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How MasterControl Found Massive ROI with RFP Software

How MasterControl Found Massive ROI with RFP Software
Customer Stories, Enablement Tags:

Anthony Rossi is what you might call an RFP pinch hitter. His coworker at MasterControl had been managing most of the RFP process on her own, on top of her day job, and it had become hard to manage. Because of Anthony’s background in technical writing and data analysis, he fit the bill as the person best suited to manage the question and answer content, and improve efficiency of the RFP process.

He stepped up to the plate and immediately began to optimize the operation by building a content database in Excel and meticulously tracking the time it took to complete any given RFP or security questionnaire. Things were beginning to improve, but even his new process wasn’t sustainable in the long term if he was the only one who knew how to manage it.

It became apparent that the best option was to seek out a cloud-based RFP software tool that all stakeholders could access. There were also functionalities that needed to be present—the ability to store multiple answers for a single question, solid import and export capabilities, and a user experience that wouldn’t intimidate contributors.

Anthony was able to measure the ROI of RFPIO within 6 months of implementation, which he estimated to be an impressive 2,000 percent. With a laser focus on optimizing their RFP response process, now he’s knocking it out of the park.

Anthony wanted RFP software to do these 3 things:
1. Allow him to gather data on the RFP process, in order to improve efficiency
2. Functionality to store multiple answers for a question, and export onto a template designed by the marketing team
3. Gain user adoption among subject matter experts and other contributors

He was able to measure 3 areas of improvement:
1. 40 percent reduction in time and resources, resulting in a 2,000 percent ROI
2. Superior content management database and document templatization
3. More involvement from contributors at their levels of comfortability with the tool

MasterControl Logo

Steps to Increased Efficiency

MasterControl was started in 1993 to help companies manage compliance and quality regulations. Their software assists organizations in varying industries with setting controls for rigorous checks on approval and review cycles—enabling those companies to reduce their time to market.

“Our mission for our clients is to show them that complying with regulations isn’t just a burden. It actually gives them an opportunity to accelerate their own business,” said Anthony Rossi, Sales Operations Specialist at MasterControl.

Like the companies they are working to help, MasterControl deals with a similar issue when it comes to RFPs—their manual processes for responding to proposal requests relied on disparate documents and overworked individuals. But Anthony saw this as a business opportunity of their own.

He led the charge for RFP software to make their RFP response process more cost-effective. His must-haves included a cloud solution that would have the functionality to enhance MasterControl’s proposal response operations and be user-friendly among their many RFP contributors.

Data-Driven ROI

In order to truly communicate the benefits of an RFP automation solution to leadership, he intended to submit a thorough internal application proposal. This is where it gets interesting.

Anthony used data about the Average Hourly Burden (AHB) it took the company to complete RFPs. The conservative estimate was that for every hour one person worked on any given proposal, it cost the company $50.

However, the more accurate number was that RFPs were costing MasterControl $100 per hour to complete. This took into account a few things; the opportunity cost of what working on an RFP was preventing an employee from getting done otherwise, building costs, and other business items like licensing and even office snacks.

By Anthony’s calculations, it was taking MasterControl 32 hours, on average, to complete an RFP response, resulting in a cost of $3,200 for each one. In 2017 alone, they answered over 100 RFPs. The potential ROI was just too good to pass up.

Within six months of implementation, the team at MasterControl saw a 40 percent reduction in time and resources spent working on RFPs. Anthony’s estimation of their return on investment with RFPIO was a whopping 2,000 percent.

Getting the Team Onboard

Anthony was up and running and measuring efficiency with RFPIO in no time. With the solution, he had more tools available to gather data and optimize their processes. He was particularly impressed with the addition of artificial intelligence in the software’s question and answer repository. “The AI has definitely changed the way I tag information,” he said.

Not everyone at MasterControl has been quick to adopt, but they have been able to change their processes to accommodate every level of comfortability with the tool. As the main administrator, Anthony’s strategy for user adoption has been to onboard new subject matter experts early, so they develop the habit of working within their RFP software.

As a testament to his data-driven nature, he’s even taking advantage of RFPIO’s analytics for tracking usage to determine the success of RFPs managed entirely inside the tool. Anthony says his goal for the future is to add more RFPIO integrations to keep maximizing efficiency and bring more collaborators into the solution.

As for working with RFPIO’s team, “I feel like I have a more personal relationship with the team at RFPIO, which is unusual when it comes to many vendors.”

Time to invest in RFP software? Set up a demo with our team.

Anthony Rossi headshot

“RFPIO’s import technology is unmatched. It’s the only solution we found that’s flexible enough to accommodate a variety of formats, which is crucial in our business.” – Anthony Rossi, MasterControl

Anthony Rossi is a sales operations specialist for MasterControl, where he performs dual roles in analytics and proposal management. He graduated from the University of Utah with a degree in English, focusing on discourse analysis and technical writing. He has worked in the regulatory & compliance field since college, where he led a linguistics study which required compliance with the human research guidelines laid out by the World Health Organization.



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