Understanding AI request for quotation software
AI request for quotation (RFQ) software handles one facet of Strategic Response Management (SRM). SRM platforms are point solution alternatives that centralize knowledge and automate repetitive work so you can respond to all information requests and questionnaires more effectively.
By managing RFQs with AI-powered SRM, you can:
- Eliminate repetitive manual work like document parsing and formatting
- Generate accurate, consistent responses faster
- Free up your team to focus on strategy and quality
Some platforms also connect to CRMs and generate formal quotes with terms and delivery details, reducing time spent on spreadsheets and approvals. Advanced platforms go further, using machine learning to analyze historical quote data and customer patterns. They can predict which pricing strategies work best for different customer types and adjust quotes based on factors like volume, timing, and competitive pressure.
AI RFQ software: Features to look for
AI RFQ software tackles several critical functions that determine whether companies can respond effectively to opportunities. These are the important features to look for:
Document processing
AI RFQ platforms should have the ability to:
- Handle multiple formats like PDFs, Excel, and online portals
- Parse and “shred” requirements from documents into structured tasks
- Tag questions to relevant content in your content library
A manufacturing company, for example, could upload a specification sheet and immediately extract key requirements like quantities, materials, and delivery dates.
Content matching and recommendations
When responding to a software implementation RFQ, AI can pull previous project timelines, similar customer case studies, standard pricing models, and technical specifications to suggest relevant content to automatically populate up to 80% of the response.
Look for features that:
- Suggest answers from a trusted content library with a quality evaluation system such as TRACE Score™
- Recommend tailored content based on buyer priorities
- Filter and surface the most relevant content instead of generic text
Microsoft reported saving $17 million over four years by automating this process, showing the power of smart content reuse.
Dynamic templates
Dynamic templates replace the need for multiple static documents and multiple rounds of back-and-forth communication. Instead, the platform should:
- Adapt base templates to fit each RFQ’s requirements
- Update automatically when new approved content is added
- Integrate with Proposal Builder to maintain consistent branding
For example, a consulting firm could have the AI automatically adjust section headings, question numbering, and formatting to match what the customer requested while the RFQ is still in the process of being completed by internal stakeholders. The firm’s branding could be added at any point in the process.
Deadline management
Nobody likes to be a RFx micromanager, and fortunately, you no longer have to be. AI RFQ software should:
- Track multiple concurrent projects
- Send automated reminders to SMEs and reviewers
- Prioritize pursuits based on likelihood of winning or contract value
This makes it easier to focus resources, including your energy, where they matter most.
Integrations
The right platform integrates with the tools your team already uses:
- Excel and online portals (via LookUp)
- CRMs and pricing databases
- Accounting software and e-commerce systems to support end-to-end quoting processes
- Productivity tools like Microsoft Office, Slack, and your compliance systems
Without these connections, teams end up manually copying data between systems, negating much of the automation benefit.
Collaboration
RFQ responses often require cross-functional input. A strong platform should:
- Centralize content in a shared knowledge base
- Support simultaneous editing with tracked changes
- Assign ownership and manage approvals across teams
For example, a construction company responding to a municipal RFP might need estimators, project managers, and compliance officers to collaborate simultaneously.
Search and retrieval
Search is critical to efficiency. The best AI RFQ tools provide:
- Conversational search for natural-language AI queries, e.g., Ask
- Keyword-driven search for speed in Excel and portal submissions, e.g., LookUp
- Contextual search that understands relationships between topics
For instance, when searching for cybersecurity information, the platform should surface content on compliance, data protection, and incident response procedures, not just items tagged “cybersecurity.”
Efficiency gains
AI RFQ software delivers measurable efficiency by cutting down on repetitive work in the following ways:
- Auto-populating responses with proven content to save time
- Reducing the 30–40% of sales team time typically spent on administrative tasks
- Freeing staff to focus on customization, win strategy, and unique differentiators
- Allowing teams to answer basic functionality questions instantly while dedicating human input to higher-value storytelling
Consider a software provider that uses AI to handle routine product specifications. Instead of rewriting the same answers over and over, its sales engineers spend their energy fine-tuning strategy and tailoring the value story for each buyer.
Consistency
Strong SRM platforms help you maintain consistency across every response by:
- Ensuring standard information remains accurate and aligned across all documents
- Reducing the risk of conflicting details on pricing, capabilities, or timelines
- Allowing for project-specific customization without sacrificing accuracy
- Use centralized content governance to reinforce compliance and trust in every response
A multinational sales team can use AI to draw from one centralized content library. That way, every proposal reflects the same approved pricing and compliance language, while still leaving room to tailor messaging for regional audiences.
Revenue expansion
AI RFQ tools help you unlock new opportunities without adding resources:
- Enable pursuit of more RFPs and RFQs with the same team bandwidth
- Shorten response cycles so teams can respond to opportunities they would have skipped in the past
- Support evaluation of “long-shot” opportunities that could turn into surprising wins
- Create capacity to expand into new segments or markets by increasing overall response volume
Picture a mid-sized consulting firm that once ignored smaller contracts because the deadlines felt impossible. With AI generating the first draft quickly, the team now takes on those bids — and occasionally turns them into profitable wins.
Ready to upgrade RFQ software to Strategic Response Management?
What sets AI RFQ software apart
AI RFQ software is evolving from automation to intelligence. Beyond drafting, modern SRM platforms guide strategy and orchestrate workflows.
At Responsive, this work is powered by AI agents. They manage tasks such as intake, qualification, drafting, cleanup, and submission, delivering measurable ROI through faster responses, higher win rates, and more engaged teams.
When evaluating software, ask yourself:
- What pain points are we looking to solve?
- What types of questionnaires do we need to handle?
- Are we currently losing opportunities because of limited time and resources?
- How many stakeholders need to be involved?
- Do we require a robust content management system?
- What is our expected ROI?
- How will this platform scale with our growth?
- Will we need onboarding and ongoing support?
- How does the platform protect data and ensure compliance?
Every business has its sights set on growth. To do this as efficiently as possible, you'll need a solution that scales with you.