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Accelerate your RFP for asset management response process

Product & Best Practices

When your financial institution receives a new RFP for asset management, is it viewed as an exciting opportunity? Or, is […]

July 7, 2023

Category: Tag: RFP automation

Accelerate your RFP for asset management response process

Product & Best Practices

When your financial institution receives a new RFP for asset management, is it viewed as an exciting opportunity? Or, is it just one of a dozen (or more) RFPs waiting for completion? Many financial services firms report that the number of RFPs from institutional investors has increased dramatically in the last few years. And, as organizations continue to focus on maximizing value while minimizing risk, there’s no end in sight.

For some firms, answering every incoming asset management RFP has become an impossible task. Consequently, they are forced to prioritize the best opportunities and ask their RFP teams to find ways to work more efficiently. The outcome isn’t ideal for the firm or the prospective client. If this sounds familiar, you’re not alone.

In this post, I’ll offer insight into why the RFP for asset management workload increased. In addition, I’ll highlight the challenges facing investment firms. And finally, I’ll provide helpful tips to empower you to respond more efficiently and effectively.

Contents

The current state of RFPs for asset management
RFP challenges facing asset management firms
3 ways to accelerate your asset management RFP responses

The current state of RFPs for asset management

So, why are asset management RFPs piling up? It comes down to a combination of factors.

More RFPs more often

RFPs have always been a part of institutional investing. But now organizations send more RFPs to more firms per mandate. In fact, an article from Institutional Investor notes that the number of RFPs fielded by managers rose by 13 percent between 2017 and 2018.

Because the market is so competitive right now, investors use the RFP process to evaluate existing relationships as well as explore new services. However, the increased volume of RFPs means that firms must find new ways to stand out from the crowd while managing more work. Ultimately, more RFPs is good news ⁠— if you can keep up.

Demand for customized financial services

It’s no surprise that organizations that leverage their assets to pursue strategic business goals want partners who understand their needs. These organizations are no longer satisfied with run-of-the-mill service from big-name investment firms.

Indeed, the high demand for customized institutional investment services leads to longer asset management RFPs with more complex questions. Not only that, but we’re seeing buyers of these services become more knowledgeable and savvy than ever. The result is that each response in each RFP for asset management must be customized, complete and dependable. That level of detail takes time.

As the article from Institutional Investor discusses the shift saying:

“… the increase in manager evaluation documents is partly due to a shift in asset allocation among investors that emphasizes more complex asset classes and solutions, such as multi-asset funds. But it is also driven by allocators and investment consultants [are] paying more attention to the risks they’re taking.”

Emphasis on risk management

Finally, as mentioned in the quote above, the last factor influencing the volume of RFPs for asset management is the industry-wide focus on risk management. RFPs enable institutional investors to ensure compliance and transparency in their asset management firm selection. However, within the selection process and throughout the relationship they must also verify that the firm won’t put the business at risk.

So, in addition to completing RFPs to win new business, investment firms must also complete individual due diligence questionnaires (DDQ) from each existing client each quarter. Questions asked within the DDQ are similar to those found within an RFP for institutional business. For example, the DDQ will likely request updates on total assets under management (AUM), investment personnel changes and any changes in policy.

Unfortunately, DDQs are often just as repetitive and time-consuming to complete as an RFP. Because of the overlap between RFPs and DDQs, the same staff often answers both documents using their knowledge library. While these tools effectively identify risks for the client, they certainly increase the workload for the investor relations or client services staff who answer them.

RFP challenges facing asset management firms

While some firms have added dedicated RFP staff, others have their investor relations or client services teams manage incoming RFPs and quarterly DDQs. With the increased workload, team members who serve as proposal coordinators face a number of challenges.

Prioritizing RFPs and deciding to bid or not to bid
Meeting fast turnaround times and quick deadlines
Creating a consistent and repeatable RFP response process
Finding previous answers to RFPs and DDQs
Verifying that previous answers are accurate and compliant
Coordinating with subject matter experts (SMEs) to create new proposal content
Managing RFP workflows and approvals

3 ways to accelerate your asset management RFP responses

Regardless of how many people work together to complete proposals, every firm can benefit from a faster RFP response process. Here’s how to answer all of those RFPs for institutional business in less time and win more.

1. Build a better knowledge library

Using previous RFP responses is a quick way to save time when answering a new RFP for asset management. While businesses want customized answers, there are many similarities in the types of questions they ask. Instead of searching through old proposals individually, create a centralized knowledge library to store questions and responses.

Knowledge management is one of the many skills that make a great proposal manager. In fact, creating and managing a knowledge library is one of the fastest and most effective ways to improve efficiency. Whether you collect questions and answers in a Word document, spreadsheet or RFP software (more on this later), you’ll be able to find what you need more quickly.

In addition to cataloging the content itself, consider adding metadata to help categorize knowledge records. For example, segmenting records by region, client industry and topic provides a quick way to find all of the relevant information.

Remember, more content in your knowledge library means less back-and-forth with SMEs. It’s much easier for them to review and update answers than it is to create from scratch.

RFP for investment management examples

If you’re not sure where to start as you begin to build your knowledge library, check out these RFP for asset management examples for inspiration. Each of them provides sample questions to help you start creating an RFP content library.

2. Maintain a team mentality

Successful asset management RFP responses require input from many stakeholders and subject matter experts. Together, this proposal team works together to create winning proposals. However, the members of the team are all busy people, and coordinating with them via email can be a challenge.

To work efficiently and effectively, everyone involved in the RFP process must understand the importance of the project and be invested in the outcome. To encourage a team mentality, hold a kickoff meeting to get everyone on the same page. Share your proposal timeline with the team to ensure they understand the RFP process and their role in it.

I also find that creating and referencing a RACI matrix throughout the project helps to clarify the proposal workflow and responsibilities. Additionally, keep your team engaged in the process by asking for feedback, regularly reviewing proposal content, holding debriefs and celebrating success.

3. Adopt RFP software

RFP software for financial services firms seamlessly manages all aspects of RFPs for institutional investment and DDQs. I’ve had the opportunity to work with many financial services professionals that have benefited from proposal management software, like Responsive (formerly RFPIO). The platform brings your knowledge and team together into a single, centralized workspace and offers tools to improve the RFP process.

RFP software empowers asset managers to:

Improve efficiency

Keeping up with the competition means answering more RFPs, faster. RFP software solutions empower proposal teams through the entire process.

Proposal automation ⁠— RFP software speeds the proposal process with RFP automation. Simply import the RFP for asset management or DDQ and the system will identify questions you’ve answered before. Then, it will suggest relevant answers, so your team spends less time answering standard questions.

Workflow and collaboration ⁠— All of your team’s work on your proposal happens within the RFP tool. The proposal coordinator can create workflows and collaborate in one place. For example, RFP software makes it easy to assign new questions to SMEs, collaborate on responses and request approvals. It moves the process out of email and siloed systems to create a single source of truth.

Dashboards and reporting ⁠— Keeping the proposal moving forward can be a challenge. However, the RFP management system provides at-a-glance insight from real-time dashboards. Each member of your team can quickly see what they are responsible for and when it’s due.

Ensure consistency and compliance

When your team moves quickly, it’s hard to ensure that RFP responses are compliant. RFP software protects your firm by improving consistency and ensuring oversight.

Knowledge management ⁠— As I mentioned above, knowledge management is crucial to an efficient RFP process. Luckily, RFP software makes it much easier to collect, categorize and find previous response content from investor relations, compliance and analyst teams. Leverage tagging, account hierarchies and an easy-to-use search tool, to ensure the right content is always at your fingertips.

Regular review cycles — With dozens of DDQs due each quarter, it’s crucial that the knowledge library is kept up to date at all times. RFP software makes keeping track of updates simple. Just assign the knowledge record to the responsible person and set a recurring review cycle. Then, the system automatically sends a notification. When the records are updated, metadata is automatically attached including the date of the change, who updated it and how often it has been used. Now anyone using the knowledge base can quickly verify that the record is current.

Permissions, audits and approvals ⁠— Undoubtedly, your proposals contain detailed and sensitive information. The RFP system protects this data with secure permissions allowing users access to only the information they need. In addition, it logs changes to content so tracking edits is easy.

Preparing for the future of institutional investment

As competition within the financial services industry continues to heat up, your firm must leverage every advantage possible to stay ahead. That means finding creative ways to answer more RFPs for asset management without compromising quality or compliance. To prepare for the future plan to leverage knowledge management, harness the power of your proposal team and RFP software to gain an edge and ensure continued AUM growth.

Brand storytelling in RFP responses

Templates & guides

What do Dr. Suess, Toni Morrison, and winning RFP responses have in common? They all tell their stories in surprisingly similar ways. A great story follows an arc. It draws the reader in, moves the story forward in an emotionally engaging way, and provides a satisfying conclusion.

You might think that comparing RFP responses to great works of fiction is going a little too far, especially because a quality RFP response is proofed and fact-checked to ensure complete accuracy. But fiction, nonfiction, or business proposal, it doesn’t matter.

Why using brand storytelling delivers a better RFP response

A study by neuroscientist and tech entrepreneur Paul J. Zak, funded by the U.S. Department of Defense, found that regardless of the medium, storytelling that captures emotions signals oxytocin—the love hormone—in the brain.

But wait, you aren’t trying to make people fall in love with your company, are you? In a sense, yes. Odds are that your company is one of many that can meet a prospect’s needs. So, how do you make your proposal stand out? How do you make a customer want to do business with you?

You differentiate yourselves by appealing to the readers’ emotions in the hope that you’ll awash their brains in the love hormone. It’s important to note that oxytocin also signals trustworthiness and motivates cooperation, which are both critical factors in closing business deals of all sorts.

“I advise business people to begin every presentation with a compelling, human-scale story. Why should customers or a person on the street care about the project you are proposing? How does it change the world or improve lives? How will people feel when it is complete? These are the components that make information persuasive and memorable.” Paul Zak

Examples of companies that use storytelling to connect with their customers

Nearly every B2C ad you read or see attempts to emotionally connect with you. Apple wants to “share the joy.” Subaru wants to “share the love,” and Patagonia will help you help save the environment.

But what about B2B examples? How can a business document make a reader “fall in love,” or at least emotionally connect with your company? Straddling that line between professional and oxytocin-producing content takes some skill, but these two companies get it right:

Salesforce

Salesforce is the top customer relationship management platform in the world. Tracking customers through sales cycles might not exactly trigger love, so Salesforce took another approach. Their story is as much about their customers’ stories as their own.

KPN is a Dutch telecom company. While their customer success story includes the pain points/solutions specifics you’d expect to find, their customer quotes use emotional trigger words like “happier” and “excited.”

You’ll find emotionally engaging words peppered throughout their customer success stories. Salesforce helped T-Mobile’s customers feel “crazy about its service” and gave American Water “peace of mind.”

You get the idea. You don’t have to pivot away from your main selling points to insert some emotion. If you feel your story could be more engaging, tell your customers’ stories as part of yours.

Amplifi

Is there anything that evokes a sense of warmth and comfort more than the yeasty, buttery smell of freshly baked bread? What about a freshly baked data strategy? Are you hungry yet?

In one blog post, Amplify, a data management company, does a brilliant job of connecting these two disparate subjects to tell a story about creating and following roadmaps, just as you should follow every step of a recipe when baking bread.

In another, the author compares data management to alchemy and even TNT. In short, if data is well-managed, it can turn into metaphorical gold, and if not…boom!

While Amplifi doesn’t rely on emotional statements like “happier” or “excited,” they use clever metaphors to take readers on an emotional journey through the world of data management.

Best practices and examples for writing competitive RFP responses

We probably don’t need to mention that RFP response storytelling is not about making up characters and plotlines. Your job is to use the company’s story to sell a product or service. Write for your audience, not award committees or even yourself.

The academic journal Psychology and Marketing published a study called “Brand narratives: Content and consequences among heritage brands.” The study authors interviewed brand managers, analyzed heritage brand websites, and tested their findings with consumers to pinpoint what customers wanted to see from a seller’s story.

While it is true that their study focused on B2C organizations, it’s always good to remember that human beings spearhead every step in a B2B purchasing cycle.

So, what resonated with consumers?

Founding date – Interestingly, it didn’t seem as though a long history was important, but consumers still wanted to see how long a company has been in business. Most RFPs ask for the founding date.
Your unique approach or method – How are you different from your competitors? How does your product or service relate to your company’s core values?
Linking the past to the present – Even if yours is not a heritage brand, link your vision or product to the past. For example, if your product uses a modern solution, such as artificial intelligence, give a brief history lesson of the challenge before your company addressed it using AI.

The study also examined common storytelling elements that don’t resonate, such as:

The founder’s story – The buyer wants to go into business with your company, not its founders.
Your business’s struggles – Readers like success stories. They don’t want to know that your company almost folded in its first year, even if it rose like a phoenix. They definitely don’t want to know about your cultural or product-related struggles.
Where you were founded – Today’s business world is nearly borderless. Your California location, for example, will mean very little to a company in Europe.

Now that we have the very basic dos and don’ts, it’s time to further break down response stories.

1. Tell your why

As every middle school journalism teacher will tell you, there are six elements to a good story: who, what, where, when, why, and how. It’s the same with RFP response.

“Who,” as we mentioned above, is about your company, not your founder (with an exception we’ll talk about in a moment).

“What” is the product or service. “Where” is less about your location than the product or service (e.g., Where will onboarding take place? Where are your products manufactured?). “When” should outline deliverable dates. “How” is pretty self-explanatory, but what about “why?”

“Why” is an opportunity to genuinely resonate with your audience. Perhaps your company began because your founders were once in the customer’s shoes, or they saw a need that they were in a position to fill.

It might be tempting to include “why” when responding to a question about your company’s founding date or one that asks about product specs, but you’ll run the risk of annoying your customers by using valuable space for what they might see as superfluous information in those contexts. Also, you might have character and space limits.

Unless the RFP offers organic opportunities to present your “why,” save it for the cover letter.

RFP response example:

If, for example, a company wanted to improve efficiency. Here at RFPIO, we might say something like:

“We understand your desire to improve efficiencies in your organization. We founded RFPIO for that very reason. Our platform helps you take back time to spend with your customers, family, and of course, on yourself.”

2. Show you’re human

Individuals and company decision-makers all want to feel good about their buying decisions. Highlight the good that your company does.

RFP response example:

At RFPIO, we’re proud of our workplace ideals and culture. But simply patting ourselves on the back might seem inauthentic. We let our employees speak for themselves. In our RFP responses, we often include something like:

“RFPIO is committed to a diverse and inclusive work environment. Our employees voted this year, and we were honored as a Comparably Award winner for Best Outlook, Best CEO for diversity, and Best Leadership team.”

3. Share a testimonial

Who better to speak for your company’s quality and customer service than your customers?

RFP response example:

We might, for example, use the words of Brian Z. of LinkedIn:

“Hundreds of hours saved in responding to questionnaires and RFPs. RFPIO offers very competitive cost savings over most of the larger RFP software providers. The same functionality at a fraction of the cost of the big guys. Customer support is top-notch — all questions or requests for help are addressed within the same day (or within 24 hours at most). Great, direct support from the management team — no call centers, no outsourced product support. You get assistance from people who helped build the product.”

4. Customize answers with specific deliverables

When an RFP asks about deliverables, the customer wants more than just a timeline. They want to know that you understand their needs. If you sell a product, how long will it take for the customer to receive it? If you sell a service, what is the onboarding process? Sure, it’s easy to answer these questions with dates or predicted time from purchase, but remember, you’re telling a story.

RFP response example:

Let’s pivot from RFPIO for a moment. Perhaps your company offers SEO services. Rather than simply listing timelines, say something like:

“At ____ SEO Consultants, we value partnership with our clients. First, we’ll meet with your content strategists to help devise a plan to leverage your strengths and highlight your values. On average, we will deliver a detailed SEO strategy within X months.

By month X, we will begin weekly strategy meetings with content writers and key stakeholders. Implementation will be ongoing but expect your first results within X months.”

5. Be succinct and real

Most products or services are relatively dry. If you’re in tech, things can get rather *um* technical. If you sell a product, you might have to explain its manufacturing or logistics.

Odds are, the procurement person looking at your proposal has high-level knowledge of what they are seeking, but their eyes might start getting bleary if you go into too much detail, especially technical detail. Avoid jargon as much as possible.

RFP response example:

If, for example, the RFP asks about your approach to project management. Rather than describing your methodology or Gantt chart, say something like:

“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.”

6. Make life easier for the issuer

Reviewing a (long) proposal is a tedious enough process, don’t also make the issuer do extra work 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 offer supporting evidence for it.

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: .”

7. 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 determine 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 fits better, go for it.

RFP response example:

The customer may want to know how you communicate new features to clients. Sure, you could respond with something like, “Upcoming platform enhancements are communicated to customers via email. You can also access them from the Help Center.”

Yes, that answer is succinct, but does it set you apart from your competitors? Maybe they asked that question because their current vendor doesn’t listen to suggestions or communicate new features. Instead, try something like:

“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.”

8. Say no with style

No one likes to pass up a business opportunity, but there are times when your company won’t be the right fit, and there’s nothing wrong with that. Rather than responding to an RFP and misleading the customer into believing that yours is the right solution, tell them “no” but do it the right way.

A well-composed “no” response might help open doors to future opportunities with the issuer.

RFP response example:

Imagine the customer is looking for a specific integration you don’t currently offer. Instead of a simple “No, we do not integrate with that tool,” say something like:

“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.”

More RFP examples and response resources

While we’re on the subject of storytelling, part of RFPIO’s story is that we also respond to RFPs, so we have several experts within our ranks who are always willing to offer sage advice.

RFPIO’s website and blog have multiple resources to help you craft a bid-winning story, such as:

Sample RFP response cover letter

A great cover letter is short and sweet but also informative. Click here for tips and tricks for writing the perfect cover letter. Kelly Barnard, RFPIO’s Response Management Strategist, even included her go-to example.

Winning RFP response examples using storytelling

Are you hungry for more storytelling examples? Click here.

Free RFP response template

Hubspot has a fantastic RFP response template. Click here.

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 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 RFP software that takes care of the more tedious and time-consuming parts of the process.

RFPIO’s advanced response technology includes features that help you create better, faster, more winning responses:

Business intelligence – RFPIO’s advanced analytics and reporting capabilities let you use data to drive your business decisions.
Content Library – RFPs aren’t known for their originality. You’ve probably answered most questions before. RFPIO’s AI-enabled recommendation engine finds the best preapproved content, leaving you the option to accept, edit, or reject its suggestions.
Import and export – Whether an RFP comes as a Word document, Excel spreadsheet, or through your CRM, you can import it directly onto RFPIO’s platform.
Standard and customized templates – RFPIO lets you create proposals using your favorite templates or one of ours.
Customization – As they say, every picture tells a story. Add tables, images, and rich text to visually narrate your response.
Integrations – RFPIO integrates with the most popular productivity and sales enablement tools.

Related: Create proactive proposals at scale with proposal automation software

Create rich narratives that will help you win more business, spend more time in front of customers, and live your life. With RFPIO, you can make that happen. See how with a free demo.

Proposal automation guide: Benefits, uses, tips & software

Selling & Enablement

For most bid and proposal professionals, working through the steps of answering RFPs is second nature. Unfortunately, for those using manual processes, much of that work is tedious, repetitive and time consuming. Indeed, you may be all too familiar with the ctrl+f, ctrl+x and ctrl+v loop of working in Word and spreadsheets. Luckily, with proposal automation solutions, you can make the process faster and easier. Not to mention, you’ll be able to give those well-worn keyboard shortcuts a rest.

Powered by rapidly-advancing AI technology, the number of bid and proposal management tasks that can be partially or entirely automated continues to grow. For organizations looking to speed up sales cycles, work lean and increase win rates, proposal automation delivers a lot of value. Fortunately, RFP response software is purpose-built for managing RFP responses, bids and proposals — and it’s increasingly impactful, adaptable, accessible and affordable.

Understandably, the prospect of increasing automation may not excite you. In fact, it may raise uncomfortable questions. For example, you might wonder if your job is at stake, if it actually saves time and if it’s really worth it. In this post, I’ll strive to explore each of these concerns about proposal automation and more.

To start, we’ll begin with the definition of proposal automation as well as how it works. Then, we’ll cover which steps in your proposal process can be automated and how human input is still required. Next, you’ll learn the three primary benefits of automation. I’ll also share a quick buyer’s guide for proposal automation software. And finally, I’ll share a few ways your team can prepare now for proposal automation in the future.

Know what you need? Jump ahead here:

What is proposal automation?

Proposal automation is the use of technology to perform actions in the proposal process with reduced human intervention. Sometimes called bid automation, the term refers to the actions that technology performs automatically according to established rules.

Proposal management software includes automation capabilities designed for the RFP and proposal process. It can assist with proposal completion, formatting, workflow tasks and content management.

How does it work?

Certainly, proposal managers don’t need to understand the engineering and code that makes proposal automation solutions work. However, a basic grasp of the concepts and logic behind automation is helpful. With this knowledge, users understand how to maximize automation’s value. And, they can troubleshoot if needed.

With origins in manufacturing lines, automation has come a long way in the last few decades. While technology continues to push the boundaries of automation, the basic motivations remain the same.

Whether automation is moving car parts from one assembly line to another, or transferring information from a content library to a proposal draft, the goal is to reduce the human effort required to complete tasks.

Proposal automation example

Generally, automation works using if/then logic. For example, in the proposal process, you may want to send a reminder to your subject matter experts (SMEs).

So, the logic for that task could be stated as:
If SMEs have not approved their assigned questions by three days prior to the due date, then send a reminder email to their inbox.

In this case, the ‘if’ part of the statement defines the required conditions that must be met for automation to occur and the ‘then’ of the statement is the action that is triggered.

Each piece of automation requires several key pieces of data. For the simple automation in this example to work, the system needs to recognize and pull together all of the following data:

Users designated as SMEs
Which SMEs are assigned
Status of their questions (draft, in progress or approved)
Today’s date relative to the due date
SME email addresses for the notification
The notification text to be sent

When you understand that each element of the if/then statement is a piece of data, it’s easier to see the possibilities for new automations.

Beyond workflow automations like the example above, proposal and RFP response tools also use artificial intelligence, machine learning and natural language processing to expand and improve proposal automation capabilities.

Proposal automation uses and limitations

Just like other sales technologies, AI and proposal automation are tools that must be directed and used by humans. Certainly, it can save your team a lot of time, but it definitely won’t be able to replace you. Proposal expert Ashley Kayes, addressed the potential of automating proposals in a recent post on her Proposal Reflections blog saying,

“Will automation tools and AI eventually replace all of us and independently write the proposals for our companies? I think most of us agree that this will never happen in our lifetimes. However, I do believe that enhanced versions of these AI and proposal automation tools will ultimately empower our proposal teams to focus our efforts on tailoring content to meet the needs of individual customers and other critical tasks.”

We expect that AI capabilities and proposal automation will continue to advance in the future. In fact, at Responsive we’re constantly evaluating emerging AI and creating new ways to automate tedious steps of responses of all kinds including proposals, RFPs, RFIs, RFQs, DDQs, security questionnaires and so on.

When considering investing in proposal automation software it’s important to understand that these tools are not a replacement for people. They only work in partnership with users. However, when applied thoughtfully by skilled users, strategic response management software has the potential to cut your response time in half.

Examples of how proposal automation partners with people

Automating proposals effectively means balancing AI’s ability to perform mundane tasks with the need for human input and interpretation. Here you’ll find a list of ways you can use automation as well as short explanations of how users must provide input for the best results.

– Bid selectively and ensure compliance –

Automation can: Analyze and organize requirements

When receiving long-form RFPs and customer requests, it can be difficult to identify each individual requirement you must to meet. Fortunately, proposal automation can sift through the text of any request and create a list of requirements you can review at a glance.

With a clear list of the customer’s needs, you can more confidently decide if the opportunity is a fit for your company. Then, you can also use this list of requirements to ensure that the RFP responses and proposals will meet the customer’s guidelines and expectations.

Users must: Review and confirm the analysis

In this use case, proposal automation works by searching for keywords like shall, may, should, must and more to gather requirements. It does a good job of listing individual requirements, but a human must always verify the output for any requirements that didn’t use one of the established keywords.

– Find content and answers faster –

Automation can: Identify repeat questions and suggest answers

One of the most impressive and valuable features of RFP automation software is the ability to import an RFP and automatically review it for repeat questions. Not only will automation identify the questions you have encountered before, but it will also suggest relevant answers from your content library. So, you no longer have to search through endless emails and old proposals to find the right answers.

When considering investing in proposal automation software, it is important to understand how each automation tool works to find relevant answers. Some systems use exact match searches, while others leverage AI, machine learning and natural language processing to find synonyms and related knowledge records.

Users must: Select the right answer with context in mind

While AI can suggest the best answer and offer alternative options, it can’t yet fully understand the nuance and context for the request. So, it’s essential to have a human review the options. Certainly, it still saves time by providing you with all of the relevant choices, but final selection should be done by a proposal professional.

– Help write and edit responses –

Automation can: Create a first draft or revise an answer

Staring at a blank screen can be a roadblock for SMEs, so offering a first draft can help get them started — AI can help with that. In addition, if you get their response back and it’s a little too long and technical, AI can help with that too. With the GPT assistant in Responsive, you can leverage AI to create response drafts, expand short answers, transition from passive to active voice, improve readability, shift from technical jargon to plain speech and more.

Users must: Review, customize and fact check

Outputs from the GPT assistant sound more like a human than ever, but don’t be fooled. AI cannot create content tailored to your organization. Because GPT is trained using general information like internet content and books, it doesn’t know your brand’s proprietary information, competitive advantages, messaging, tone or style preferences.

Users must still infuse responses with compelling win themes, create a consistent style and update automated responses to ensure accuracy and effectiveness.

– Keep your content library clean –

Automation can: Identify potential answer duplicates

As you answer more RFPs, create proposals and leverage your response solution, your content library will grow. Naturally over the course of time, you’ll respond to variations of the same question over and over. Then, if you’re not careful to review, prune and consolidate similar responses the library can grow out of control and become difficult to navigate effectively.

Fortunately, AI can help you manage the content by identifying similar question and answer pairs. The system can then flag the content for potential deduplication.

Users must: Review duplicates and make the final call

Typically, duplications are created when an answer has been customized to fit a particular customer or situation. AI can identify the similarities to other responses, but it can’t decide which answer is the best option to keep for future use. Users must provide input to combine, edit and optimize the responses before deleting duplicates.

– Improve SME collaboration –

Automation can: Send reminders and schedule reviews

We all know that as the proposal coordinator, you spend a significant amount of time wrangling answers and approvals from various subject matter experts and stakeholders. Often, this means countless emails, follow-up calls, chat messages and reminders. And managing that communication via email is cumbersome and risky. Fortunately, all of these activities are centralized in automated proposal software.

As you work through the proposal, SMEs receive notifications when you assign them questions, request reviews, send reminders and secure final approval. In addition to avoiding sending these communications manually, the platform also retains a record so you can review the process if questions arise.

Users must: Manage assignments, responsibilities and settings

Proposal automation isn’t able to identify who plays which role in the response process without your help. Indeed, for large organizations, the number of variables that determine who contributes to a proposal or RFP make it far too complex for a computer to understand. However, for you, it’s a simple matter of matching sections and questions to the relevant users.

– Keep momentum moving to meet deadlines –

Automation can: Track real-time progress

When your boss wants an update on how the proposal is coming together, automation has an immediate answer. Rather than reaching out to every contributor and finding out the status of their work and compiling a report that will be out of date before you can even send it, proposal automation software enables you to see real-time visualizations of each project.

Users must: Interpret and optimize

While dashboards and reports are much easier to create and view in proposal software, they lack the context and big-picture view you provide. The real-time information can help you identify bottlenecks, but it won’t be able to determine why they’re happening or how to fix them. There’s simply no replacement for the strategy and process insight you provide.

– Surface data insights –

Automation can: Gather data and schedule maintenance

Curious how often subject matter experts make adjustments to answers from previous proposals? Wondering when the last time was someone reviewed your compliance content?

Proposal automation tools collect this information as well as other helpful response metadata. In addition, you can set up periodic, automatic review cycles to prompt SMEs to verify and refresh the content they’re responsible for.

Users must: Review and optimize

Proposal automation can only provide you with the information it finds in your content library, it can’t verify if that information is still true and accurate. In addition, it can’t warn you that one of your answers has a bullet point that isn’t relevant to the customer or refers to a contact that has since left the company. Indeed, when it comes to avoiding embarrassing moments like that and ensuring you’re using timely responses, there is no replacement for your careful review.

Additionally, users must determine how often content should be reviewed and who should review it to minimize risk.

The 3 biggest benefits of proposal automation

At the end of the day to be truly worth it, proposal automation must deliver value to the bottom line. There are three primary benefits to consider.

1. Enhanced efficiency

Automation saves time (a lot of time). RFP responses are an investment, so as efficiency increases, so does profit. When you leverage automation, you spend significantly less time finding information, sending reminder emails and verifying responses. In the time you save, you can take on more strategic, higher-value projects.

For example, Crownpeak leverages proposal automation to complete the majority of their responses:

“Today we’re filling out 80% of an RFP with Auto Respond. But next time we get an RFP, that percentage might be 81%. The more answers we put in the library, and the more RFPs we respond to, the more accurate Auto Respond becomes,” -Paul Taylor, Vice President of Solutions Engineering at Crownpeak

2. More consistent processes

Automating proposals using an established, repeatable process in a centralized location provides much needed organization and clarity. Manual responses often involve information that’s shared through email, spreadsheets, calls and more ⁠— this siloed knowledge increases the risk that your proposals contain inaccurate or inconsistent responses.

3. Data capture and analytics

Each RFP and corresponding proposal contains a wealth of data. Indeed, data collected from automated processes enables organizations to calculate proposal software ROI. In addition, RFP data analysis uncovers avenues for process improvements, pricing optimization, sales messaging refinement and more.

Proposal automation software buyer’s guide

Finding the right proposal automation solution for your organization can deliver tremendous value. So, here are a few things to discuss with your team before making a purchase.

Essential proposal automation software features

Centralized content library: How is information saved, organized and reviewed? Is the library easy to navigate and use for power users and occasional SME contributors alike?
Response automation: When you upload an RFP or request, does the platform suggest relevant answers automatically?
Request import: Are requests quick and easy to upload? Does the software consistently identify sections and questions?
Project management tools: How can proposal managers track their projects, engage collaborators and ensure on-time delivery?
Integrations: How will the proposal automation solution integrate with existing processes and sales technologies?
Data analysis: Does the platform capture key metadata, have helpful reporting capabilities and detailed audits for transparency and risk management?
Document tools: Does the platform offer tools for e-signature, document library management, embedded media and attachments?

Additional considerations

Solution updates and enhancements: Does the platform keep you ahead of trends and give you a competitive advantage with regular releases designed to improve your process?
Reputation: Is the company a leader in the industry? Do they have strong reviews from users?
Customer success: What kind of support will your team need?
User experience and adoption: Is the tool easy to use, navigate and understand?
Broader value: Is the platform flexible enough to be used for additional use cases?
Security and controls: How does the software manage security and data? Do they allow various user permission levels to keep information secure?

How to prepare now for automation in the future

While automation can undoubtedly save almost any proposal team time, some organizations may not quite be ready to make the investment. However, that doesn’t mean there’s nothing you can do now. First, create a business case for proposal software. Then, begin building the foundation for successful automation.

Map your current proposal process in detail

Creating a detailed, step-by-step map of your process is the best way to identify areas that are ready for automation. Start at the beginning. What steps happen when you receive a new RFP? Who is involved in the decisions? What information is gathered? Who plays which role in proposal creation? And so on.

Benchmark key metrics

After you’ve defined your process as thoroughly as possible, estimate and note the hours required to complete each task. Consider what steps take the longest and which are the most repetitive. This exercise will point you to the areas where automation will be most impactful. Not to mention that benchmarking the time and cost involved in RFP responses allows you to calculate return on investment once you adopt a solution.

Plan how you will redirect time saved

Another powerful way to prepare for automation is to consider what you will do with the time you save. We all have a list of projects and ideas in our heads, and with automation, you’ll be able to put them into action. If nothing comes to mind, we have a couple of ideas to further improve your efficiency and effectiveness.

Find and answer more RFPs
Organize and optimize your proposal content library
Explore strategies for winning

Dig into your data

The more information and historical RFP response data you have, the better off you’ll be when you are ready to adopt proposal automation. Explore your proposal library and identify knowledge gaps as well as any opportunities to improve the quality of your data.

Remove duplicate and outdated answers
Ensure on-brand messaging
Improve consistency in tone, word choice and style
Record which answers appear in winning proposals
Identify commonalities in won and lost opportunities

Final thoughts

Despite all the advances in automation for proposal teams, the RFP process is still human. At its core, it’s still about connecting people and finding customers that will help you reach your goals while you help them reach theirs.

Again, Ashley Kayes, sums up the potential of proposal automation nicely saying,

“Leveraging these tools effectively in the future, I believe we will increase the efficiency of our business development and proposal process by automating some of the most time-consuming pieces of the process and helping us to make smarter, more-strategic decisions on the opportunities we pursue.”

There can be no doubt that automation is part of the future of RFPs. But, the real question is: Will you be ready? Are you ready now?

Understanding the RFP response process

Selling & Enablement

If your company is like most, you responded to a lot more RFPs last year than you did the year before. You’ll likely respond to even more in the upcoming months and years.

Leadership is beginning to understand the importance of dedicated response professionals. Still, they’re a bit more reluctant to invest in the processes needed for efficiency, faster response times, better morale, and higher win rates.

To be fair, not all RFP response processes call for automation or even computers, but unless you’re a one-person show–and even if you are—creating quality, on time responses requires a repeatable process. Here is what that looks like for us and perhaps for you.

The basics of the RFP response process

When a company or organization wants to make a major purchase or launch a project, they usually issue a detailed document–a request for proposal (RFP)—describing their needs to several potential vendors. A typical RFP will outline the following:

Their budget for the project or product
The project’s goals
Common deal-breakers, such as:
- Unsatisfactory audit findings
- Insufficient security protocols
- Poorly-defined procedures and policies
- Improperly vetted subcontractors
- Customer support concerns
- Inability to meet the buyer’s budget or timeline
- Not enough customer references
- No out-of-the-box functionality
The most important factors
The RFP’s due date

The prospect may also include separate documents such as a security questionnaire, which asks about your and third-party vendors’ security protocols, or due diligence questionnaire, which asks about your company rather than your product.

The best way to produce a winning bid is to have a process in place. Do you have project management software? Who is your project manager? Do you have a list of subject matter experts (SMEs) and their schedules? What about other stakeholders, such as writers and editors?

RFPs are more alike than they are different. Around 80 percent of an RFP’s questions are relatively standard. For example, it’s common for an RFP to ask about company history, hiring practices, and the onboarding process. Why not have those answers ready to go or at least prepared for a quick proofread?

Creating a repeatable process establishes:

Whether the RFP is worth pursuing
Team participants
Timelines
Role definitions
SME engagement
Final evaluation

Why are RFPs issued?

Organizations issue RFPs when their needs are complex and want to efficiently access multiple vendors. Governmental organizations, many nonprofits, and large companies send RFPs for every purchase exceeding a certain threshold.

Steps in the RFP response process

Establishing an effective and efficient process is easier than you might think. RFPIO’s response managers have identified eight steps:

Step 1 – Go/no-go

As the number of RFPs you receive increases, so does the number of questions on each one. Instead of attempting to respond to each one, choose those that best align with your business and are winnable.

Step 2 – Have a kickoff party

Unfortunately, most kickoff parties don’t have cake, but they do define team and individual roles, responsibilities, and objectives.

Step 3 – 1st draft

Because roughly 80 percent of an RFP contains questions you’ve probably answered before—many times—let your automated system take a run at it first. Make sure the answers are correct and up-to-date.

Step 4 – 2nd draft

Consult with SMEs and other stakeholders to answer the remaining questions.

Step 5 – Review and revise

Were the questions answered accurately and completely? Were all the objectives met? Are there any misspelled words or typos? Are the responses otherwise well-written? Have you attached all relevant documents?

Step 6 – Submit

Once you’ve completed and polished the response, submit it (hopefully before it’s due). Confirm that it was received and let team members know.

Step 7 – Save and audit the responses

Every answer is potentially valuable for future RFPs. Save them in a central location that’s easily accessible to key stakeholders. Make sure you regularly audit the content in the centralized repository.

Step 8 – Postmortem

Win or lose, every response is a learning opportunity. What worked? What could have used improvement?

An example of a high-quality RFP process

A high-quality process is well-defined, efficient, and generates quality proposals for winnable RFPs. Once you’ve established a high-quality process, your team will begin to run like a well-oiled machine, you’ll increase the number of responses and hopefully win more bids.

Accruent, a Software-as-a-Service (SaaS) company, has recently acquired several companies with highly-technical products. RFPs began arriving faster than the response team could master the new technologies. Unsurprisingly, SMEs were stretched thin.

Accruent introduced RFPIO into their response process. Confident that their answers would be stored for future use in their Content Library, SMEs were much more likely to offer their expertise.

Soon, because more than 75 percent of answers came directly from the Content Library, the response team more than tripled its capacity.

RFP response process metrics

The go/no-go step is key to increasing your win rate, but knowing which RFPs to answer requires data. Tracking metrics should be part of your response process. Those metrics include the following:

Project types – How many RFPs did you answer compared to DDQs and other documents?
Types of wins – You should save your resources for winnable RFPs. What kinds of projects provide the highest win rates? Break types down by:
- Vertical – Are there specific industries that are more apt to purchase your product or service?
- Company size – Are your target customers enterprise-level or small and medium-sized businesses?
- Product line – What is your win rate for that product?
- Project type – Has your company successfully implemented this type of project in the past?
- Project stage – How far do similar projects make it through the sales funnel?
- Number of questions – Do you have the bandwidth for an RFP of that size?
- Project value – Is it worth it for you?
Project scope – How much work does your current project require?
Completion time – How long does it take, on average, to complete a similar project? What is the shortest time on record, and what is the longest?
Average response rate – What percentage of incoming RFPs do you answer?
Resource needs – Comparing the content and moderation needs, who are the people who are best suited for the project?
Content needed – Read and understand the questions and determine how much content you have in your Content Library.

Once you have decided to go forward, metrics help keep you on track and tell you whether it’s worth continuing.

Determine workload – Break down the project into manageable deliverables which can be divided among your team.
Readability score – Write in a way that’s easy to understand, typically at no more than a 10th-grade level. Use tools like the Hemingway App or Flesch reading ease test to ensure readability.
The Probability of Win Score (PWIN) – You’ve already calculated your odds of winning based on past similar projects. Still, the PWIN examines the details of your current project for a more accurate prediction.
- How do your answers compare to similar RFPs that you’ve won?
- Have you answered each question?
- Have you met all the conditions?
- How many questions were you able to answer in the affirmative?
Identify content gaps – What is missing from your Content Library? What needs to be updated?
Determine your Content Library’s health – How many questions can you answer using the curated content in the Content Library? Aim for 40-80 percent.

For more information on response metrics, read here.

Best practices for a smarter RFP process

Turning your RFP process into an 800-horsepower revenue-generating engine takes coordination, a great pit crew (so to speak), and tools to turbocharge efficiency.

At RFPIO, we receive and respond to RFPs just like you. Below are the best practices our experts swear by.

Encourage collaboration

A Facebook poll by RFPIO found that effective collaboration was considered much more important than an efficient process. I would argue that neither is possible without the other.

Because RFPs are long, complex, and require potential input from every department, from finance to HR to IT (and more), collaboration is a critical part of an RFP response process. And because we have distributed and siloed workforces, intense competition for SMEs’ time, and tight deadlines, smart processes foster collaboration.

An RFP response system should leverage project management and communication tools to keep everyone on the same page. And because respecting your colleagues’ time is key to continued collaboration, it should also include a single source of truth knowledge management system to record answers for use on future projects.

Bring effective storytelling into your RFP responses

No one is suggesting that your RFP response should include the next great novel, but telling your organization’s story helps make your response memorable and builds trust among readers.

Your proposal’s story should include information about your company, such as why your founders created your solution, how it will meet the customer’s needs, and how you will handle their needs.

Your cover letter might highlight your company’s values and what it does to live up to them. It’s also a great idea to include testimonials from customers with similar needs.

Automate your response process

At least three-quarters of companies hope to boost their RFP response, but only around half of those companies consider increasing response staffing. That leaves one option, which is to automate their response processes.

Because most questions on an RFP are exact or near exact duplicates of former queries, you can save hours, days, or even weeks by leveraging machine learning to access those repeat question-and-answer pairs, giving you the time to address the questions that need your efforts.

Develop habits that support organizational success

Suppose you worked out or ate well today. Congratulations! Continue for a few weeks, and the next thing you know, you’ll have formed a habit that might lead to better health and longer life.

When you habitually maintain your list of SMEs and other stakeholders, as well as your Content Library’s health, those habits will pay off with faster responses, smoother collaboration, and improved morale.

Enable your sales team

Aside from your employees, a well-maintained single source of truth is your company’s greatest asset. It might contain incorporation papers, financial statements, sales reports, and product details. There’s no limit to the number of use cases.

We like to think of RFPIO as a sales enablement platform. Naturally, RFPs generate tremendous revenue. Still, a well-maintained Content Library supplies relevant, customer-facing information for sales teams with a few keystrokes. RFPIO’s proposal management features can help you create winning sales proposals complete with automation and reporting.

And because salespeople spend time on the road, RFPIO® LookUp provides access to your Content Library from anywhere you have browser access.

The role of RFP software

Chances are, your company uses CRMs and other sales enablement platforms. You probably also use communication apps and some sort of project management software. How does one make a case for more on top of what your CIO might call a bloated tech stack?

Advanced RFP software works with your tech stack, not on top of it. It should integrate with your productivity, communication, and sales enablement apps, but it should also add value on its own. Unlike a standard project management platform, RFP software is customized for proposal management.

RFP software is designed to let you respond to more requests and maximize your win rate. It may not be a specific part of your sales team, but like your top salespeople, its superpower is revenue generation.

Advanced RFP software should import and export from and to nearly every format and offer standard and customizable templates. Its knowledge and document library should provide relevant stored Q&A pairs as well as required documentation with a few keystrokes. In fact, its knowledge and document library should serve as a single source of truth for the entire organization.

The software’s reporting features should go far beyond response analytics and help facilitate informed business decisions. Additionally, because RFPs come in waves, software should be scalable and instantly respond to your changing requirements.

Choosing the right RFP software for your team

I could spend hours highlighting all the RFP software features you might need, but the fact is that even you don’t know what might arrive next week and especially next year. Your ideal RFP response solution is a bespoke answer to your evolving needs.

The software should work with your existing systems to maximize revenue and efficiency. It should be designed by response managers who know the ebbs and flows of response processes.

The most important feature, however, is the designers. Is the company receptive to your questions and poised to consider adding features as requested?

RFPIO’s approach to the response process

RFPIO offers an end-to-end approach to RFP response. Its features include:

Knowledge – Store your commonly-seen questions and answers and your critical documents in a single repository.
Collaboration – Communicate with other stakeholders inside the platform or with your current collaboration apps.
Projects – Break your projects down into manageable pieces, assign tasks, and keep track right inside the app.
Insights – How much time and other resources are you using? How many and what kind of deals do you win? What are your strengths and weaknesses? RFPIO has many standard and nearly unlimited customized reporting features.
Integrations – RFPIO integrations work seamlessly with more than two dozen of the most popular business applications.
Remote access – RFPIO® LookUp provides access to your Content Library through Google, Microsoft Office, and many other applications.
Loyal customers – RFPIO is the response platform for many of the world’s most successful companies, including Google, Microsoft, Facebook, Visa, Lyft, Zoom, and hundreds more. Read more about RFPIO from our customers.

Case study

While RFPIO is the RFP response solution for large companies, most enterprise organizations have dedicated response departments. Employees for smaller companies find themselves wearing many hats, which sometimes means putting RFPs on the back burner.

Complí, a small software company located in Portland, OR, often found themselves missing deadlines for lack of time and personnel. Just a week after investing in RFPIO, that changed. The company was able to respond to RFPs without holding time-consuming, in-office meetings. They were also able to complete up to 80 percent of each RFP with just one click, thanks to the Content Library.

Today, they are submitting RFPs on–time (and even early) and the entire company uses the Content Library as their single source of truth.

RFP response management process FAQs

It isn’t easy to gauge RFPIO’s true value without seeing it in action. We invite you to view a demo to see how RFPIO might benefit your organization. Before that, though, here are some of the most common questions we are asked:

What is an RFP? – A request for proposal (RFP) is a document designed to solicit multiple bids for large organizational purchases.
What type of information and questions are included in an RFP? – An RFP provides in-depth descriptions of the customer needs, deadlines, and so on. It might ask for company history and details, pricing, related past projects, and projected deliverables, and so on.
Why do organizations issue RFPs? – Organizations issue RFPs to gather pricing and service comparisons in their desired formats.
Who responds to RFPs? – Some organizations have dedicated response departments. Others might respond through their sales teams.
What does RFP software do? – The short version is that RFP software helps organizations win more business using fewer resources. The longer version is that it utilizes your existing applications and teams, along with customizable tools and a robust Content Library, to become a revenue-generating engine.
Does RFPIO do more than respond to RFPs? – As a response platform, RFPIO will automatically respond to up to 80 percent of a request for information (RFI), request for quote (RFQ), security questionnaire, due diligence questionnaire, and more. As a sales-enablement tool, its proposal management features and Content Library will help you drive revenue. And as a business application, its built-in and customizable analytics will provide the information needed for informed decision-making.
Does RFPIO integrate with existing applications? – RFPIO integrates with more than two dozen applications, including the most popular ones.
What if we need to add or subtract users? – RFPIO has a best-in-class pricing model. Instead of purchasing licenses, we provide unlimited access.
Is RFPIO secure? – RFPIO has industry-leading security protocols. We are trusted by the world’s leading technology, healthcare, and financial services companies, including Google, Facebook, Microsoft, Visa, Cigna, and far more.

RFP strategy: How to grow your business with RFPs

Revenue generation

Does your business have an effective RFP strategy? When it comes to RFPs, organizations generally take one of two approaches. Either they respond to every RFP they receive, or they ignore them completely and opt out of the process. Unfortunately, neither option could be called strategic. One wastes time and the other ignores potential opportunities.

In the middle of these two opposite approaches is an RFP strategy that will improve your chances of winning while ensuring your time is used wisely. With some consideration, time and helpful tips you can discover how to use RFPs as a tool to grow your business.

In this blog, I’ll define what an RFP strategy is. Then, I’ll explore the flaws in common approaches to RFPs and why they work well. Finally, I’ll offer some tips to help you make your RFP strategy a success. With these things in mind, you can build a process that saves time, optimizes your proposals and empowers you to win more business.

What is an RFP strategy?
Why common approaches to RFPs don’t work
5 tips to make the most of your RFP strategy

What is an RFP strategy?

So, what exactly is an RFP strategy? An RFP strategy is how your business receives, reviews and approaches requests for proposals. In addition, it clearly defines goals and expected outcomes. Finally, an RFP strategy serves as a guide for decisions to bid or not to bid.

Factors to consider when creating your RFP strategy:

How many RFPs do you respond to in a year?
What is your RFP win rate?
On average, how much time does an RFP response require?
Typically, how much value does an RFP opportunity represent?
What percentage of revenue is a result of successful proposals?

These questions will help you define the role that RFPs play in your business. With that information in mind, you can start to build your RFP strategy by considering the results that could be achieved with small changes to your current approach.

RFP strategies are often part of larger business development initiatives. For instance, Viewpoint, a computer software, created an RFP strategy for business development. According to Mark Vignolo, Viewpoint’s Manager of Sales:

“I’m not entirely sure that we are unique, but I can tell you that we definitely see our share of RFPs. One of the things I’ve mentioned during the sales process is, when somebody gets a 1000-question RFP, nobody’s happy to receive that.

But when an RFP comes in, you can’t say no. Really, it’s the gateway to getting involved in the sales process.”

With the goal of growth in mind, they adopted RFP software to streamline their process and enable their existing staff to leverage their proposal content library and collaborate more effectively. Their typical response time went down by 20-30 percent.

RFP strategy example

To illustrate, if Viewpoint were to define its RFP strategy, it might look like this:

Our company uses RFPs to win new business. The goal of our strategy is to increase both the number of RFPs we respond to as well as our win rates. We will do this by increasing our team efficiency as well as improving the quality of our RFP content.

We receive RFPs directly from customers as well as through RFP databases and open bids. We increase efficiency by 20-30 percent by leveraging RFP software to automate RFP responses, ensure consistency and collaborate with subject matter experts (SMEs) and stakeholders.

If successful, business secured from RFPs will represent 30 percent of new revenue, a 15 percent increase over last year.

Why common approaches to RFPs don’t work

It’s no secret that RFPs are not well-loved. As mentioned above, businesses frequently adopt an extreme all-or-nothing policy when it comes to responding to RFPs. If either of these approaches sound familiar, it may be time for a better RFP strategy.

The shotgun approach: Answering them all

If you answer every RFP, you may find yourself thinking, “Why do I need an RFP strategy? It’s simple, an RFP comes in and we answer it. Then, we wait to find out if we won.” This reactive approach is unpredictable, chaotic and inconsistently rewarding. In fact, not being selective often results in a low RFP win rate, a burned-out proposal team and a whole lot of wasted time.

The problem is that businesses that answer every RFP often don’t calculate the cost of the time spent creating a proposal. Subsequently, they neglect to weigh their investment with the likelihood of winning.

Not only does answering every RFP mean that you’re wasting time, it likely also means that your RFP responses aren’t customized to the buyer’s needs. The results? At best, you don’t win the RFP. At worst, you make a bad impression and the potential customer remembers you for all the wrong reasons.

The take-my-ball-and-go-home approach: Opting out of the RFP process

On the opposite end of the spectrum is the second common approach to RFPs ⁠— not participating at all. Unfortunately, it’s a common situation: the deck was stacked against you. You’ve spent time researching, collaborating and crafting an RFP response, honing it until it was pure perfection, only to discover that there was no real chance of winning. Lo and behold, your work-of-art proposal was merely rounding out the required trio of proposals in a farce of due diligence.

Some businesses that have run into this situation one too many times, simply refuse to answer RFPs altogether. While it’s an understandable reaction, refusing to engage altogether means the business misses out on genuine opportunities for which they might have been the perfect fit. These organizations limit their potential for growth, miss out on insights that could be gained from RFP data and force customers to work outside of the proven RFP process ⁠— it’s an approach that few can afford long term.

If neither of these options sounds ideal, you’re right. There’s a better way, and it starts with defining an RFP strategy.

5 tips to make the most of your RFP strategy

1. Adopt a proactive RFP approach

When it comes to receiving RFPs, many businesses just wait for them to arrive in their inbox. However, if you’re looking to grow your business, being proactive pays. After all, you can’t respond to an RFP if you don’t know it exists.

Encourage client-facing team members to ask questions about potential customers’ procurement process. Do they plan to issue an RFP? If the answer is yes, offer to be a resource for them as they create their RFP. For example, Cegid, a business management solution, created The ultimate guide for building an RFP for talent acquisition in 3 steps.

Because they offer this guide, they deliver genuine value for their customers. In addition, they position themselves as a leader in the industry and stand a good chance of receiving the subsequent RFP, packed with questions they wrote themselves.

2. Pair your RFP strategy with capture management

Capture management is the process of gathering insight, building a connection with a potential customer and strategizing how to win RFPs that are upcoming. The goal of capture planning is to put you in a favorable position long before the RFP is issued.

Using a capture management plan as a part of your RFP approach for particularly valuable opportunities increases your chances of success. If you’re interested in learning more about how to create a capture management plan, check out this blog: Capture management: The plan to win.

3. Be picky about which RFPs you respond to

As you create your strategy, improving your RFP win rate will likely come up. One of the fastest ways to give it a boost is to simply decline to bid on opportunities that aren’t a good fit or you’re unlikely to win.

The decision to bid or not to bid should be based on five factors:

The big picture: Does this opportunity align with your business’s long-term goals?
Capability: Is your business equipped to fulfill the RFP requirements?
Profitability: Will the project be profitable?
History: Do we have proposal content from a previous RFP in our knowledge library?
Competition: Do you know who you’re competing against and can you win?

Remember, if you decide not to bid, it’s a good idea to clearly communicate your intention with the RFP issuer. In some cases, the issuer will respond, asking you specifically to provide a proposal and offering additional insight that might sway your decision. Not only that but the extra courtesy and communication will make you memorable and ensure you’re not excluded from future opportunities.

4. Adopt RFP software to improve the RFP process and collect data

When it comes to execution of your RFP strategy, you may find yourself in need of a little help. RFP software centralizes the proposal process and streamlines it with RFP automation. When responding to RFPs, an RFP management system allows you to quickly access past proposal content, confer with SMEs and track proposal progress. Additionally, it enables greater collaboration, improved efficiency and data collection. It’s truly a game-changer.

Speaking of data, if you’re not already tracking your RFP data including your win rate, start now. The benefits of capturing RFP data are numerous. Tracking your win rate is the best way to understand how you’re winning, why you’re winning and how to win RFPs more often. Additionally, with RFP data you can optimize your proposal process, predict RFP trends and quantify the value you deliver to your business.

5. Share your strategy with the business

RFPs inevitably require participation from people across your organization. So, it is helpful to define your team and bring them into your plan. A well-documented approach helps to guide all departments that interact with the proposal process from sales to legal. Certainly the better they understand the process, the more likely they are to participate effectively.

Finally, share your success stories. It’s not uncommon for SMEs and stakeholders to circle back with the proposal coordinator to ask, “Whatever happened with that big RFP we worked on?” While you may not need a full debrief for every opportunity, it’s important to close the loop. Celebrate wins and share lessons learned from lost opportunities. Always use the knowledge to continue optimizing and improving your RFP strategy.

Final thoughts

A well-defined RFP strategy can streamline your proposal process, help you win RFPs and make your team more efficient. Subsequently enabling you to respond to even more RFPs and win more business. As time goes on, the benefits compound and your RFP strategy will continue to pay dividends.

RFP response resource guide

Selling & Enablement

If you ask any salesperson about their ideal lead, you’ll likely hear that the perfect prospect is a confirmed buyer with clearly identified needs and pain points.

Hmmm, that sounds an awful lot like companies that issue RFPs.

An RFP, or Request for Proposal, is a document issued by buyers seeking bids for products or services. Every RFP includes a detailed description of the customer’s needs, and unless someone pulls a plug somewhere, the ultimate goal is to buy.

Confirmed buyer ✅
Needs and pain points clearly identified ✅

If that’s not enough to demonstrate the value of RFPs, here are a few statistics:

The average sales win rate is around 3%
The average sales-qualified lead (SQL) win rate is 6%
The average RFP response win rate is 45%

Still, most companies see RFPs as nuisances, which shows in their work. More than half of customers say the RFP responses they receive are sloppy and riddled with grammatical and spelling errors.

So, when did these enormous revenue-generating opportunities become the business equivalent of pop quizzes that no one studied for?

What is an RFP response?

RFPs and proposals are often confused. An RFP is a request from a potential customer that goes to multiple vendors. Depending on the request, an RFP generally asks for a proposal, which includes pricing, product or project details, information about the bidders’ companies, deliverables, and so on.

RFX is the parent category of several types of response request. Some examples include RFQs, or requests for quotes, which means the customer wants to see the pricing and little else.

Another is the RFI, which is a more formal way of collecting information. Often, companies use RFIs to create preferred vendor shortlists and may pair them with RFPs.

An RFP asks for things found in both RFQs (pricing) and RFIs (information). So the RFP is like a combo of the RFQ and the RFI. Many people use RFP as a more general term instead of RFX.

Components of an RFP response

The components of an RFP vary. However, first and foremost, it starts with what the customer wants. The document may ask for the following:

Answers to the questions asked
Sample contracts
Financials
Quotes or a cost estimate

RFP response examples

RFP proposals are sales documents, but that doesn’t mean you can send a customer a bunch of sales collateral with a price quote and call it a proposal.

If you’ve ever had a conversation with someone who endlessly talks about themselves, you know how annoying that can be. It’s the same with RFP response. Instead of responding with boilerplate answers about what you can do for the customer, take the effort to learn about them and how you can best partner with them.

And while you’re thinking about your prospect, the response should be organized and readable. You don’t want a customer to have to work to find answers. Instead, they want to be able to easily compare competing proposals from bidders.

Even though it might be more laborious on your part to put the response in the format they request, they’re asking that format for a reason, and not complying could take you out of the running.

The ideal proposal tells a compelling and engaging story for the reader. It’s informative and inclusive of the customer’s needs. A well-written response will stand out, as will a disorganized one that lacks thought and effort.

An RFP response typically should include the following:

Cover letter – Explain the type of information that is included in the proposal
Executive summary – Summarize the proposal and why the customer should choose your company
The response – Answer the RFP’s questions
Additional information – Include applicable case studies, company history, your recommendations, etc.
Attachments – Include exhibits, documents, samples, reports, contracts

For more specific examples, read here.

How to respond to a request for proposal

An effective RFP response is never haphazard. Like any project, it should be organized with clear deliverables and stakeholder assignments. Strategic response management software such as RFPIO takes much of the work off the response manager’s shoulders by documenting and clarifying responsibilities and integrating with existing tools such as Salesforce, Slack, and dozens more.

Of course, project management software is a time- and resource-saving tool, but it can’t replace human beings. A systematic and organized response management system should include these human-managed steps:

Step 1 – Determine whether you are the right fit

It might be tempting to respond to every RFP, regardless of whether your company’s solution is the best fit. For example, the prospect may need a product or service only a large enterprise company can provide. In that case, why waste your resources and risk the chance of wasting your prospect’s time?

This isn’t necessarily a hard and fast rule. RFPIO’s CEO and co-founder, Ganesh Shankar, recently spoke with another CEO whose company strategically responded to RFPs they knew they wouldn’t win as a way to get their brand in front of the customer for future needs and to strengthen existing relationships. The keyword here is “strategic.” Perhaps coordinate with your marketing department to determine the best approach to brand awareness.

Step 2 – Set up your process

Your subject matter experts (SMEs) are vital to your RFP response process. However, if you have yet to choose your SMEs before the RFP is in your hand, you will use up time finding the person in your company that holds the answer. Remember that the clock begins ticking the moment you receive the document.

According to many of the RFPIO customers I speak to on a regular basis, timelines are getting shorter and shorter each year. Companies expect faster turnaround times. You should know your process before receiving your RFP.

While RFPs vary, there are certain elements you will almost always see. For example, you will likely see questions about your company’s overview, history, product or service features, and so on. Know who you can rely on to answer your standard questions, or better yet, have the answers to these questions in your Content Library, so your SMEs will only have to review existing information.

Step 3 – Break down the components

In school we were told that “on time is late and early is better.” It’s the same with RFP response. A late response will almost always be discounted, but beyond that, it could sour the customer to your company for future opportunities.

A late response might cause a customer to question whether you value them and wonder whether you can meet your promises if you win the bid.

An RFP may be hundreds or even thousands of pages long. You must have a complete picture of what is requested and how you should approach it. You should first determine your timeline and work backward from there. Assign team roles, responsibilities, and timelines by breaking down the components.

Step 4 – Determine what you’ll need to include

Once you have determined your timeline, it’s time to determine what the customer is asking for.

How do they want the response to be formatted?
What questions do they need answered?
What exhibits or attachments do they need?
What additional information, such as financial statements or contracts, do they want to see?

How to improve the RFP response process

Workplace processes have never been more advanced. Messaging apps have all but replaced, or at least minimized, the use of email and phones. Customer relationship management (CRM) platforms track customer interactions from initial lead through their entire lifecycle. Project management software turns distributed and siloed workforces into collaborative teams.

Why? Well, automation works.

89% of companies report that their businesses grew last year, thanks to automation.
92% say that automation frees employees to focus on more critical and complex tasks.
About one-third of businesses report achieving a 100% or more ROI in the very first year after investing in automation.

Unfortunately, companies still need to prioritize automating their response processes.

84% of companies use inefficient RFP processes.
44% of proposal managers use no response software.

That’s not to say software is required for an efficient response process, but it certainly helps–a lot. Nor does RFP software replace jobs; it simply enables employees to focus on generating revenue.

Automate manual tasks

As I said, RFP software isn’t out to steal anyone’s job, but you know those annoying manual tasks like chasing people down for their deliverables or trying to keep track of which documents and question and answer pairs need reviewing? Automation takes care of that for you.

If you are a response manager or oversee a response department, you have a lot of control over what’s automated and what’s not. In a moment, we’ll discuss the sorts of tasks you might consider automating. But first, what are the goals of an efficient response process?

The goals of an efficient process include the following:

Automating manual tasks
Keeping content up to date and accurate
Optimizing time management
Collaboration

To reach those efficiency goals, consider automating:

Processes involving multiple stakeholders
Time-consuming tasks that don’t add value
Anything that might help with compliance
Anything you feel you are reinventing each time
Tools and templates
Answers to frequently asked questions

Up-to-date content

Let’s drill down a bit and talk about one of my favorite features of advanced response automation, the Content Library.

Depending on how long your company has been in business and how often you audit your content, you could have hundreds of thousands or more records–many, if not most, of which are never used.

I get it. Reviewing content isn’t much fun. Fortunately, as with your home, once you do that deep clean most of the rest is just maintenance.

So, where do you start? A regular review of content. My colleague and friend Monica Patterson recently published a super informative blog post on this topic, but in a nutshell:

Review the content you use the most – This step is relatively easy because most used content is generally up to date. However, you still want to run it by your SMEs, including every regularly reviewed Q&A pair, document, attachment, or exhibit.
Review the content you don’t use — Don’t automatically archive never used content. First, ensure it’s no longer relevant and doesn’t have customer-specific or periodic use.
Schedule regular maintenance reviews – Establish a regular cadence of looking at content, so you don’t have things that are so out of date that you have to find a new answer.

Having the cadence that works best for your subject matter experts is essential, which means having a relationship with your SMEs to establish a mutually agreed-upon time. If not, it will cause them more work in the future.

Optimize time management

When you receive a massive RFP, it’s intimidating unless you optimize your time management plan in advance. RFP response time management tactics include:

Understanding the scope and timeline of the project
Determining who to ask for clarifications
Defining roles within your team and engaging SMEs
Repurposing and reusing content where applicable
Tracking and monitoring deliverables and time spent

Better collaboration

Response teams and sales teams have a whole lot in common. Every employee in your company should have the same goal: to make the company more profitable.

But for revenue-generating departments, such as sales and RFX response, it’s all about winning business. Unfortunately, in many companies, the two departments are siloed. When responding to an RFP, it becomes even more challenging when the response team is siloed from the SMEs they need to consult.

While collaboration is possible using email and communication tools, response project management is hardly their forte. Response software that contains collaboration tools allows response managers to track and review progress and content across multiple channels, ensuring accurate and timely responses.

Key performance indicators for the RFP process

Boards of directors, C-suites, and everyone else in leadership positions want to see quantifiable results. As for the RFP response process, they want to see:

The types of projects you work on
Time and resources spent
Time to completion
On-time and late submissions
Win rate

Some KPIs don’t boil down to just numbers. To best measure the efficiency of your process, survey your team and implement a project post-mortem to identify areas where you can make improvements.

How to choose RFP response software

Before choosing software, take time to understand your process. If you don’t understand what you need, even the most advanced tool will not fulfill every requirement, and you could choose the wrong vendor. Look for agile, scalable software that seamlessly integrates with your existing sales enablement and communication tools.

Make sure that the software company is flexible, listens to customer feedback, and does things with it.

Why you need RFP software

A shared Google or Word document doesn’t exactly lend itself to group collaboration. First, the document could have many pages, and a multiparty editing process is sloppy and difficult to track at best.

In a siloed, distributed workforce, RFP software is a single place to go—a single source of truth. It enables you to gather answers to questions, exhibits, and documents. The software is a place where everyone sees the one correct answer. It’s also a place where everyone can work together without causing the RFP coordinator to pull their hair out.

Essential features

An advanced RFP response platform is a partner. It shares your goal of quantifiable and qualifiable results with the resources and bandwidth to manage multiple users and projects. Look for several features, including:

A content management system that serves as a single repository for all company knowledge and documents
End-to-end project management, including in-depth tracking capability/activity log
Response recommendation engine
Customizable analytics
Tech stack integrations
Scalability
Ability to import different formats
Ability to customize parameters

RFPIO is your partner in proposal management. To accomplish what RFPIO does would require a full-time assistant 100% of the time, and that’s for just one RFP. Teams rarely have just one.

Building response functionality onto sales enablement software would be very expensive and include features you probably won’t use. You want software for response teams and response management. RFPIO offers:

A best-in-class Content Library – A single company repository for Q&A pairs, company knowledge, documents, exhibits, and other attachments.
Advanced project management – Built-in analytics, advanced in-app collaboration tools, project tracking, role assignment, and clarification.
AI-powered Recommendation Engine– RFPIO leverages machine learning to recommend answers.
Integrations – RFPIO seamlessly integrates with more than two dozen of the most popular business applications, including Salesforce, Slack, Microsoft Office, Hubspot, and more.
Scalability – RFPIO’s unique project-based pricing model fosters collaboration by providing access to unlimited stakeholders on each response. The system grows with your needs and scales back during slower times.
Ability to import different formats – With RFPIO, you can import from Word, Excel, other documents, and even PDFs.
Customizable parameters – Track project metrics in a way that makes sense to you, including by vertical, company size, product line, project type, project stage, number of questions, project value, and so on.

Common challenges of the RFP response process

RFP response involves a lot of moving pieces. RFP response is a collaborative process that requires input from multiple and diverse experts across the organization. Yet, more than half of companies work in silos.

Additionally, not every company has dedicated SMEs, so you could be fighting competing priorities. And then there’s the good old problem of time. Timelines are getting shorter. Things pop up–like PTO, life in general, and, unfortunately, pandemics.

You should also set aside time to update the content library; otherwise, you’ll spend more time in the RFP process, as it’s faster to validate content is accurate than to track down the SME and have them update content you know isn’t up-to-date.

Then, of course, departments compete for their part of the annual budget, and sadly, some companies don’t want to, or can’t, invest in software for small teams, even though response teams pack powerful revenue-generating punches.

Case study

In my dealings, I’ve found that RFPIO is mission-critical software, but the proof is in the pudding. Celtra, a creative management platform organization, had a broken RFP response process. Their content was siloed, and workflow and collaboration needed optimization.

The result was rushed responses and a poor success rate. After researching the response management industry, they chose to work with RFPIO. They found:

They value the support and educational content, especially around best practices.
They appreciate the industry-leading integrations and clean user interface.
Now they’re responding to twice as many RFPs in less than one-fourth the time with fewer than half the people.

RFP FAQs

If you have questions about RFPIO or the general response process, you can contact us anytime. Here are some of our most frequently asked questions:

What is an RFP? – Organizations issue requests for proposals (RFPs) to enlist bids for specific products or services from multiple vendors.
What is included in an RFP? – RFPs are highly detailed and contain in-depth project descriptions, background information, specific requirements, deadlines, and so on.
Why do organizations issue RFPs? – Organizations issue RFPs to obtain detailed bids to compare and contrast before purchasing.
Who responds to an RFP? – Responding to RFPs requires input from multiple stakeholders throughout an organization. Many organizations have dedicated response teams, while in others, sales teams steer the process.
How does RFP software help the process? – Advanced RFP software helps ensure quality and on-time response with time management capabilities, collaborative tools, tech stack integration, scalability, a flexible pricing structure, and a robust content library.
Does RFPIO work with our existing processes? – RFPIO seamlessly integrates with the most popular business applications, and our import/export capabilities ensure that both response teams and customers receive the format that works best for them.
Do we need to purchase multiple licenses? – RFPIO has a pricing structure that is rare among SaaS companies. Instead of a fixed number of licenses, RFPIO charges by active concurrent project, enabling access to unlimited users.
How secure is RFPIO? – I could bore you listing our security certifications and protocols, but let’s just say that our platform is secure enough for Google, Microsoft, Facebook, Adobe, and VISA.

Optimize your RFP responses the RFPIO way

Learn more about how your company can break down silos, effectively and efficiently manage time, and create a single source of truth in a platform that scales to your specific requirements without burdening your tech stack.

How Accruent responds to 5x more RFPs using RFPIO

Customer Stories

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.”

Understanding the RFP response process

Selling & Enablement

If your company is like most, you responded to a lot more RFPs last year than you did the year before. You’ll likely respond to even more in the upcoming months and years.

The basics of the RFP response process

Their budget for the project or product
The project’s goals
Common deal-breakers, such as:
- Unsatisfactory audit findings
- Insufficient security protocols
- Poorly-defined procedures and policies
- Improperly vetted subcontractors
- Customer support concerns
- Inability to meet the buyer’s budget or timeline
- Not enough customer references
- No out-of-the-box functionality
The most important factors
The RFP’s due date

The best way to produce a winning bid is to have an optimizable RFP process in place. Do you have project management software? Who is your project manager? Do you have a list of subject matter experts (SMEs) and their schedules? What about other stakeholders, such as writers and editors?

Creating a repeatable process establishes:

Whether the RFP is worth pursuing
Team participants
Timelines
Role definitions
SME engagement
Final evaluation

Why are RFPs issued?

Steps in the RFP response process

Establishing an effective and efficient process is easier than you might think.

1. Bid or no-bid decision
As the number of RFPs you receive increases, so does the number of questions on each one. Instead of attempting to respond to each one, choose those that best align with your business and are winnable using a bid or no bid discussion.

2. Have a kickoff party
Unfortunately, most kickoff parties don’t have cake, but they do define team and individual roles, responsibilities, and objectives.

3. First draft
Because roughly 80 percent of an RFP contains questions you’ve probably answered before—many times—let your automated system take a run at it first. Make sure the answers are correct and up-to-date.

4. Second draft
Consult with SMEs and other stakeholders to answer the remaining questions.

5. Review and revise
Were the questions answered accurately and completely? Were all the objectives met? Are there any misspelled words or typos? Are the responses otherwise well-written? Have you attached all relevant documents?

6. Submit
Once you’ve completed and polished the response, submit it (hopefully before it’s due). Confirm that it was received and let team members know.

7. Save and audit the responses
Every answer is potentially valuable for future RFPs. Save them in a central location that’s easily accessible to key stakeholders. Make sure you regularly audit the content in the centralized repository.

8. Postmortem
Win or lose, every response is a learning opportunity. What worked? What could have used improvement?

An example of a high-quality RFP process

For example, Accruent, a Software-as-a-Service (SaaS) company, has recently acquired several companies with highly-technical products. RFPs began arriving faster than the response team could master the new technologies. Unsurprisingly, SMEs were stretched thin.

Accruent introduced Responsive into their response process. Confident that their answers would be stored for future use in their content library, SMEs were much more likely to offer their expertise.

Soon, because more than 75 percent of answers came directly from the content library, the response team more than tripled its capacity.

RFP response process metrics

The go/no-go step is key to increasing your win rate, but knowing which RFPs to answer requires data. Tracking metrics should be part of your response process. Those metrics include the following:

Project types – How many RFPs did you answer compared to DDQs and other documents?
Types of wins – You should save your resources for winnable RFPs. What kinds of projects provide the highest win rates? Break types down by:
- Vertical – Are there specific industries that are more apt to purchase your product or service?
- Company size – Are your target customers enterprise-level or small and medium-sized businesses?
- Product line – What is your win rate for that product?
- Project type – Has your company successfully implemented this type of project in the past?
- Project stage – How far do similar projects make it through the sales funnel?
- Number of questions – Do you have the bandwidth for an RFP of that size?
- Project value – Is it worth it for you?
Project scope – How much work does your current project require?
Completion time – How long does it take, on average, to complete a similar project? What is the shortest time on record, and what is the longest?
Average response rate – What percentage of incoming RFPs do you answer?
Resource needs – Comparing the content and moderation needs, who are the people who are best suited for the project?
Content needed – Read and understand the questions and determine how much content you have in your Content Library.

Once you have decided to go forward, metrics help keep you on track and tell you whether it’s worth continuing.

Determine workload – Break down the project into manageable deliverables which can be divided among your team.
Readability score – Write in a way that’s easy to understand, typically at no more than a 10th-grade level. Use tools like the Hemingway App or Flesch reading ease test to ensure readability.
The Probability of Win Score (PWIN) – You’ve already calculated your odds of winning based on past similar projects. Still, the PWIN examines the details of your current project for a more accurate prediction.
- How do your answers compare to similar RFPs that you’ve won?
- Have you answered each question?
- Have you met all the conditions?
- How many questions were you able to answer in the affirmative?
Identify content gaps – What is missing from your Content Library? What needs to be updated?
Determine your content library’s health – How many questions can you answer using the curated content in the Content Library? Aim for 40-80 percent.

For more information on RFP response metrics check out this blog: 9 key RFP metrics for minimizing risk and enhancing efficiency.

Best practices for a smarter RFP process

Turning your RFP process into an 800-horsepower revenue-generating engine takes coordination, a great pit crew (so to speak), and tools to turbocharge efficiency.

At Responsive, we receive and respond to RFPs just like you. Below are the best practices our experts swear by.

Encourage collaboration

A Facebook poll by Responsive found that effective collaboration was considered much more important than an efficient process. I would argue that neither is possible without the other.

Bring effective storytelling into your RFP responses

No one is suggesting that your RFP response should include the next great novel, but telling your organization’s story helps make your response memorable and builds trust among readers.

Your proposal’s story should include information about your company, such as why your founders created your solution, how it will meet the customer’s needs, and how you will handle their needs.

Your cover letter might highlight your company’s values and what it does to live up to them. It’s also a great idea to include testimonials from customers with similar needs.

Automate your response process

At least three-quarters of companies hope to boost their RFP response, but only around half of those companies consider increasing response staffing. That leaves one option, which is to automate their response processes.

Develop habits that support organizational success

Suppose you worked out or ate well today. Congratulations! Continue for a few weeks, and the next thing you know, you’ll have formed a habit that might lead to better health and longer life.

When you habitually maintain your list of SMEs and other stakeholders, as well as your content library’s health, those habits will pay off with faster responses, smoother collaboration and improved morale.

Enable your sales team

We like to think of Responsive as a sales enablement platform. Naturally, RFPs generate tremendous revenue. Still, a well-maintained Content Library supplies relevant, customer-facing information for sales teams with a few keystrokes. Proposal management features in the Responsive platform can help you create winning sales proposals complete with automation and reporting.

And because salespeople spend time on the road, Responsive LookUp provides access to your content library from anywhere you have browser access.

The role of RFP software

Choosing the right RFP software for your team

The software should work with your existing systems to maximize revenue and efficiency. It should be designed by response managers who know the ebbs and flows of response processes.

The most important feature, however, is the designers. Is the company receptive to your questions and poised to consider adding features as requested?

The Responsive approach to the RFP process

Responsive offers an end-to-end approach to RFP response. Its features include:

Knowledge – Store your commonly-seen questions and answers and your critical documents in a single repository.
Collaboration – Communicate with other stakeholders inside the platform or with your current collaboration apps.
Projects – Break your projects down into manageable pieces, assign tasks, and keep track right inside the app.
Insights – How much time and other resources are you using? How many and what kind of deals do you win? What are your strengths and weaknesses? Responsive has many standard and nearly unlimited customized reporting features.
Integrations – Responsive platform integrations work seamlessly with more than two dozen of the most popular business applications.
Remote access – Responsive LookUp provides access to your content library through Google, Microsoft Office, and many other applications.
Loyal customers – Our response platform is used by many of the world’s most successful companies, including Google, Microsoft, Facebook, Visa, Lyft, Zoom, and hundreds more.

Case study

While Responsive is the RFP response solution for large companies, most enterprise organizations have dedicated response departments. Employees for smaller companies find themselves wearing many hats, which sometimes means putting RFPs on the back burner.

Complí, a small software company located in Portland, OR, often found themselves missing deadlines for lack of time and personnel. Just a week after investing in Responsive, that changed. The company was able to respond to RFPs without holding time-consuming, in-office meetings. They were also able to complete up to 80 percent of each RFP with just one click, thanks to the content library.

Today, they are submitting RFPs on time (and even early) and the entire company uses the content library as their single source of truth.

RFP response management process FAQs

It isn’t easy to gauge the true value of the Responsive platform without seeing it in action. We invite you to request a demo to see how responsive might benefit your organization. Before that, though, here are some of the most common questions we are asked:

What is an RFP?
A request for proposal (RFP) is a document designed to solicit multiple bids for large organizational purchases.

What type of information and questions are included in an RFP?
An RFP provides in-depth descriptions of the customer needs, deadlines, and so on. It might ask for company history and details, pricing, related past projects, and projected deliverables, and so on.

Why do organizations issue RFPs?
Organizations issue RFPs to gather pricing and service comparisons in their desired formats.

Who responds to RFPs?
Some organizations have dedicated response departments. Others might respond through their sales teams.

What does RFP software do?
The short version is that RFP software helps organizations win more business using fewer resources. The longer version is that it utilizes your existing applications and teams, along with customizable tools and a robust content library, to become a revenue-generating engine.

Does Responsive do more than answer RFPs?
As a strategic response management platform, Responsive automatically answers to up to 80 percent of a request for information (RFI), request for quote (RFQ), security questionnaire, due diligence questionnaire, and more.

As a sales-enablement tool, its proposal management features and content library will help you drive revenue. And as a business application, its built-in and customizable analytics will provide the information needed for informed decision-making.

Does Responsive integrate with existing applications?
There are dozens of Responsive integrations to empower you to work as efficiently and effectively as possible.

What if we need to add or subtract users?
Responsive has a best-in-class pricing model. Instead of purchasing licenses, we provide unlimited access.

Is Responsive secure?
Responsive has industry-leading security protocols. We are trusted by the world’s leading technology, healthcare, and financial services companies, including Google, Facebook, Microsoft, Visa, Cigna and far more.

How to choose the best RFP software

Products/Features/Solutions

The best RFP software breaks down silos and encourages collaboration. It is agile — it addresses its customers’ needs in the moment and quickly adapts to future needs.

The best software is built by (and for) humans. Artificial intelligence (AI), machine learning and natural language processing technology adapts to its users’ needs empowering greater efficiency. The best RFP software companies go even further by using customer feedback to routinely improve their products.

Indeed, great RFP software and software companies do all that but with the specific goal of encouraging efficiency, compliance and confidence 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 submitted.

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.
Advanced configuration – Forget copy/pasting. Advanced configuration lets you process raw source files, customized how you want them. Beyond that, Responsive 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. Responsive 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 Responsive. 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 the advanced configuration in Responsive.
Preview to make sure everything is in the right place.

The Responsive platform’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. The Responsive content library not only simplifies the search but also does much of the work for you.

The content library in Responsive Content:

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.
Makes creating content easy– 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.
Streamlines content formatting – Organize and format content however you like.
Automates responses – With just a few clicks, Responsive customers answer up to 80 percent 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. Responsive will remind you when it’s time to review specific content.

Integrations

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

CRMs – Responsive is an ideal solution for all revenue-generating teams, not just response management. Access the content library and other Responsive features through your company’s chosen CRM, including Salesforce, Pipedrive, Dynamics 365, PipelineDeals, and HubSpot.
Communication apps – Responsive 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. Responsive seamlessly integrates with Sharepoint, Box, Dropbox, Google Drive, and OneDrive.
SSO authentication apps – Responsive works within your company’s security protocols through SSO authentication integrations with Microsoft ADFS, Microsoft Azure, OneLogin, and Okta.
Browser extensions – Access the content library through Responsive® LookUp and Chrome.
Vendor assessment apps – Securely import directly from third-party platforms using Whistic.
Productivity apps – Work faster using Responsive with Microsoft Suites and Google Sheets.
Sales enablement apps – Revenue-generating employees can access Responsive through Seismic or Highspot.

AI assistance

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

Leverage Responsive to:

Auto-identify response content – The advanced artificial intelligence in the Responsive platform automatically identifies response content.
Get automated answers – The 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 Responsive, 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? Responsive 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 – Responsive is not just a response management tool; it’s a project management platform. It 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 – The suite of Responsive integrations enables 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, request a demo to see the solution in action and meet the team you’re considering working with. Bring your priority features list, along with questions that need to be addressed. Pay special attention to the user experience as the solution should be quick and easy for all RFP contributors to learn.

Important questions to ask RFP software vendors

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

What is the average ROI customers report after using your product? – There’s no surer way to secure executive buy-in than demonstrating your return on investment. ROI will vary from company to company. The ROI from Responsive customers 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. The Responsive 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. Responsive 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. Responsive 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 Responsive 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. Responsive imports and exports from Microsoft Word, Excel, and even PDFs.
Do you offer lifetime updates and enhancements? – Technology changes, as do your needs. Responsive provides regular updates and enhancements.
What are your competitive differentiators? – What makes one RFP solution better than others? As mentioned, Responsive 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, Responsive 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, request a free demo.

Benefits of a great RFP process

Selling & Enablement

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

Products/Features/Solutions

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.

A 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?

Products/Features/Solutions

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.

See how it feels to respond with confidence

Why do 250,000+ users streamline their response process with RFPIO? Schedule a demo to find out.

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How Crownpeak realized a 6x return on investment with RFPIO

Internal Knowledge Base: What it is, how to use it, and how to create one

RFP management best practices

RFP automation: What it is, how it works, and best practices

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Category: Tag: RFP automation

The current state of RFPs for asset management

More RFPs more often

Demand for customized financial services

Emphasis on risk management

RFP challenges facing asset management firms

3 ways to accelerate your asset management RFP responses

1. Build a better knowledge library

RFP for investment management examples

2. Maintain a team mentality

3. Adopt RFP software

RFP software empowers asset managers to:

Improve efficiency

Ensure consistency and compliance

Preparing for the future of institutional investment

Why using brand storytelling delivers a better RFP response

Examples of companies that use storytelling to connect with their customers

Salesforce

Amplifi

Best practices and examples for writing competitive RFP responses

1. Tell your why

RFP response example:

2. Show you’re human

RFP response example:

3. Share a testimonial

RFP response example:

4. Customize answers with specific deliverables

RFP response example:

5. Be succinct and real

RFP response example:

6. Make life easier for the issuer

RFP response example:

7. Elaborate when appropriate

RFP response example:

8. Say no with style

RFP response example:

More RFP examples and response resources

Sample RFP response cover letter

Winning RFP response examples using storytelling

Free RFP response template

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

Related: Create proactive proposals at scale with proposal automation software

Know what you need? Jump ahead here:

What is proposal automation?

How does it work?

Proposal automation example

Proposal automation uses and limitations

Examples of how proposal automation partners with people

– Bid selectively and ensure compliance –

Automation can: Analyze and organize requirements

Users must: Review and confirm the analysis

– Find content and answers faster –

Automation can: Identify repeat questions and suggest answers

Users must: Select the right answer with context in mind

– Help write and edit responses –

Automation can: Create a first draft or revise an answer

Users must: Review, customize and fact check

– Keep your content library clean –

Automation can: Identify potential answer duplicates

Users must: Review duplicates and make the final call

– Improve SME collaboration –

Automation can: Send reminders and schedule reviews