Even with the a growing amount of technology options, the majority of companies are still using a manual process to respond to RFPs. This 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
Issuers are putting out increasingly complex RFP’s, and answering them requires someone to lead the way and to collaborate between multiple 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, team members are aware of the low probability of a win and often push RFPs aside in favor of other priorities that don’t seem like a wasted effort to them.
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.
A client of ours, Josh Itzoe, Partner and Managing Director at Greenspring, found his team was spending 20-40 hours of work per RFP response. By tracking the effort his team was putting forth, he was able to make a case for RFP software.
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!