedia, corporate wikis are easily searchable.
  • Save time – If the information is in the wiki, there’s no need to track down subject matter experts. 
  • Improve employee engagement – Since wikis are open to all employees, even relatively bottom-of-the-ladder employees can participate in information gathering, sharing, and utilization.
  • Support links – A single document or piece of content might have one or more parent or child records. Wikis let users link to related documents and content.
  • Some, but not all, wikis are open source.

Still, corporate wikis are not without their downsides, including: 

  • Unreliable contributors – Sometimes, knowledge can be too democratized, and contributors might not have the entire picture.
  • Inaccurate information – Wikis don’t generally have quality control measures in place.
  • Difficult to audit – Knowledge can have a short shelf life. Wikis aren’t famous for processes to weed out and update old content. Also, anyone can edit.
  • No way to define page roles – Wikis are open to all employees; there is no way to limit viewing or editing rights.

Internal knowledge bases

On the other hand, an internal knowledge base has more in common with a library, only without space limitations. Ideally, a knowledge base should house all company knowledge, and after an employee enters their login credentials, a library card of sorts, the virtual librarian directs the user to the content they need.

But there’s more to an internal knowledge base than gatekeeping and pointing users in the right direction. A true internal knowledge base should have several key features, including:

  • Built-in smart search feature – Leverage AI assistance for fast and accurate searching.
  • Custom fields – No two companies are alike; they should be able to create fields that match their company needs.
  • Multi-format capability – An AI-powered internal knowledge base should support both written content such as question and answer pairs, and uploaded documents.
  • An intuitive and easy-to-navigate user interface – What good is an internal knowledge base if it’s difficult to use?
  • Tagging – You would never just throw files in a file cabinet. Think of your knowledge library as a sophisticated file cabinet. All content should be tagged and, if applicable, attached to parent and/or child folders.
  • User restrictions – Content creation and editing are reserved for verified specialists.
  • Simplified auditing – Function within the parameters of a content strategy with regular audits.
  • Scalability – A knowledge management system needs to grow as your company grows. 

Implement change in gradual steps

Too much change all at once is a shock to the system. Prioritize departments in need and introduce the system to one department at a time. Gradually expand as you dial in training, word of mouth circulates about how great the system is, and you have success stories to share with new departments and executive sponsors.

Showcase improvement metrics

Internal knowledge base software capabilities allow easy, quantifiable measurements of post-implementation success. The functional value of knowledge management will rapidly become apparent to end users in how they can execute their responsibilities. 

See how Genpact increased efficiency by up to 35% with their RFPIO-powered knowledge base.

They’ll be able to build better proposals faster, respond to prospects and customers with greater accuracy in near real-time, and gain contextual insight into all the content relevant to their role.

The strategic value of knowledge management is that you’re able to show the system’s value to your leadership team so that they can trust your reporting accuracy. Numbers don’t lie, but you need measurement capabilities to get the numbers. Plus, it makes it easier to measure ROI. You have to communicate the value of your single source of truth.

Internal knowledge base software easily allows you to measure success post-implementation. I’ll call out three of my favorite RFPIO reports that help illustrate its strategic value:

  • Content Library Insights Report – This dashboard connects you to insights on your Content Library, including content moderation and usage, content owners, and content moderators.
  • Content Library Timeline – More of a tool than a report, this allows you to proactively set SME schedules, so content auditing responsibilities are parsed out manageably instead of piling on hundreds of questions at the end of the year. From a reporting standpoint, it shows leadership how SMEs use their time.
  • Content Library Search Terms Report – Which terms are end users searching but receiving zero results for? This report delivers instant insight into which content you need to develop to meet user—and ultimately prospect and customer—needs.

Ensure that your team can access the knowledge they need for shared success

If knowledge is not accessible and usable at scale, then it’s probably not worth managing. Sales teams need content to answer tough prospect questions in near real-time and build personalized presentations. Proposal teams need on-demand knowledge to answer questionnaires and create engaging proposals. Support teams need access to knowledge from wherever they’re working without toggling between applications to improve the customer experience.

This can only happen with open access to the knowledge management system. That’s why RFPIO provides unlimited user licenses, so everyone who can benefit from knowledge can also access knowledge. Technical, product development, sales, marketing, legal, security…all of this content has value and will strengthen your knowledge management. The right system will help you restrict access to sensitive content that may include private, confidential, or proprietary information.

Managing organizational knowledge with RFPIO® LookUp

Remote work and distributed workforces are the new norms, so why should employees have to go to the office to access the knowledge database? 

RFPIO’s internal knowledge base software enables better organizational knowledge management. RFPIO® LookUp provides team-wide access to RFPIO’s Content Library from anywhere and from preferred productivity tools, such as:

  • Google Chrome
  • Chromium Edge
  • Google Hangouts
  • Microsoft Word
  • Microsoft Excel
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Microsoft Teams
  • Slack

Whether from a salesperson in the field or a response manager who works from home, enhanced accessibility helps facilitate content reuse, enable real-time access to corporate expertise, improve response time, and scale the ability to respond to RFPs from wherever they have access to a computer. 

See RFPIO® LookUp in action

I often say that RFPIO’s robust, scalable Content Library is like Clark Kent—bookish, a little nerdy, but incredibly smart and has the strength of a superhero. RFPIO® LookUp removes the metaphorical glasses and lets the Content Library fly to any destination at the speed of, well, the internet.

If you’re interested in learning how RFPIO’s Content Library, teamed with RFPIO® LookUp to let your company knowledge fly, read more about it. You can also schedule a free demo.

 

Why you need RFP software

Why you need RFP software

The response process should be scalable, repeatable, and consistent.

Perhaps you remember the childhood game of “telephone.”  In the game, one person thinks of a sentence and then whispers it to the next person in line; that person then whispers it to the next in line, and so on. Once everyone has heard the sentence, the last person has to say it out loud. Almost invariably, the final sentence has very little in common with the original. 

An RFP might land in someone’s inbox in a variety of formats, including Word, Excel, PowerPoint, or even as a PDF. You might share the RFP, or parts of it, with dozens of stakeholders, each with their own area of expertise. 

You could even have multiple stakeholders working on a single question or a single subject matter expert (SME) working on multiple RFPs, which, without the right processes in place, leads to inconsistent responses—a giant red flag to procurement teams.

In other words, an RFP can be like a written game of telephone. Multiple hands without centralized processes can delay and distort the response, meaning the response manager might have to spend hours, days, or even weeks trying to craft a cohesive response out of an anything but cohesive array of answers.

The solution is RFP software that is advanced enough to frame a response process that is consistent, repeatable, and scalable, regardless of the number of stakeholders involved. Let’s explore how RFP software can smooth out the response process, enabling you to drive more revenue in less time.

What is RFP software?

Clothing sizes, sports referees, traffic, RFPs—is consistency too much to ask? To be fair, consistency can get a little boring, but consistency in the RFP response process leads to better responses and perhaps more time for you to enjoy more of the chaos we call life outside of work.

As much as we’d love it if all RFPs arrived in consistent formats, they don’t. An effective RFP response tool is the foundation of a fine-tuned RFP process, creating consistency, repeatability, and scalability—transforming any RFP format into a predictably easy-to-navigate response.

Intelligent RFP software is able to import documents into a single format that’s simple and easily accessible by each stakeholder. In turn, the stakeholders submit their answers via the online portal, so project managers, writers, SMEs, etc., know who said what, when it was said, and how to find it, every single time, regardless of the RFP’s original format.

Once answers are in the system, you can store the Q&A pairs in the Content Library, or as I like to call it, The Single Source of Truth, for future use. But SMEs don’t have to wait for an RFP to add vital information to the Content Library. As they accumulate knowledge, rather than storing it on paper or in their heads (surprisingly common), they can add it to the Content Library, where it will remain accessible to all who need it. 

Additionally, RFPIO’s advanced RFP software is a project management platform, with features such as assigning and tracking roles and responsibilities, scheduled review cycles, trend analytics, built-in collaboration tools, and seamless integration with the most popular CRMs and other sales tools. 

In short, RFPIO software is both a scalable content management system and a project management tool, allowing teams to respond to more of the right bids in less time. 

Perhaps less tangibly, but as importantly, it instills trust in SMEs and other stakeholders, as they know that their efforts won’t be duplicated or wasted and that there’s a single repository of consistent and repeatable company knowledge. This enables companies to build on things as opposed to just trying to keep afloat.

Fundamental features to look for in RFP software

The two main features to look for in RFP response technology are project and content management. While response teams might function with one or the other feature, it’s far more difficult. 

You can answer RFPs without an automated and intuitive content management system, but that would make them a lot more difficult. On the other hand, you could have just a content database, but you’d lose context, such as where the content is, where the gaps are, and where you have old information that’s being pulled in without actually doing the RFPs.

Still, organizations should look for what their specific needs are. What are the most significant pain points? How will the needs grow in the future? 

The most common pain points we hear are:

  • Too much time spent on responses – An up-to-date and easily accessible content library means the difference between tracking stakeholders down and clicking a few buttons.
  • Low response capacity – More often than not, low response capacity comes from trying to do too much. All too often, replying to each and every RFP is seen as the safer bet. Imagine if dating singles took the same approach. Instead of “swiping right” on every opportunity, choose those that fit. An automated response process can help you choose wisely and simplify those worth pursuing. More importantly, automation helps ensure that responses are accurate and on time, but also compelling and competitive, which helps propel your bid to the top of the stack.
  • Disjointed workflow – For proposal teams, a disjointed workflow is a confidence killer! When stakeholders cannot follow the process, they may find themselves wondering “why bother?” RFPIO’s project management features ensure up-to-the-minute statuses on each proposal. And when someone is stuck, others can see where they are stuck and help. 
  • Inconsistent deliverables – RFP software eliminates the differences between formats, makes questions easy to locate, and simplifies collaboration, even in siloed organizations. Perhaps more significantly, RFP software enforces rules and parameters, such as character limits.

Why you need RFP software

Since the start of the COVID pandemic, the growth of remote work opportunities has brought the term “distributed workforce” into the mainstream. However, with worldwide offices, multiple brands under single umbrellas, etc., distributed workforces have been around for a very long time.

It’s common for a response to require SMEs from multiple time zones or for a single SME to work on responses from half the world away, and even from different brands under their corporate umbrella. 

Response software such as RFPIO allows for different versions of questions and answers. So rather than responding to each RFP from scratch, RFPIO lets SMEs add to or change content to tailor each RFP, ensuring that there’s less of a risk of discrepancies. 

RFPIO features include:

  • Content management – Repeatable company information in a single source, ready to go at the click-of-a-button.
  • Integrations – RFPIO seamlessly integrates with more than two dozen of the most popular CRMs, project management systems, communication apps, sales enablement tools, etc. 
  • Automation – RFPIO continually learns as you work and suggests answers as you go, providing repeatability. The platform also automatically transfers RFPs from multiple formats into a single, consistent, accessible, predictable one.
  • A unique, project-based pricing approach – User-based pricing limits response teams, creates bottlenecks and incentivizes teams to limit their use of SMEs. Instead, RFPIO includes unlimited users in all of the pricing levels. 
  • Scalability – RFPIO has no data or user limits. The software grows as the company grows and changes. Moreover, as the RFP industry evolves, so does RFPIO, without burdening existing tech stacks..

How RFP software can help

I will let you in on a little secret. RFP software, even cutting-edge RFP software such as RFPIO, is not a magic wand. It will never replace response teams, but advanced RFP technology will make their jobs more efficient and productive, ultimately making everyone, even CFOs, happy.

However, the only way RFP software can truly add value is if it works with response management teams rather than the other way around. That includes:

More productive collaboration

Improving collaboration is key to effective RFP management. Most organizations have distributed workforces, and even those that don’t might have off-premises response stakeholders and SMEs. 

Chasing people down for answers is a waste of time. RFPIO allows any stakeholder to log in at any time and see exactly what is being asked of them. 

Integrations

RFP software should work with tech stacks instead of adding to them. RFPIO does precisely that by seamlessly integrating with more than two dozen of the most popular workplace tools, including:

  • CRM – Break down the silos between sales and response teams with CRM integrations, including Salesforce, Dynamics 365, Pipedrive, PipelineDeals, and HubSpot
  • Communication apps – Stay in touch with stakeholders with Google Hangouts, Jira, Microsoft Teams, and Slack
  • Cloud storage – Sharepoint, Box, Dropbox, Google Drive, and OneDrive
  • SSO authentication – Login through Microsoft ADFS, Microsoft Azure, OneLogin, and Okta
  • Browser extensions – Access RFPIO through Chromium Edge or Google Chrome
  • Vendor assessment – Streamline security questionnaires through Whistic
  • Productivity – Import RFPs from nearly any format, including Microsoft Suites, Google Sheets, and PDFs
  • Sales enablement – Import and export content using Seismic or Highspot

Streamlined workflow

RFPIO’s project management features allow project managers to ensure efficiency, establish roles and deadlines, protect your RFP response content, and curate and cultivate your Content Library.

Automated import process

Manual imports are the most time-consuming part of the RFP response process. RFPIO’s advanced import tools turn RFPs from nearly any format into consistent and easily-collaborative content.

Content Library

As I’ve mentioned, consistency is key in response management. In fact, repeating yourself is perhaps the easiest way to streamline your response process, especially since most questions are repeats, or at least variations on questions you’ve seen before.

Keep all your content in one easily accessible place with RFPIO’s AI-empowered Content Library. When you encounter one of those repeated questions, the Content Library will automatically suggest a company-approved answer. All you have to do is click a button and tailor the answer if needed.

knowledge management tool decreases RFP response time by:

  • Providing a searchable information hub
  • Housing reusable content
  • Enabling customization using previous responses
  • Facilitating content accuracy

AI-powered recommendation engine

We like to think of RFPIO as a response team’s brilliant assistant. Stumped on a question or you don’t have time to scour the database? That’s what the AI-powered recommendation engine is for. It:

  • Answers common repetitive questions
  • Auto-identifies response content
  • Assigns questions to pertinent SMEs

Enhanced security

RFPIO’s multi-level security enhancements protect organizations’ most valuable assets, company knowledge, with RFPIO’s state-of-the-art security controls

  • SSO – Using Single Sign-On, you won’t have to memorize passwords. Simply login using your company credentials. 
  • Automate user management – Automatically delete users when they leave the company
  • 2-factor authentication – If your company doesn’t use SSO, RFPIO also supports 2-factor authentication.
  • Control access – Define what users can and can’t see.

Higher success rates

Let’s talk about the bigger picture. The ultimate goal of more effective RFP management is to win more business! RFPIO gives response management teams more time to craft better answers to more RFPs. It sounds simple, right? Again, it’s all about scalability, repeatability, and consistency.

With RFPIO, you can increase your win potential by responding to the right opportunities in a consistent, repeatable voice, using consistent, scalable answers in a repeatable, easily collaborative, and searchable format.

Scale your team’s ability to answer RFPs

By optimizing the amount of time spent on repetitive manual processes, your team is freed up to dedicate their resources to pursuing new business.

Produce higher quality responses, consistently

In a highly competitive landscape, businesses cannot afford to gamble by underperforming at the proposal stage. RFP software enables consistency through dependable accuracy, helping ensure finely-tuned responses, and creating reliable deliverables through export functionality. 

Start winning more bids with RFPIO

RFPIO is the industry-leading response management platform, designed to securely increase RFP win rates and drive revenue.  Learn more by scheduling a Free Demo. 

Now, if only we could do something about clothing sizes. 

Next, we’ll discuss knowledge management best practices.

What is RFP software?

What is RFP software?

In many companies, proposal and sales teams are stretched to their limits. Even though high-revenue sales requests often arrive via RFP, it’s often easiest to grab those ready-to-close sales leads, even if it means less revenue.

Feature-rich advanced RFP software allows overstretched response management and sales departments to reach for the brass rings—those winnable and profitable RFPs—using significantly fewer employee hours and resources.

If your organization uses dated software or a manual RFP process, or if time constraints prohibit RFP responses altogether, read on to learn about RFP software and how it could benefit your organization.

What is an RFP?

A request for proposal (RFP) is a document that a buyer issues to suppliers that outlines the product or service requirements for procurement. RFPs come in a variety of different formats and narratives (similar to essay questions).

An RFP is the highest form of communication in the procurement process. Most deals are for more than $20,000—often significantly more, like with extra zeros and another comma. They are most common in government, software, insurance, business services, healthcare, and other complex, highly-regulated industries.

Security questionnaires determine whether a vendor (or even the vendor’s vendors) is compliant with the customer’s security requirements. They may include questions about security and privacy, business continuity management, supply chain management, business continuity management, etc. Not surprisingly, security questionnaires are lengthy and complicated, sometimes with hundreds of questions.

Additionally, there are requests for quotes (RFQ)—typically for purchasing goods rather than services—and requests for information (RFI). RFQs, as you might imagine, are about the bottom line, which makes sense when purchasing several gross of industrial screws, but not services that require a more bespoke approach. On the other hand, an RFI might be used to narrow potential suppliers down for future RFP solicitations.

Of course, RFPs often include RFQs, security questionnaires, and RFIs.

What are the objectives of an RFP?

The main objective of an RFP is for organizations to formally announce that they are opening a project for bids. RFPs are more formal and exacting than simple requests for pricing, and they’re typically for larger purchases.

An RFP will describe the needs and expectations of the issuer’s project and create the parameters to compare solutions.

RFPs generally require specific information about regulatory compliance, security, etc. In fact, it helps to think of an RFP response as the precursor to a sales contract and something that would even pass muster with legal departments—and quite often, legal has to approve responses before they’re sent to the customer.

RFPs ask for accurate, compliant, contract-ready answers to customer questions. Compare it to purchasing a house. You might want to know the current state of water or electrical systems, and as part of the presales contract process, the homeowner has to submit the answers in writing. The seller is then legally bound to the accuracy of their answers.

Common problems in the RFP response process

The RFP response is more complex than the uninitiated might think, which is why manual processes only allow for a couple of responses per year. There are a few notable challenges in the RFP response process, including:

The workload – Single RFPs often include hundreds of pages, requiring input from multiple stakeholders. Imagine answering dozens of RFPs per year when you use manual processes!

Content quality – You have one shot at answering an RFP correctly. Content should be centralized, current, and accurate, which requires advanced cataloging.

Collaboration – If an answer isn’t in your content library, the RFP will require collaboration, which means consulting with subject matter experts (SMEs). Having multiple people provide different answers is like herding cats, and extremely difficult without response management.

Detail – RFPs require impeccably detailed and accurate answers using existing knowledge and collaboration from SMEs.

Deadline – RFP deadlines are firm and many responses are time stamped. Missing a deadline by just a few seconds can rule your company out. Response management should keep you on track throughout the response process.

Consistency – An RFP response process should ensure consistent and on-time deliverables.

What are the three levels of RFP software?

There are three levels of RFP software. The first, manual processes, include some software, such as documents, spreadsheets, and a folder tree, but little else. Manual processes are generally acceptable for companies that only respond to a couple of RFPs a year.

I typically refer to the next level of RFP software as “the document suites.” This includes word-processing software composed of essential collaboration tools, content management, templates, and formatting. Document suites are suitable for companies that answer a handful of RFPs each year.

When RFP-based deals are an essential source of revenue, most organizations opt for the third level—a Response Management solution. These solutions help businesses with responses ranging from RFPs to security questionnaires, and offer the most advanced functionality for creating RFPs and managing their workflows. They save time, money, and costly errors through machine learning, robust integrations, and comprehensive and intuitive content management tools.

What are the benefits of RFP software?

RFP software solutions remove most of the above challenges by automating as much as 80% of the response process.

To a harried response manager, RFP software is a game-changer. To their employer, RFP software offers a demonstrably impressive return on investment.

Because RFPs are unique, even when they come from existing customers, and because businesses and regulatory requirements are in near-constant flux, most responses require additional input from SMEs. Through RFP software automation, but still at the response manager’s discretion, the SMEs’ answers will then go into the content library for future use.

Features of Response Management software

RFP solutions are capable solutions designed to help organizations engage with external stakeholders in an efficient, strategic, and consistent manner. They support the process of responding to customers and other stakeholders by leveraging new developments in machine learning and collaborative cloud technology to break down knowledge silos and automate repetitive tasks.

Responding to RFPs is one of the most popular response management use cases, and for this reason, most solutions have been designed to meet the specific needs of proposal managers.

So what are the key features?

Machine learning – With machine learning, you are the teacher. The system learns how you work and how you answer questions, enabling a click-of-a-button response the next time you encounter similar queries.

Scalability – A scalable solution that can grow and adapt to support your company as its operations grow and business needs change

Workflow Automation – Customizable automated workflows and dozens of integrations allow for easy collaboration.

Professional Document Production – Create professional high-fidelity response documents with the correct formatting in just a few keystrokes.

Data insights – Analyzing the efficiency of the RFP response process requires good reporting, including tracking the response team’s progress, the types of responses you’re issuing (and winning), win/loss analysis, etc. You shouldn’t be limited to the data the software designer thinks is important. RFPIO lets you create reports the way you want them. If you use reporting suites, we probably integrate with them too.

Advanced Content Management – RFP software solutions provide enterprise-grade content management to ensure content repositories are current and complete.

The benefits of using RFP software

Has this ever happened to you? The moment you begin reading a proposal request, you experience a sense of déjà vu. It’s not your imagination. You have answered most of these questions before…many times before.

Most of a typical RFP includes relatively standard questions. RFP software automates most of the response process, freeing you to consult with SMEs and coordinate the response process.

Optimized workflow

RFPIO optimizes workflow by smoothing out the content creation process, establishing workflow roles, providing selective collaboration, curating and cultivating your content library, and letting you spend more time on presentations instead of herding cats.

With RFPIO software, users can rename and customize fields and intake forms, and customize frameworks and business processes. RFPIO software is a tool that fits with your processes instead of the other way around. In fact, RFPIO integrates with more workflow tools than any other response management platform.

Unified collaboration

The response process can include dozens of stakeholders from multiple departments and time zones. Timely collaboration can be a challenge, but not with RFPIO. RFPIO integrates with most project management and messaging apps, and collaboration is built into RFPIO’s platform.

RFPIO’s collaborative tools allow you to:

  • Consolidate project-specific conversations – Never lose track of comment threads again.
  • Break down knowledge silos – Each stakeholder on a response has a singular goal…winning the bid! RFPIO allows you to share knowledge with stakeholders as needed, and vice versa.
  • Track progress of response completion – See whether the project is running on time and whether each stakeholder is doing their part.

Improved win rates

The average RFP win rate is 45%. Advanced response software uses AI to streamline the response process, which means you have more time to respond to more RFPs and win more bids. Additionally, RFPIO’s Content Library helps improve response quality by suggesting pre-approved answers to most queries, leading to an increased win rate.

Even if your win rate has only nominal gains, you will still produce more revenue because, as with many other things, RFP response is a numbers game. If you have the time to respond to more RFPs, you will have more victories and drive revenue.

“Since implementing RFPIO, we’ve been able to do so much more with the same headcount. We’ve increased efficiency by at least 30-35%. We’ve diverted the effort and time to more value-added activities, creating a win-win both for the organization and the team members”.
-Shashi K, Assistant VP of Content at Genpact

RFPIO’s project management features help expedite response turnaround time, scale response capacity, and facilitate consistent deliverables.

The RFPIO approach

RFPIO is the most advanced RFP solution on the market

“RFPIO is perfect! 10 out of 10, a hundred percent 10 out of 10. RFPIO is a superb product. It is the best platform for RFP management out there.”
Jack Pierce, Proposal Team Manager, Accruent

Features include:

Proprietary import and export technology

Most RFPs show up in your inbox as Word or Excel docs. Some appear as PDFs, which less advanced RFP response platforms can’t read. RFPIO simplifies the import/export process, even with PDFs, thereby shortening the response time and delivering accurate, timely, and impressive bids. RFPIO’s industry-leading import/export features include:

  • Machine-learning-driven functionality that interprets questionnaires and parses them into components.
  • Specific functionality for the import of several standard questionnaire formats (CAIQ, CORL, ILPA, etc.)
  • Modern, intuitive UX for guiding our machine learning during import.

Adaptive knowledge library

The most time-consuming part of the response process isn’t strategizing. It isn’t even herding those metaphorical cats. Most of an RFP’s questions have probably been answered before, whether for that customer or others—sometimes several others. Answering those redundant questions is where the bulk of response time lies.

RFPIO’s AI-enhanced Content Library expedites the response process by automatically providing pre-approved answers to those tedious questions with just a few keystrokes. RFPIO’s web-based Content Library includes:

  • Auto-suggested answers
  • Auto-assigned content to relevant owners
  • Intelligent, easy search function
  • Cloud-based content storage

Built-in integrations

RFPIO is scalable and seamlessly integrates with over two dozen of the most popular sales enablement tools, productivity apps, CRMs, cloud storage providers, communication platforms, and SSO authentication software products.

  • CRMs – RFPIO integrates with the most popular customer relationship management (CRM) tools, including Salesforce, Hubspot, and several others. Users can start, monitor, and collaborate on projects within the CRM. For example, with the click of a couple of buttons, the RFP goes from Salesforce to RFPIO and puts compliant content at the finger of frontline teams.
  • Communication apps – Distributed workforces have made communication apps such as Slack and Microsoft Teams a modern necessity. RFPIO functions within those apps to keep teams aligned and projects on track.
  • Cloud Storage – RFPIO integrates with Google Drive, Google Cloud, Sharepoint, OneDrive, etc., so all documents can be stored in the cloud.
  • SSO authentication – Users can log into RFPIO through Microsoft ADFS, Microsoft Azure, Okta, or OneLogin.
  • Vendor assessment – RFPIO teams with Whistic to seamlessly import third-party vendor security questionnaires.
  • Browser extensions – Stakeholders can access the company content library directly through Chromium Edge or Google Chrome.
  • Productivity – RFPIO users can search, import, and export using productivity tools such as Google Docs and Microsoft Suite applications.
  • Sales enablement – Two-way RFPIO integrations with Seismic and Highspot allow users to import and export collateral, spreadsheets, diagrams, etc. between apps, and improve collaboration between sales, presales, and executives.

Robust project management tools

RFPIO’s management solution alleviates common challenges in meeting deadlines with better workflow assessment, even with distributed workforces. RFPIO Project management capabilities include:

  • Trend analytics – Using insightful at-a-glance dashboards, built-in analytics allows users to analyze time and resources dedicated to an RFP, and track which questions are answered manually or through the content library.
  • Task management – RFPIO breaks projects into bite-sized pieces and helps project managers assign tasks to those who aren’t buried under other responsibilities, and track progress.
  • Review cycles – Multiple stakeholder RFPs should have multiple stakeholder review processes. RFPIO allows companies to set up review cycles on questions, sections, or the entire RFP.

Deliver better proposals with RFP software

If your team is reluctant to respond to even winnable RFPs because of a lack of time and resources, or if your RFP win rate is less than impressive, it’s worth a few minutes to learn more about RFPIO’s time-saving and bid-winning response management software.

RFP management best practices

RFP management best practices

“You have to have a plan, or else you’re just creating a recipe for chaos.” ~ David Brooks

What is your first instinct when an RFP lands on your desk? Do you push it aside in favor of more urgent matters? Do you dive right in, or do you already have a strategy in place?

New York Times columnist David Brooks might not have been talking about RFP management, but as with many things, having an RFP management plan, a strategy, can mean the difference between winning your bid and chaos. 

What is RFP management?

At the highest level, RFP management is about managing the process of responding to proposal requests from start (even before receiving the RFP) to finish. Responsibilities vary from organization to organization, but the goals are the same, which is to win new business. 

At their core, RFP response is about answering how you will address a prospect’s requirements, but a good response goes far beyond giving rote answers. Using carefully curated and fresh content, the response should tell a story demonstrating that you understand the customer’s needs and how to best address them. 

RFP management includes leveraging company resources, such as subject matter experts (SMEs), existing data, and of course processes. If you consistently provide quality answers to RFPs, your win rate will increase. Below are the best practices we and our customers use to drive revenue and elevate win rates. 

Bid for RFPs strategically

There’s strength in numbers, right? The more RFPs you answer, the more you’ll win, right? Probably not. Some of the RFPs you receive aren’t a good fit for your company, so why waste time and resources on those? 

Tools such as RFPIO’s AI-powered content library, which answers up to 80% of an RFP’s questions, makes answering an RFP much faster and less resource-intensive. But if you know going in that you won’t win the bid, or you can’t service it, you’re still wasting valuable time and resources. Is the bid winnable? Follow these steps to narrow down which RFPs you should respond to. 

  • Do you have a preexisting relationship with the customer? Did they specifically choose to send it to you, or are they using a buckshot approach? A previous relationship—or when the issuer has done their own research—will dramatically improve your win rate over the RFPs that are automatically sent to everyone in your industry.
  • Is your company a fit? If you can’t service the customer’s needs, there’s no reason to answer their RFP.
  • Can you address all of the challenges presented in the RFP? Or at the very least, the most important ones?
  • Is your pricing within the customer’s budget? No, money isn’t everything, and often, features and ability to meet the RFP’s challenges will win out. However, if your solution is far outside of the customer’s budget, it’s a tough hill to climb and efforts will be best spent elsewhere.
  • Can you meet the prospect’s timeline? Can you meet the submission deadline? What about each deliverable? Can your organization fulfill all of the requirements on time?
  • Do you know why the RFP was issued? This could help determine the customer’s pain points.

First you should identify and consult with your SMEs. If you haven’t won similar bids before, or if you’d have a difficult time fulfilling the requirements, you might be better off passing on that particular opportunity. 

Have a clearly-defined RFP team

Regardless of whether your organization has a proposal management team or proposal management is the purview of the sales team or even a single person, there should always be a person who’s ultimately in charge. 

From there, the team might vary depending on the customer’s needs and your company’s organizational structure. Titles are often used interchangeably and can mean different things to different organizations. 

The Association of Proposal Management Professionals (APMP) membership roster includes more than 1,300 different job titles. You might have a dedicated proposal management team, but they may need to involve additional SMEs and stakeholders such as the executive team, legal, HR, information security, training and implementation, sales, customer success, account managers, IT, operations, finance, etc. Each organization is different, but proposal management team roles might include the following: 

  • Bid (or project) manager — The bid manager leads the proposal management team and is involved in every stage of the bid process.
  • Proposal manager — The proposal manager works on a more granular level than the bid manager. Proposal managers oversee the entire process.
  • Proposal writer — The proposal writer is responsible for responding to the customer’s requirements in a persuasive style that includes relevant information such as case studies and other differentiators.
  • Proposal coordinator — The proposal coordinator is responsible for the administrative aspects of the response, including coordinating the internal flow, schedules, security and integrity, and directing submission of final documents.
  • Proposal editor — The proposal editor ensures that the writing is high quality, persuasive, and maintains a consistent voice. They also check grammar, spelling, punctuation, and format consistency.
  • Content manager — The content manager is responsible for adding to, maintaining, and periodically reviewing the content library. 

In many organizations however, all of these roles are being filled by only a few individuals or even one, which means those individuals often wear a lot of hats. Be sure to have actionable deliverables to ensure that each person contributing to the response has clear expectations. This applies even if there’s a single contributor. 

Fully understand the customer’s expectations

There’s no such thing as a cookie-cutter RFP or customer. It’s critical to fully understand a customer’s specific wants and expectations before attempting to answer their RFP. For example, don’t mention features that don’t matter to the customer, such as niche certifications that don’t apply.  Start with what interests the issuer and then tailor your responses to those interests.

Read between the lines in trying to understand customer pain points. For example, if a customer asks a software developer if they offer user-based pricing, rather than answer “yes” or “no,” ask yourself why a customer might ask that. Perhaps they’ve reached limitations with other systems, or there’s a competitor that offers a more appealing pricing structure.

Determine how you stand out from your competitors, which of course can include cost, but it can also include product or service quality, expertise, customer service, and overall reputation. 

Manage and organize RFP content

As baseball icon Babe Ruth once said, “Yesterday’s home runs don’t win today’s games.” Similarly, yesterday’s answers don’t win today’s RFPs, even if you’ve won that exact same RFP for the exact same customer in the past. Why? Because as your business changes, so should the content. 

When you search your content library, you might find hundreds or even thousands of relevant Q&A pairs. Weeding through them might seem overwhelming, but it doesn’t have to be. Managing and organizing your content library should be an ongoing process, but there are some things you can do right now to help whittle down your Q&A pairs. The key is to focus on quality rather than quantity. You should regularly audit your content library for:

Accuracy – If, for example, you inadvertently lowball the bid, you could be contractually obligated to honor that pricing. Additionally, if you erroneously claim regulatory compliance, your organization could be held responsible for data breaches, etc. In other words, accuracy is critical, as is regularly auditing your content library to archive outdated information and update as applicable. 

Content availability – RFPs are bulky and time consuming, and most organizations are stretched thin. Finding the correct answer quickly is critical. An updated content library lets you easily find the right information without having to sift through thousands of documents and megabits of data.

Naming and tagging – Establish a standardized naming convention for each project. Not only does that make the content more accessible to each team member, it helps you find customer-specific content for future requests. You can further narrow down the content by tagging. How you want to tag is up to your company. Many choose tagging by industry or general requirements. This can help dramatically narrow down your content.

Keep content up-to-date

The best way to get around content bloat is to avoid it in the first place. Perform regular audits to keep your content fresh. 

  • Is the content still current?
  • Is the content accurate?
  • Are the answers relevant to your customers?
  • Is the content well-written?
  • Does the content match your company’s voice and tone?
  • Is the content easily accessible?

Regularly scheduled audits might not be enough, though, especially if your company goes through pricing, service, or regulatory changes. 

RFPIO response management software is a proven tool to increase RFP win rates and help you keep your content up to date. If you’d like to learn more about how you can win more by doing less, schedule a demo

Get started on your RFP solution journey with this ROI calculator

Get started on your RFP solution journey with this ROI calculator

Even with the growing amount of technology options, the majority of companies are still using manual processes to respond to RFPs. The time-consuming process of hunting through documents and spreadsheets for past responses when a deadline is looming can be a lot of pressure for any team.

Improve your win ratio with RFP automation

With fluctuating costs and increasing regulations, RFPs are longer and more complex. Answering them requires someone to lead the way and to collaborate with multiple subject matter experts (SMEs) to capture the responses. Most of us know that a well-executed response has a higher chance of winning than a hasty proposal that is rushed out the door.

Poorly executed RFP responses result in low close rates—typically less than 5%—an investment that is off-balance when you calculate the required time and resources. And though the right RFP response at the right time has the power to win new business, when team members are aware of the low probability of a win, they often push RFPs aside in favor of other more realistic priorities.

It’s an understandable dilemma, but one that is possible to overcome. One of the best ways to increase efficiency of the process and improve your win ratio is to invest in RFP automation.

Make a case for a new addition to your sales stack

As technology stacks grow, proving the case for adding another tool is a necessary step. A good place to start gathering the numbers is to calculate the return on investment, and see how much the manual process is costing your team.

Crownpeak, a digital experience management platform, spent a lot of time spinning their wheels with long and complicated RFPs–and two-thirds of their enterprise deals started with an RFP. Crownpeak didn’t have a single repository for their information, so their response specialists had to search scattered sources, including their executives’ heads, to find the intelligence they needed.

RFPs, especially in tech, are getting longer all the time, thanks to increasing regulation and complex compliance requests. In short, RFPs were taking too long to fill out and they were losing deals because of it.

That’s when Paul Taylor, Crownpeak’s VP of Solutions Engineering, knew it was time to automate their processes, but first he needed to justify the cost. Using our ROI calculator, Taylor calculated impressive returns, but was blown away by the actual results. Today they are enjoying a spectacular 6x ROI!

We know time is at a premium for most people in business these days—and pulling together the data to back up your story can be stressful to think about—so we created a handy ROI calculator to help get you started!

CALCULATE YOUR ROI

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