Even with the growing amount of technology options, the majority of companies are still using manual processes to respond to RFPs. The time-consuming process of hunting through documents and spreadsheets for past responses when a deadline is looming can be a lot of pressure for any team.
Improve your win ratio with RFP automation
With fluctuating costs and increasing regulations, RFPs are longer and more complex. Answering them requires someone to lead the way and to collaborate with multiple subject matter experts (SMEs) to capture the responses. Most of us know that a well-executed response has a higher chance of winning than a hasty proposal that is rushed out the door.
Poorly executed RFP responses result in low close rates—typically less than 5%—an investment that is off-balance when you calculate the required time and resources. And though the right RFP response at the right time has the power to win new business, when team members are aware of the low probability of a win, they often push RFPs aside in favor of other more realistic priorities.
It’s an understandable dilemma, but one that is possible to overcome. One of the best ways to increase efficiency of the process and improve your win ratio is to invest in RFP automation.
Make a case for a new addition to your sales stack
As technology stacks grow, proving the case for adding another tool is a necessary step. A good place to start gathering the numbers is to calculate the return on investment, and see how much the manual process is costing your team.
Crownpeak, a digital experience management platform, spent a lot of time spinning their wheels with long and complicated RFPs–and two-thirds of their enterprise deals started with an RFP. Crownpeak didn’t have a single repository for their information, so their response specialists had to search scattered sources, including their executives’ heads, to find the intelligence they needed.
RFPs, especially in tech, are getting longer all the time, thanks to increasing regulation and complex compliance requests. In short, RFPs were taking too long to fill out and they were losing deals because of it.
That’s when Paul Taylor, Crownpeak’s VP of Solutions Engineering, knew it was time to automate their processes, but first he needed to justify the cost. Using our ROI calculator, Taylor calculated impressive returns, but was blown away by the actual results. Today they are enjoying a spectacular 6x ROI!
We know time is at a premium for most people in business these days—and pulling together the data to back up your story can be stressful to think about—so we created a handy ROI calculator to help get you started!
Ready to start increasing your ROI?