RFP Automation: When Is the Last Time You Updated Your RFP Response Process?

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RFP Automation: When Is the Last Time You Updated Your RFP Response Process?

Nothing is meant to last forever. Certainly not the RFP response process you’ve built, especially if it’s been a while since you’ve updated it. 

We’re not saying that you didn’t do a good job. We’re just pointing out that, from time to time, it needs to be updated, just to make sure that it’s still efficient and it helps your company.

Putting your request for proposal process on autopilot, using RFP automation software, is considered the new standard for a sales team that aims for increased performance.

“Did you know that according to a report from Hubspot, 29% of salespeople admitted to spending an hour or more on data entry each day?”

I think we can all agree that there’s a lot of room for improvement. An RFP automation software can save you significant amounts of time and increase productivity. It also helps your overall business workflow and customer experience management.

Still not convinced?

According to a recent survey conducted across Chief Procurement Officers, it appears that digital procurement strategies are becoming widely adopted. Additionally, 33% of procurement leaders claim that they will be able to deliver on their objectives and value only with the help of technology. 

This being said, let’s dispel some common myths about RFP automation and see why you should consider updating your RFP response process. We’ll also look at some of the most effective improvements you can do.

How to update your RFP response process

1. Constantly optimize the structure of the RFP team

We’ve said it before and we’re going to keep saying it: your sales and procurement teams play an essential role in your company. It’s your responsibility to make sure that they’re structured properly.

When it comes to updating your RFP response process, consider testing centralized and decentralized team models, and a hybrid approach. Testing will help you see which model works best for your company.

2. Aim for great formatting

The best results can be obtained only by using clean and skimmable documents. After all, an RFP response, if well-executed, has the power to transform an RFP issuer into a new client. Appearance really matters, but you should also take into account the reading experience that you’re offering.

The idea is simple, always make sure your paragraphs have between 3-5 sentences, and that text is broken up with images or charts. After all, nobody likes a response consisting of a big wall of text, which is difficult to read.

3. Develop a task management strategy and system

One of the words you should keep in mind during the response process is “efficiency”. And in order to be efficient, one of the best decisions you can take is to split tasks. 

Therefore, it’s mandatory to have an RFP project owner, but also owners over certain sections. In the end, everybody is working together at an RFP to win. Managing all the parts of an RFP can become easier if you automate some repetitive tasks that take too much time.

4. Simplify your documents

Ok, we are the first to admit that RFP documents can be incredibly long. In fact, a lot of service providers claim that the length and structure of RFP questionnaires are one of the biggest areas of concern.

In most cases, the scope of services in an RFP response can be way too broad. The limited transparency into the strategic objectives of the requesting firm can also be a problem. 

To make things easier, you should focus on separating the RPF into two main components. One section should focus on key drivers and guiding principles for issuing the RFP, and the other on the services being requested. 

By doing so, service providers can dedicate more time and resources to answering those questions that will form the basis of the company’s decision.

Conclusion

In the end, updating your RFP response process is all about improving the way you manage and process requests for proposals. Yes, it involves a lot of time and resources, a lot of back-and-forths and, but in the end, it is definitely worth it. You spare a lot of previously wasted time on issues which could’ve been avoided.

Sure, you can go on without RFP automation, presuming that you have a solid approach. But when you combine the well-structured process with an RFP response software, better results will follow.

If you’re interested in improving your RFP response process, Kaito is here to help you. Besides being able to support your response process, it’s also efficient in the long term. Kaito efficiency stems from its RFP intelligence base, which prevents knowledge loss.

Looking for a great way to ask questions and build knowledge with your co-workers? Quandora enables simple, efficient knowledge sharing with your team, way more fun than a mailing list or a forum. Try Quandora

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