Aragon Research expects SRM total addressable market to grow from US $3.34B in 2022 to $22.74B by 2028
Beaverton, Ore. – July 6, 2023 – RFPIO, the leader in response management software, today announced that the company was highlighted as a pioneer in Aragon Research’s new research report, Getting to faster business results with strategic response management. Aragon Research’s evaluation of strategic response management (SRM), an emerging SaaS category focused on helping organizations quickly and effectively respond to a broad range of information requests, indicates that SRM is fast becoming the next “must-have” category of enterprise solutions for go-to-market teams. SRM solutions are poised to help enterprises of all sizes generate significant improvements in revenue growth, risk mitigation, compliance, and customer and employee satisfaction.
Enterprises today are facing a deluge of critical information requests — including RFPs, RFIs, and security, due diligence and ESG questionnaires — that are directly linked to an organization’s ability to win business. Organizations relying on traditional approaches and tools are struggling mightily to pull together compelling responses. Sample challenges include getting access to the right information, which is invariably strewn across organizations or out of date; subject matter experts who find themselves answering the same questions over and over again;teams who struggle with syndicating out new questions and securing answers] and managing response projects from beginning to end. Organizations relying on traditional response approaches rarely put their best foot forward. As a result, they often lose deals they could have won, take on unnecessary business risk due to poor/incorrect responses, and face unhappy employees hamstrung by poor systems.
Enter strategic response management. With a strategic response management platform, an organization can centrally manage answers to information requests, efficiently triage new questions, and manage the end-to-end process of generating responses to information requests. Organizations effectively utilizing SRM platforms win more deals, incur fewer risks, and provide better employee experiences.
“When we founded RFPIO in 2015, we were focused on helping organizations dramatically improve their ability to respond to RFPs,” said Ganesh Shankar, CEO, RFPIO. “With our AI technology, we are able to prepopulate new information requests with ‘best of’ answers from previous responses. We also provide powerful collaboration, content management, and reporting capabilities. Today, we support myriad use cases beyond RFPs, including security questionnaires, due diligence questionnaires and more. We are also excited to count nearly 2,000 companies, of all sizes including 20 percent of the Fortune 100, as customers including BlackRock, Google, Microsoft, Visa, and Zoom. We are thrilled to be highlighted as a pioneer in Aragon Research’s foundational SRM report.”
According to the Aragon Research report, traditional response management is a manual and time-consuming process that is undergoing a major technology and business evolution. The report frames strategic response management as part of digital transformation and highlights how it combines content automation with collaboration, knowledge and project management — infused with intelligence — to streamline the entire external request lifecycle. Considering the wide-ranging role that these responses play across enterprises of all sizes and industries, Aragon Research expects that the strategic response management market will grow from US $3.34B in 2022 to $22.74B by 2028 with a CAGR of 35 percent.
“RFPs are just the beginning when it comes to how SRM can be utilized. While there are several point solutions that currently address specific response use cases, the power of emerging SRM platforms is that they can scale to address multiple business needs all from a single platform,” said Jim Lundy, Founder, CEO and Lead Analyst, Aragon Research. “RFPIO helped to pioneer strategic response management by delivering ROI for the response process across a wide range of requests, structuring its solution into a platform, and leveraging AI within its platform for efficiency gains.”
To learn more about Aragon’s strategic response management research, read their complete report.