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How Accruent responds to 5x more RFPs using RFPIO

How Accruent responds to 5x more RFPs using RFPIO

Accruent is an SaaS (Software-as-a-Service) company dedicated to helping customers and clients with their physical space and asset management. In […]


Category: Tag: RFP automation

How Accruent responds to 5x more RFPs using RFPIO

How Accruent responds to 5x more RFPs using RFPIO

Accruent is an SaaS (Software-as-a-Service) company dedicated to helping customers and clients with their physical space and asset management. In recent years, the company has seen notable growth as they’ve acquired other companies to increase their share in the space. They now have nine different products—all of them technical in nature.

Between all those products, the proposals team has a lot of RFPs (request for proposals) to manage and is regularly juggling several at once. According to Jack Pearce, Manager of the Proposal Team, the technical nature of Accruent’s products means the proposals team doesn’t have the knowledge required to answer all the questions themselves. But the company’s subject matter experts (SMEs) are busy people, and the team has to be cautious how much of their time they ask for.

Before Jack became the proposal manager at Accruent, he was a proposal writer. As such, he knew the company had access to RFPIO. But he never used it himself. “None of us did,” he explained. “It wasn’t really rolled out properly. No one was trained on it, everyone just thought it was another system they had to learn.”

They had some content stored in it, but none of it was organized. As a proposal writer, Jack hadn’t fully understood the value of RFPIO. But as a proposal manager, his view changed. Suddenly, he saw how much potential the tool had to make all their lives easier.

Making RFPIO’s potential a reality

In 2020, Jack embarked on a project to re-roll out RFPIO at Accruent. He worked with his colleague James May, at that time a Proposal Writer new to the organization, to better organize the content already contained in RFPIO’s Content Library. They reworked the collections the content was organized within, and created a better tagging structure. They now have nine content collections—one for each product—and another collection for security questions.

Beyond that initial project of getting the Content Library in good shape, they make a point of performing ongoing content maintenance. Whenever James—now considered the company’s resident RFPIO guru—isn’t busy working on an RFP, he devotes time to cleaning up the tags, makes sure the moderation queue is at zero (or close to it), and works with SMEs to keep all content up to date.

RFPIO is now central to Accruent’s RFP process

The proposals team now knows to start the RFP process in RFPIO, and to complete as much of it as they can using the content available. That creates a better relationship with the company’s SMEs, who now know that anytime the proposals team asks for their help, it means they’ve already done as much as they can on their own. Even better, they know each answer they provide will go in the Content Library, saving them that much more time on future RFPs.

In addition to the Content Library, the team also gets a lot of value from RFPIO’s collaboration features. Between everyone involved in the proposal process, they often have 3-8 SMEs working on RFPs at a time. Enabling efficient communication between the various people involved is important.

Before RFPIO, “Every time someone didn’t like an answer, we’d have to have a call about it,” explains Jack. “Now we just use the comments function in RFPIO to facilitate that conversation.” That makes for a more efficient process, and keeps all the correspondence in one place.

The proposals team aren’t the only ones who feel the difference. Chris Low, a Senior Account Director at Accruent, has also shared his feelings on the change: “RFPIO and the processes the team created around it make collaborating with our amazing proposals team even easier. From a simple intake form, to answering questions at a canter with the library, it’s been a huge help and certainly attestable to winning new business.”

The result: submitting more RFPs, with more confidence

With the help of the Content Library in RFPIO, the proposals team is now able to complete around 50% of all RFP questions on their own. That increases efficiency to the degree that they’ve gone from working on 5-6 live RFPs at a time to tackling 15-25 live projects at once. “That is simply because we can do more because of the platform,” Jack says.

Completing more RFPs has also made them better at determining which ones are worth their time. In practice, that has meant fewer no-gos than before. “It’s given us the confidence to take on more opportunities,” Jack shared.

They’ve also seen a big difference in how they handle security questionnaires. The responsibility for those has generally fallen to one person—and it was really too much work to put on him alone. Now, the proposals team is generally able to get 75% of the questionnaires completed on the first pass. That’s cut the response time from ten days to five.

Before RFPIO After RFPIO
Answering RFP questions meant asking busy SMEs to give up their time The proposals team is able to answer around 50% of all questions on their own, giving SMEs that time back
They juggled 5-6 live RFPs at a time They handle 15-25 live RFPs at a time
Security questionnaires were primarily the responsibility of one SME, and took around 10 days to complete The proposals team can answer 75% of the security questionnaire before they send it on to the SME, and they’re completed in half the time
They were limited in how many RFPs they felt comfortable responding to Replying to more RFPs has increased their confidence in which ones they believe they can win, meaning an increase in the number they submit

Jack and his team don’t mince words when they talk about the difference RFPIO has made. “A life without RFPIO would not be worth living,” he says. “It would be bloody difficult. And you can quote me on that.”

According to T.C. Kaiser, SVP – Global Solution Consulting at Accruent, “Our proposals team has a high volume of projects live and RFPIO enables them to deliver with speed while maintaining a high level of quality. Our team relies on the platform to deliver value to our organization and make the best impression with our customers.”

When it came time for Jack to make the case to superiors for renewal last year, he reports, “I said, ‘this is non-negotiable. If we don’t have RFPIO, we cannot do as much work as we do currently.’”

Not that anyone needed much convincing. The proposal process is so centered on RFPIO that people have taken to referring to the proposals team as the “RFPIO team.” According to Jack, “that is probably the biggest compliment we can give the system.”

RFP process recommendations

RFP process recommendations

Drawing a clear line between business activities and profits is often challenging. But two things that have a clear impact on the business bottom line are: the number of RFP (request for proposal) responses you complete, and the quality of the proposals you submit. 

Every time you fail to respond to an RFP by the deadline, that’s a sale you’ve lost. And any time you send a lackluster proposal because you were rushed and sloppy in getting it out (relatable though that may be), your chances of landing that sale don’t improve by much.  

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Guide: How to Build and Use an RFP Response Template

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Even understanding the value of a competitive RFP response, many companies struggle to complete persuasive proposals in a timely manner. If every RFP at your business requires internal scrambling and stress, that means you lack a strong RFP process. And that lack is costing you. 

What is an RFP Process?

An RFP process consists of the steps your company takes each time you respond to an RFP, the tools you use to enable those steps, and the people who complete them. Establishing a clearly defined process for RFP responses is crucial for getting more proposals out on deadline and ensuring each one is high-quality. 

Designing a Great RFP Process

At companies that lack a clear RFP process entirely, the response to an RFP can tend toward disorganized chaos. But while any RFP process is better than no process at all, a weak one can still leave your team unorganized, unprepared, and overwhelmed. That won’t improve your results by much. 

A great RFP response process is one that’s clearly defined, efficient, and consistently produces strong proposals. You’ll know you’re on the right track when collaboration between team members starts to run more smoothly, you increase the number of RFP responses submitted, and the workload of completing each one decreases. Oh, and when you start to win more of those RFPs, of course. That’s the best part. 

7 RFP Process Recommendations

To create the kind of RFP process that achieves those results, you’ll want to follow a few main RFP process recommendations. 

1. Determine the right tools for the job

The tools you use impact what your RFP process will look like. Many companies default to using the basics:

  • 28% rely on spreadsheets to capture information
  • 54% use email for communication and shared folders like Google Drive to share information
  • 84% stick with a manual process for RFP responses 

In some cases, those tools do the job just as well as you need them to. 

But if you’re struggling to stay on top of RFPs using the tools you have now, this is a good opportunity to consider whether it’s time for an upgrade. As you develop a clear RFP process—or work on updating the one you have—consider what needs you have that a new product (or a couple) could address.

If the stakeholders involved in your RFP response process can’t seem to get on the same page, you may want to go beyond email and invest in better collaboration tools. If your SMEs (subject matter experts) bristle at having to answer the same questions over and over again with each new RFP, a good knowledge management tool will help them reuse the work they’ve already done.

And if your team is letting relevant RFPs slip by because you can’t get them done in time, RFP automation software can considerably cut down on the time and work each proposal requires. Companies that invest in RFP software manage to submit 43% more RFP responses than those without. 

Be careful here not to confuse picking a product with solving your RFP response issues. The right tool has to be matched to the right process to make a meaningful difference. But once you’ve identified the tools that best address the RFP process challenges you face now, you can develop a more effective process based on the features you gain.  

2. Evaluate RFPs strategically

Even with an awesome team and the right products, you won’t be able to respond to every single RFP that comes your way. Crafting a strong proposal takes time, and submitting a sloppy one isn’t worth the effort. To keep the work manageable, an important RFP management best practice is developing criteria to determine which RFPs are worth your time.

Some useful questions to consider at this stage are:

  • Is our product even a fit for this RFP? You’re not going to win an RFP if your product doesn’t meet their needs. And you wouldn’t want to—trying to make your product stretch to do something it’s not meant for would be a bad experience for both of you. If you’re not the right answer to what they’re looking for, skip the RFP.
  • Is this company in our target market? Some prospects are worth more to your business than others. If you haven’t yet, define your ideal customer. Then weigh RFPs against how closely the company matches your target market. You may find it worthwhile to respond to RFPs for companies that don’t exactly match your ideal customer profile, but any time you have to choose between RFPs based on your capacity, it will help you prioritize your options.
  • Can they afford us? Don’t go through the whole process of responding to their RFP and pitching your product, only to learn that their budget is far too small. Consider this question upfront, so you don’t waste your time.
  • Do we have a relationship with the company? Any good salesperson can tell you that who you know is a big part of how sales get made. If the company issuing the RFP already has a prior relationship with your company, then you’ve got a bit of a head start.
  • Can we realistically meet this deadline? There’s no point in devoting the hours and work to starting on an RFP that you don’t have time to finish. If you can’t realistically meet the deadline with the resources available to you, let that RFP go. 

One of the fastest ways to make your RFP process more efficient is to weed out the bad-fit RFPs early on. That frees up time and resources to focus on the ones you most want to win.

3. Design your process to prioritize speed

RFP responses require a lot of labor hours. But when deadlines loom, taking the care you need to get every part of the RFP response just right can feel out of reach. And since your salespeople and SMEs have other important obligations, you can’t ask too much of their time without it costing your organization in other ways.

A good RFP process has to find the balance between working fast and doing good work. If you can hire more people to help, that’s one easy solution. But it’s an expensive one that isn’t always an option. If you’re at one of the 63% of organizations with no plan to increase staff, you have to look for ways to make your process more efficient.

Some of the RFP process recommendations on this list will help with this part, but additional tips to consider for efficiency:

  • Commit to moving fast to get started once an RFP makes it through your evaluation process. 
  • Create standard answers for as many common parts of the RFP as possible, so part of the work is already done. Something like company information doesn’t need to be written from scratch every time, when it mostly stays consistent.
  • Establish the priority level for RFP responses throughout the organization, so everyone involved in a response knows not to let it sit on the desk for weeks. Establishing a service level agreement (SLA) between departments can help with this. 

Considering efficiency as you define your process will pay off in faster and easier responses as you enact it. 

4. Clarify roles and responsibilities

When it’s time to move forward with an RFP, if you have to stop and figure out who should be assigned to each part of the process, that’s time wasted. If you then have to spend time convincing them to do their part, you’re facing an unnecessary bottleneck to the whole process—one that will lead to missed deadlines.

Instead, do this part in advance. Clarify who will consistently take charge of each part of the process. Figure out who the right SMEs are for each RFP section, so you always know who to turn to. Then make sure everyone knows their role and understands the importance of the process.  

Once you have your team clearly defined, ask them to provide their input on the RFP process. What would make their job easier? How can you best enable collaboration and communication between the whole team? Letting the key stakeholders weigh in will help you create a process that works for all of them. 

5. Use the content you already have

A smart way to cut down on the work and time involved in a RFP response is to use the content you already have. Answering every question in an RFP from scratch every time is extremely time and labor intensive. Consulting a Content Library to see if a good answer already exists is much faster and easier.

In order for this to be a useful part of your RFP response process, you do need to create and maintain a Content Library. Establish a library that collects all the best answers to the common questions you encounter in one place. Then think about how best to organize it so those answers are easy to find the moment your team needs them. Employing features like tagging, custom fields, and collections can improve discoverability, which is especially valuable when your team is in a time crunch. 

Having a well managed content library only matters if people use it. Make it part of your established RFP response process to look for any answers that already exist. The team will often want to tweak existing content to make it more relevant to the specific RFP they’re working on, but that’s still a lot faster than writing up a new answer from scratch.

6. Agree on clear metrics to evaluate your RFP process

No matter how much thought you put into developing a strong RFP process now, there will be room for improvement. Think through what a successful RFP process means to you, then select the best metrics to evaluate your success. 

Tracking relevant metrics enables you to spot ways the RFP process falls short, so you can improve it over time. And it’s how you gain proof of improved results, which is key for keeping (or gaining) the support of your executives and SMEs. 

Some RFP process metrics to consider include:

  • Number of RFP responses
  • Average response rate
  • Average response time
  • Time spent per RFP
  • RFP win rate

You’ll want to include metrics that measure process efficiency, as well overall results. A faster process is only valuable if quality doesn’t suffer as a result. 

7. Evaluate and improve

Anytime you get complacent, you stop improving. Make evaluating your process a regular part of the process itself. Review your metrics to determine if you’re meeting your goals. Check in with all stakeholders to gain feedback on their experience. And update your RFP process as needed to incorporate what you learned. 

Continual RFP process improvement will lead to a number of benefits that go beyond the RFP process itself. You’ll strengthen your Content Library, improve the relationship between internal teams, and increase overall revenue for the company. But getting those results requires doing the work to analyze how well your process works and strengthen your approach over time. 

Examples of high-quality RFP processes

Does putting all of this work into creating a great RFP process really make a difference? A number of companies have put that question to the test and seen notable results.

RFP Process Example #1: 

Between entrenched silos and outdated software (that everyone involved in the process hated), a health insurance company realized their RFP process was an inefficient mess. Getting RFP responses out was too slow, and none of the stakeholders involved ever knew enough about what was going on. They decided to address the issue by reworking the process to make it more user friendly. They incorporated RFPIO AI-powered automation into the process to save stakeholders time on the more tedious tasks, and made collaboration easier between team members.

With a new, improved process powered with better tools, they:

  • Improved collaboration between team members and opened easier lines of communication, so that everyone involved could keep up-to-date on the status and results of each RFP
  • Created a content library that helped them create consistent messaging and re-use quality content that’s already been created
  • Reduced the time it took to complete the RFI (request for information) portion of the process from around five days to just a few hours

RFP Process Example #2:

Small teams often feel buried under the work RFPs require, but hiring more people isn’t always an option. A two-person team at a growing software company could never manage to keep their content library up-to-date, because the process of manual updates was slow, and chasing the next RFP kept them too busy. 

But responding to those RFPs without an up-to-date Content Library to pull from was a slow and tedious process. They were stuck. So they looked at their RFP process. 

They changed the system they used for updating their Content Library by introducing RFPIO response software that made adding new content much easier. And instead of asking SMEs to provide answers to RFP questions in color-coded spreadsheets—a system that caused a lot of confusion and wasted time—RFPIIO allowed the proposal team to assign questions to each SME that would show up for them in an email. Much easier for all involved.

As a result, they: 

  • Doubled the content in their library within a few months, ensuring future RFPs are easier to respond to
  • Enabled their tiny team to manage more RFP responses at a time, while keeping track of where they are in all of them
  • Managed to submit 16 RFPs on deadlines in the first year of using their new RFP process—not bad for a two-person team

Creating a more effective RFP process

Whatever your particular challenges and needs, better RFP results start with developing an improved process. Many aspects of that process will be easier, faster, and produce higher quality RFP responses if you choose the best tool for the job.

RFPIO offers features that help with several parts of the RFP process. Some highlights include:

  • Collaboration tools that allow stakeholders to communicate with each other, clearly understand their role in the process, and stay updated on each RFP’s status
  • Automation tools that do a portion of the work of each RFP for you, significantly cutting down on the time commitment
  • A Content Library that enables you to easily update and organize your knowledge base in ways that make reusing existing content and finding the best answer every time fast and easy
  • A system that automatically tracks the most important RFP process metrics, so you can evaluate and improve your process with minimal extra work

Creating the right RFP process for your organization will work a lot better if you have the right tool for the job. To get started on your new, improved RFP process, get in touch with RFPIO’s team

 

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.

rfp repsonse software

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

 

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.  

 

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

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.

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. 

5 simplified RFP response examples that will help you nail it

5 simplified RFP response examples that will help you nail it

You lose every RFP you don’t submit, but that doesn’t mean that proposal response is a numbers game. Without quality responses, your team is just spinning their wheels, which is even worse than failing to submit at all. 

Instead, to win more bids, you need to manage a difficult feat: submit a high number of responses and make sure all of them are good enough to be competitive. 

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Guide: How to Build and Use an RFP Response Template

Discover how to build better RFP response templates and get tips and insights on improving your RFP response process.

Get the guide

We’ve provided a lot of resources on how to increase your RFP response rates, even if your team is small. But even if you manage to quadruple the number of proposals you submit, you need a solid RFP win rate for all that work to turn into real profits. 

“Too many opportunities are lost because of ambiguous and overly complex language, long and dense sentences, and vague, lifeless prose. Clear writing, in contrast, makes its points simply, demonstrating a bidder’s competence and quality.” – APMP Body of Knowledge

For that, you need your proposals to stand out, and directly address all of the customers’ requirements. The kind of persuasive proposals that win business tend to have a few main things in common:

Best practice #1: Customize answers with specific deliverables

Does it ever feel like you’re operating in rote? You have spent so much time talking up your company that you can cite its features and metrics with your eyes and ears closed. That might be fine for a cold call, but RFP issuers want deeper, tailored answers.

That’s not to say that you can’t get some help from past answers. There’s nothing wrong with repurposing and reusing old answers on new proposals—it’s a smart way to get more done, especially when using RFPIO’s Content Library. But for those estimated 20% of questions that require customized answers, reinvest some of the time saved through automation into really trying to impress reviewers at every level.

Related: Corporate wiki vs internal knowledge base: Which is better?

To be truly persuasive, you need to convince your audience that you understand their particular situation well enough to provide the right solution. That means using content you’ve already created, but making changes to bring it in line with the specific use case of this client. 

RFP response example:

RFP response sample question: On average, how long does implementation take?

The easy RFP response sample: On average, implementation takes X months. 

The better RFP response example: The average implementation takes X months. For organizations of your size that will include setting up integrations with X, Y, and Z products; we estimate implementation will take around X months, with X weeks for training and onboarding. 

Why it’s better: Making your answer specific to their particular needs and situation makes it more relevant to them. It also shows that you do your homework. Not only do you have the expertise to provide a knowledgeable answer, but you understand enough about their needs to provide one with greater accuracy. 

Best practice #2: Be succinct and real

Talking about complicated technological tools can get, well, complicated. The more complex the subject matter you’re dealing with, the more important it is to emphasize clarity in your answers. You may not be able to avoid technical terminology entirely, but you can look for opportunities to simplify your language and sentence structure. The ability to explain a complicated subject in clear, understandable terms demonstrates expertise better than industry jargon or needlessly long words ever will.

RFP response example:

Sample question: What is your company’s approach to project management?

The wordy RFP response sample: We systematically approach each project. We follow several phases in which we gather requests, develop our strategy, create a WBS, execute on our plan within the estimated project timeline, and then deliver on all desired outcomes. We implement each project and validate that it has met the needs of the customer according to their primary KPIs.

The better RFP response example: Our project management team is agile. We tailor our proven process to each client’s unique needs with the main steps remaining consistent: build, test, and deploy to deliver value.

“Every reader, even a technical expert, appreciates clarity. Use the same style of English you use in conversation to make your proposals more open and accessible to a wide range of audiences.” – APMP Body of Knowledge

Why it’s better: It’s easy to hide behind jargon. Big words like methodology, execution, strategic, etc. have their place in business, but with RFPs, they feel generic, scripted, and empty.

You should also assume your audience is busy. The people reading your proposal (and making a decision based on it) want to get the answers they need quickly and easily, without extra fuss. If you use confusing terminology or overlong sentences that make it harder to get through each answer, you’ll lose them. Getting straight to the point with a clear response gets your point across better. 

Click here for winning RFP response examples using story telling

“Your goal is to make readers spend less time untangling your meaning and more time reviewing your solution.” – APMP Body of Knowledge

 

 benchmark-blog-report

The 2021 benchmark report: Proposal management

Learn about the state of proposal management, and see what teams need to do to be successful in 2021

Read the report

Best practice #3: Make life easier for the issuer

Reviewing a (long) proposal is a tedious enough process, don’t also make the issuer do extra digging to find answers. Rather than directing them to an attachment or a URL to find the answer they’re looking for, answer their question within the proposal itself. In addition, you can always provide an attachment to expand on your answer, or to offer supporting evidence for it. 

RFP response example:

Sample question: Has the tool been subject to any application security testing? (e.g. Veracode, other). Please attach if yes.

The RFP response sample that creates more work: Yes. Please refer to <file name>.

The better RFP response example: We practice secure application design and coding principles. Engineers are required to undergo security training for security awareness and secure coding. 

We use third-party services to perform vulnerability/application security scans annually. 

The most recent penetration report is attached to this package: <file name> 

Why it’s better:

The issuer gets information that lets them know your company meets their needs on this point right there in the proposal, without having to stop their review and go look for a separate document. But they also have access to the additional supporting documentation to prove that your claims are legitimate. 

Click here for sample RFP response cover letter

Best Practice #4: Elaborate when appropriate

You don’t want to be too wordy or provide unnecessary information, but there are instances where a bit of elaboration is valuable. Sometimes you have to read between the lines to figure out what the customer needs. Rather than just providing the most direct answer to the question, try to understand what the buyer is actually trying to learn. If a more detailed response provides a better answer, go for it. 

RFP response example:

Sample question: How do you communicate new features to your clients? 

The simple RFP response sample: Upcoming platform enhancements are communicated to customers via email. They can also be accessed from the Help Center.

The better RFP response example: Our roadmap is heavily influenced by our customers, through a feedback/enhancement request feature within the application. Customers can interact with one another’s requests, as well as with the development team. Their comments, voting, and status reports all influence future enhancements. 

We then communicate enhancements to our customers via email release announcements. This email will have the major highlights from the release, a document outlining all the release details, and a link to the release details that can be accessed 24/7 in the Help Center. 

Why it’s better: While we believe that clear, concise answers are far better than those loaded with unnecessary filler words, this detailed response shows a well-developed and thought-out process for improvements. It answers the question, but also provides additional reasons for why the company is worth choosing. 

Best Practice #5: Say no with style

When filling out an RFP, a “no” can seem scary. If you don’t offer everything the company wants in a vendor, won’t that lose you the sale? It could, but it doesn’t have to. 

An honest answer is always better than a misleading one. And finding the right way to frame that answer can make a big difference. When the honest answer to an RFP question is “no,” think about how you can make the answer more useful and compelling than those two letters.

Sample question: Does your tool integrate with XYZ tool? Please explain. 

The basic “no” RFP response sample: No, our solution does not integrate with XYZ tool.

The better RFP response example: Currently, the solution does not integrate with XYZ tool. However, a potential integration is on our 6-12 month product roadmap. We would love the opportunity to partner with you in identifying the best path forward to build an XYZ tool integration.

Why it’s better: It makes clear that you don’t intend to stop at “no”—you have a plan for providing what they’re looking for in the near future. And it lets them know that you’re actively interested in their input so you do things in a way that works for them. 

Click here for more RFP examples and a free RFP response template

Modernize your RFP response process and complete more winning bids with artificial intelligence

None of these best practices are worth much if you can’t manage to complete each potentially winnable RFP, or find time to customize them when you do. To get to the point where you can actively put this advice into practice, you need software that takes care of the more tedious and time-consuming parts of an RFP. 

Related: Create proactive proposals at scale with proposal automation software

RFPIO uses automation to do most of the proposal process for you, so your team can stick to customizing specific answers to improve quality. Schedule a demo of RFPIO to get started with a better RFP process. 

How RFPIO celebrated the 2021 holiday season

How RFPIO celebrated the 2021 holiday season

It’s that time of year again. Cold weather. Warm beverages. Hot fires. And, of course, holiday parties. Since last year’s holiday party our US-based team has grown from 70 to almost 150—and our team has also spread out all across the United States.

For us, a growing team means more even more good times! Keep reading to see how we blew last year’s holiday party out of the water with even more fun activities like trivia, terrarium-making, cocktail-making, and a murder mystery.

(P.S. We’re still hiring).

Kicking off the party

We started the party with a few silly ice breakers. We asked everyone one word to describe your vibe for 2021–and a word to describe what you hope your vibe will be for 2022. The results were all over the board, although “bacon” played a big role.

After our ice breakers, we split into 3 breakout rooms: A crafty one, a booze-y one, and an interactive one.

Activity 1: Terrariums

The craftier among us broke off from the main group to pour themselves a glass of wine and put on their creative hats. A guide from Artemisa, Inc gave everyone live remote instructions on how to create their perfect terrariums. In just under an hour, the terrarium-makers had finished and wow-ed us with their masterpieces.

Activity 2: Cocktail Making

Our booze-y group made two delicious cocktails: Colleti Royale and Spanish Coffee (this involved lighting things on fire).

Here are the recipes in case you’d like to make them yourself!

Colletti Royal
1 1/2 oz Resosado Tequila
1/2 oz Cointreau
1/2 oz Blood Orange Juice (Fresh if possible)
1/2 oz Lime Juice (Fresh if possible)
2 Dashes of Orange Bitters
3 oz Sparking Rose
Blood Orange Wheel (for garnish)

Spanish Coffee
3/4 oz 151 Rum
1/4 oz Triple Sec
1 1/2 oz Kahlua Coffee Liquor
3 oz Freshly Brewed Coffee
1 Lemon for Zesting (optional)
Super Fine Sugar
Favorite Whipped Topping
Grated Cinnamon/Nutmeg (for garnish)

Activity 3: Murder Mystery

The more adventurous among us split away to solve the Manor House Mystery, one of the many murder mysteries offered by Wildly Different. After arriving on the scene, they were split into four different groups, each racing against another (and the clock) to solve the mystery in time.

They were met with many challenges along the way, including:

Making a chef’s hat from random household objects

Showing off your best “power pose”

Making a quick and foolproof disguise

But our adventurers were up to the challenge and wow-ed everyone with their cunning and resourcefulness.

Activity 4: Holiday Trivia

After everyone finished their activities and reconvened in the main room (those who had attended the cocktail class were a bit giddier than usual), and we proceeded to the next activity. We used sli.do to facilitate our 30-question holiday trivia activity.

We asked questions like, “In what country are Christmas trees decorated with spiders?” (Ukraine) and “According to Insider.com, what toy was the 1998 holiday season must-have?” (Firby—not Beanie Babies, as 30% of respondents guessed).

Activity 5: Giving Back

While this wasn’t technically part of our holiday party, a big part of the holidays at RFPIO is giving back to our community. This year, our teams adopted two families, one in Portland, OR and one in Leawood, KS. Together, we were able to provide gifts and more for both families. It’s safe to say there will be some very happy children this holiday season.

And on to 2022!

Who said virtual parties had to be lame? Certainly not us.

While the activities were fun, they wouldn’t have been nearly as fun without such a great team. I think I speak for everyone when I say I’m grateful to work alongside so many supportive, helpful, kind, and hilarious people.

With that, the team at RFPIO wishes all of you a wonderful holiday season and smooth slide into the new year.

P.S. If cocktail making and murder mysteries sound like your cup of tea, we’re hiring!

What is an RFP?

What is an RFP?

RFP stands for request for proposal, but it’s so much more than that. It’s a plea for help, a clue to problems that need solved, and an opportunity to build pipeline. This article will take you from asking, “What is an RFP?” to knowing how to use RFPs to drive revenue in less than 1,500 words. Buckle up.

First, an assumption: If you came here because you want to know what an RFP is, then I’m guessing that a high-value target has decided to issue an RFP to find a solution to a problem you feel strongly about solving. When that target finally understands that you’re the answer to their problem, then you’ll pick up a sizable chunk of business. Now you just have to play the RFP game.

(Just in case you’re here because you want to know how to issue an RFP, check out this article instead.)

What is an RFP opportunity?

There are essentially two types of RFP opportunities: solicited and unsolicited. Solicited means that you’re invited to play the game. Unsolicited means you have to crash the game. You have a better chance to win when you’re invited.

That reminds me. There’s a fair bit of jargon in the RFP world. Here’s a short glossary of some common terms you’ll encounter often, including in this article:

  • RFP issuer: The organization that sends out the RFP. They have a problem, and they’re willing to pay someone to solve it, within certain parameters.
  • RFP responder: You.
  • RFP response: How you answer the RFP.
  • RFP proposal: Your response to the RFP.
  • RFP Q&As: Most RFPs present a number of questions that responders must answer. This section makes up the lion’s share of your proposal.
  • RFP win: You were selected by the issuer to solve their problem.
  • RFP loss: Happens to the best of us.

Back to more on “What is an RFP opportunity?”…While you can still win an RFP if you submit an unsolicited response, the odds are against you and you need to take an honest look at whether or not it’s worth it to respond.

RFP responses are not easy, even when you’re invited to partake. If you’re lucky enough to be alerted to an RFP on the day it’s issued, then you’re likely looking at a 3-6 week window to compose your response. Rarely are you so lucky. Sometimes it’s brought in with notice of a week or less, putting you on a tight deadline. The number of hours you’ll have to commit to building a proposal during that time will be determined by, among other things, team participation, content relevance and access, and how much you have to rely on manual processes to complete the response.

Now that you understand what an RFP is and the opportunity it presents, you need to put yourself on a path to respond only to those RFPs that you can realistically win. If this is one of your first RFP responses, then it could be a rabbit hole of unknown depths. Insert a go/no-go milestone before you go ask Alice. It involves asking yourself the following five questions:

  1. What was your level of involvement prior to the RFP being issued?
  2. Is your solution a fit (now, not at some squishy date in the future after you’ve had a chance to adapt it to what the problem calls for)?
  3. Does your price match the RFP issuer’s budget?
  4. Will winning the RFP be a strategic fit for your organization?
  5. Do you have bandwidth (to complete a competitive proposal, not to deliver your solution)?

As part of the RFP response process, you should have an opportunity to ask the questions necessary to fill in the gaps for your go/no-go milestone. Best-case scenario? Your sales team has already laid the groundwork for all of this with the issuer and it’s just a matter of taking their learnings and making them actionable.

It’s a “go.” Now what?

It’s a process deal. Doesn’t that take the pressure off?

I won’t get into the nitty gritty of the RFP process here (you can do so here if you’re ready to start now), but I will touch on the value of efficiency. Even if this is your first RFP, you’ll want to go into it as prepared as possible to save you and your team some pain and give your organization its best shot at winning.

Break down your efficiency goals into three main categories: project management, content management, and proposal quality. Before you start checking boxes under these categories, you need a team. Part of that team has likely already formed. The salesperson at the tip of the spear will be your subject matter expert (SME) for issuer-related questions and perspectives. The rest of the team will come together based on your review of the RFP. What questions need answered? Who has the answers? Who has the design and technical chops to build the proposal?

After you identify potential team members, dig into their availability and try to build a schedule to complete the response by deadline, preferably before deadline to give yourself some buffer. Then schedule a kickoff meeting with all team members to get their buy-in to process details for the following:

  • Project management: You’ll be the lead for collaboration, assigning tasks, and driving the schedule.
  • Content management: You’ll need content creators, content reviewers, and a storage system for a content library (if you’re gathering all this valuable info for an RFP, you’ll want to save it for repurposing; even if this will be your only RFP response of the year, the info will be useful for business proposals, answering prospect and customer questions, and training new hires).
  • Proposal quality: Answering RFP Q&As won’t be enough. You need to personalize the proposal to make it stand out.

Remember, the issuer is using the RFP process to identify its optimal vendor. They’re inciting competition, so you need to play to win. Second prize doesn’t even get a set of steak knives.

Beef up your sales pipeline

Now that you’ve discovered RFPs and the opportunities they can offer, you may want to evaluate how they can help you achieve your sales goals. 69% of B2B salespeople do not have enough leads in their pipeline to meet quota. Pursuing RFPs can build up pipelines fast: Globally, $11 trillion of revenue is won through competitive proposal processes (i.e., RFPs) every year.

Obviously, you’re not going to win every RFP. We found the average win rate to be 45%. However, RFP opportunities can cost as much as 5X more than traditional sales opportunities, which makes your process and your sales tech stack your best friends when it comes to response efficiency.

Automate to dominate

The optimized sales technology stack is a hot point of conversation these days. With so many software solutions, it’s easy for sales teams to overspend on solutions they barely use. A recent Harvard Business Review article cites a survey where 62% of B2B companies were not satisfied with their sales technology return on investment. It also found that:

“The winning companies in our analysis were 1.4 times more likely to fully deploy sales technology tools and 1.9 times more likely to fully integrate them…By taking the time to embed these technologies properly into its sales processes, the [SaaS] company was able to increase revenue growth by 200 basis points within a few weeks.”

RFP automation offers a massive competitive advantage for responders. It saves time, improves proposal quality, and helps companies create their best work by activating their company knowledge. Companies with RFP-specific technology responded to 43% more RFPs in 2020 than those without a designated RFP tool. “With RFPIO, I would say we have increased our win rate by 15%,” said Grégory Saive, IBA global director of sales support and tender management,

But it has to be the right RFP automation technology for your sales tech stack. It has to be able to manage your entire response process — from building proactive proposals to answering prospect and customer questions on the fly and responding to questionnaires — while integrating seamlessly with the other applications you rely on, such as your CRM, communication, and cloud storage solutions.

What’s next? Demo.

We started with “What is an RFP?” and made it all the way through to the value of RFP automation. Once you win one, you’re going to want to win more. Since I’m almost at my promised 1,500-word cap, I’ll wrap it up with a tip on your next step: Schedule a demo. It’s the fastest and easiest way to find out if RFP automation is right for you. Even if it’s not, you’ll get some valuable response tips from our process experts.

Data-driven strategies for increasing RFP win rate

Data-driven strategies for increasing RFP win rate

There are two primary reasons why you should aggressively pursue requests for proposals (RFPs). One, they’re a great way to build pipeline. Which is key for the 69% of B2B salespeople who do not have enough leads in their pipeline to meet quota. Two, they can be a major revenue driver. You just have to make sure you’re pursuing the right RFPs and doing so as efficiently as possible. Take my word for it. Just kidding. I actually have data to back it up. I also did an entire webinar on this topic, if you’re ready for a deep dive.

RFPs: Opportunity and Risk

Globally, $11 trillion of revenue is won through competitive proposal processes (RFPs) every year. You may be asking, “What is a good proposal win rate?” RFPIO’s research puts the average RFP win rate at 45%. But that’s across all industries. It will vary according to your level of specialization. RFPs exist in multiple markets, including government, construction, supply chain, manufacturing, systems integration, healthcare, and technology.

$11 trillion of revenue is won through competitive proposal processes (RFPs) every year.

As a salesperson, I always wanted to include RFPs to help grow my pipeline. A healthy sales pipeline is 4-5x the close rate, and RFPs can represent deal sizes large enough to keep my pipeline super healthy. Since working in sales, I’ve led proposal teams and now have my own company, Patri, that helps qualify sales opportunities, including RFPs. I’ve also learned that too many salespeople and leaders are avoiding RFPs.

RFPs are not easy, and they can be labor-intensive. I’ve known many salespeople who find them too restrictive. In other words, there’s too much red tape to navigate to put together a response.

The fact is that only a little over half of all salespeople are hitting their quotas. There’s a lot of desperation out there. If you’re already in desperation mode, then the notion of allocating resources to an RFP proposal is tantamount to putting all your eggs in one basket. Proposal opportunities are more than 5x more expensive than traditional sales opportunities. As a result, companies are spending an estimated $200+ billion per year on lost bid opportunities alone.

Companies are spending an estimated $200+ billion per year on lost bid opportunities alone.

So if you boil it all down, objections to pursuing RFPs come down to time and finding the right opportunities. I’m going to unleash my inner salesperson and help you overcome those objections. Let’s look at the data.

5 smart moves to increase your RFP win rate

5 smart moves to increase your RFP win rate

  1. Pursue RFPs you have the highest probability of winning: Qualifying RFP opportunities before you respond helps reduce your loss rate and increase your win rate. Patri clients have saved $26 million and 27,000 hours by focusing efforts only on opportunities they can realistically win.
  2. Increase RFP response volume: Teams with dedicated proposal professionals submitted 3.5x more responses in 2020.
  3. Increase sales efficiency: Teams using RFP software submit an average of 46% more responses every year.
  4. Improve RFP response quality: Medical device manufacturer IBA re-invested time saved from RFP software into improving response quality and increased win rate by 15% in the first year.
  5. Streamline collaboration: 38% of responders cite collaborating with subject matter experts (SMEs) to create and review content as their biggest headache.

So that gives you an idea of what you can do. Now, how can you win more RFPs? Qualify opportunities and implement RFP response software.

How to win more RFPs in 3 steps

Step 1: Qualify based on data

I remember early in my proposal response days, I was the salesperson and proposal manager. Wearing both hats, anything I wanted to pursue I had to make sure was winnable. Some of those early parameters were relationship status, incumbency, solution fit, and requirement fit. I grew this exercise in qualification into my company, Patri.

Patri sits between RFP identification and response, at that pivotal qualification point. We analyze data to provide clients a fit score and call out their strengths and weaknesses that will play into their pursuit of an opportunity. So far, we have helped qualify more than $40 billion of opportunities and helped win $84.6 million worth of business.

Step 2: Save and re-invest time

When clients agree that an opportunity is fit enough to pursue, we recommend that they use RFP software to craft the best response possible. Solutions such as RFPIO automate manual processes and improve collaboration, freeing up your time for other things. The more time you have to fine-tune your proposal, the better your proposal will be, and the higher your win rate.

RFP software helps proposal and sales teams save time (and achieve higher win rates) by:

  • Cutting response time by an average of 40%: Automatically respond to commonly-seen questions with Auto Respond, automation functionality powered by machine learning.
  • Managing and moderating content and projects: Organize RFP content, import projects, assign tasks, respond to questions, set up review cycles, and export into the source file or custom template.
  • Streamlining cross-functional collaboration: Easily collaborate across teams using in-app @mentioning and integration with Slack, Microsoft Teams, Google Hangouts, and Jira.
  • Making data-driven decisions: Gain insight into time spent, deals won, and resources used with built-in business intelligence and analytics.
  • Integrating into your existing tech stack: RFPIO integrates with more platforms than anyone, including popular CRM, SSO, cloud storage, and communication platforms.

The primary indicator for RFP software, like any other automation software, is that it saves time. It’s what you do with that time that will determine your level of success with increasing RFP win rate.

Re-invest time into responding to more RFPs with higher quality proposals. Also, like a pure shooter who moves well off the ball (a la Craig Hodges for 90s-era Bulls fans or Klay Thompson for current Warriors fans), you can work on your process outside of active projects. In other words, re-invest time into improving your content. So when that next RFP comes in you not only have content that’s locked and loaded, it’s high quality, too, which will improve your odds of getting shortlisted.

Step 3: Designate an owner of the response process

While RFP software delivers efficiency, you will get more value out of it if you have a dedicated proposal manager administering the software and the processes around it. This de-facto leader of the proposal team will also be responsible for:

  • Building relationships with other company stakeholders, including sales, product, legal, and marketing teams.
  • Driving user adoption, knowledge management, and other essential functions associated with RFP software.
  • Enabling sales to have a streamlined, unfettered user experience to minimize objections and elevate the value of RFPs in pipeline management.

Finally, it’s important to note that you don’t have to make double-digit gains in your RFP win rate to realize impressive results. For example, if a company’s average RFP is worth $570,000 and they submit 415 RFPs annually, with a win rate of 32%, the business value of their RFP process is $75,696,000. Improving the win rate just 2% would represent a nearly $5 million dollar increase.

ROI of increasing your RFP win rate

Pursuing RFPs doesn’t have to be a black box experience. Be transparent within the company. Know your costs and win rate probability. Go and embrace them. By properly qualifying opportunities and using RFP software, you can improve your own odds.

To learn more about how Patri can help you qualify opportunities, schedule a demo. To see if your RFP management process is ready for automation by RFPIO, schedule a demo.

How TOMIA improved global collaboration with bid response software

How TOMIA improved global collaboration with bid response software

As a company that creates solutions for the world’s leading service providers, including some of the telecommunication industry’s largest groups, TOMIA defines its mission as enabling their customers to drive the future of connectivity through new technologies.

They’re also a company that takes compliance extremely seriously, which is why requests for bids are such an important part of their business model. Bids and tenders are their opportunity to demonstrate their expertise, professionalism, and commitment to security in the fullest detail—and clearly showcase why they’d be the best fit.

John Marcow, the Bid Response Manager at TOMIA—and a veteran of the industry, who’s responded to 700+ bid requests in his lifetime—knows better than most how important bids are to the sales cycle. “It doesn’t matter how good your relationship is. Sometimes you need to respond to an RFP if you want to win the deal.”

Before RFPIO, the TOMIA bid response process was highly manual. After receiving a bid request, John would paste the following table underneath each question:

He would then ask subject matter experts (SMEs) to search for their name and respond to all their assigned questions.

As one can imagine, this process not only left plenty of room for human error, it also lacked visibility John needed to keep RFPs on track. Since everything was answered in static documents on personal computers, John would constantly send emails to assignees, requesting status updates or reminding them of the due date.

Once John received all answered questions (often in the eleventh hour), he would proofread and polish each of the answers, and compile the responses into a single, cohesive document.

This process was tedious, time-consuming, and inefficient. The TOMIA bid response team knew there had to be a better way to respond to RFPs. So they turned to RFPIO’s AI-enabled RFP response solution.

Bid proposal software: Before and after
Before RFPIO:

  • Assigned questions to SMEs by adding a table to the Word or Excel document that includes assignee name, compliance status (y/n), and a place to write supporting information.
  • After receiving completed questions from SMEs, the documents would need to be compiled into a single cohesive document.
  • The bid manager constantly reminded SMEs to finish their assigned questions.
  • The bid manager had no visibility into project status. He had to manually reach out to SMEs via email to ask whether they had started working on their questions.
  • SMEs who wanted a question reassigned to someone else would ask thebid manager (John) to do so.

After RFPIO:

  • Questions are assigned in just a few clicks.
  • RFPIO automatically sends reminders.
  • The bid manager has full visibility into question status from the project dashboard.
  • Questions are reassigned by the SME in RFPIO.
  • Completed, cohesive responses are exported into the source file in a few clicks.

Improving collaboration and increasing efficiency with RFPIO

When the TOMIA team responded to their first RFP using RFPIO, it was hard to believe how much of a difference it made.

With RFPIO, John uploads an RFP to the platform and assigns questions or sections to subject matter experts. After that, the process is relatively hands-off—RFPIO will automatically send reminders to everyone who hasn’t answered their questions.

seamlessly collaborate by assigning tasks to collaborators in-app

John also has full visibility into project status from the project dashboard. He uses that information to send out periodic project updates to keep everyone informed and keep projects on track.

Identify project scope before starting any RFP

“RFPIO gives me full visibility into the entire process. And I’m able to easily collaborate with team members across the organization, from product to finance to legal.”

Getting stakeholders across the organization up and running in RFPIO

Since TOMIA implemented RFPIO in 2018, they’ve created user accounts for 25% of the company, even though most of them only use it for a few questions. But since RFPIO has an unlimited user license, they’re able to maintain their accounts for those moments when they do need to support RFPs.

“One of the best things about RFPIO is that it’s really intuitive. You don’t need much instruction to use it. Our SMEs are able to easily answer any questions they’ve been assigned with little to no training.”

When an SME has been assigned a question, they’ll receive a notification in their inbox letting them know their expertise is needed. They can either respond directly from their email, or open up the platform to respond there.

When they log into the platform, the first thing they see is the list of questions they’ve been assigned. They can click into the question to respond. Or, if they don’t know the answer, they can assign the question to someone else—or simply @mention them for help.@-mentioning makes it easy to collaborate on RFP projects

Overall, RFPIO has significantly cut response time and improved the bid response process. With RFPIO, the TOMIA team—with regional headquarters in the US, Israel, Luxembourg, and India—is able to collaborate with team members all over the world to craft compelling bids that win more business.

“I would absolutely recommend RFPIO to anyone looking for a better way to manage proposals. With RFPIO, we’re able to collaborate in real-time with team members all over the world. It has made a huge difference.”

Ready to streamline collaboration on bids and tenders?

See how RFPIO can help your team uplevel your bid response process and make global collaboration a breeze. Schedule a demo to get started.

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