What is RFP Automation and What Benefits Does it Bring?

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What is RFP Automation and What Benefits Does it Bring?

Nowadays, automation is increasingly present in businesses around the globe. Whether we’re talking about data entry, customer onboarding, or periodic report preparation and dissemination, everything is becoming automated. So it should be no surprise that the request for proposal process is following the same trend. RFP automation is the new standard for any sales team that aims for increased performance.

A 2019 survey from Hubspot reports that 68% of salespeople simply don’t have the time they need to focus on sales activities and invest time in writing RFPs. The same survey uncovered the fact that an RFP automation solution helps 63% of teams to improve their productivity.

Let that sink in for a moment. 

Therefore, since we’re talking about obvious benefits, why are some people still reticent when it comes to automation? Well, it all comes down to a few common myths about RFP automation software, like terminating jobs, taking a long time to implement, complete and manage. 

By the end of this article, we’ll break down the concerns behind the myths, and you’ll be able to understand why using an RFP automation tool is one of the best things that could happen to your company.

Now, let’s take a few moments and talks about the benefits it brings to your company.

Benefits of RFP automation

1. It saves time and increases productivity

Nowadays, time is one of the most valuable resources and everything that helps you save significant amounts of it is worth testing.

Buyers and procurement professionals spend a lot of time manually composing requests, going through RFP templates, but also comparing vendors and calculating response scores. By using an RFP automation platform, the amount of time needed for all these processes will become significantly lower.

And that’s not all.

By adopting an RFP automation solution, some companies reported that they were actually able to double the overall number of proposals they could respond to in a year. This, in the end, led to increased revenue.

2. It helps with business workflow

Among the first things to mention when talking about the benefits of RFP automation is the positive change in your company’s business workflow. 

For starters, it frees up a lot of time for your experienced SMEs. This means that it allows them to invest that time in value-added work instead of tediously going through all that RFP content.

Furthermore, an automation solution helps RFP managers add value to proposals, by tailoring them to each client’s needs. This also improves the quality of the output, instead of wasting time before the deadline, just to find the right answers.

3. It helps manage customer expectations

We all know the stories about disappointed clients, that haven’t returned after receiving less than what they expected. Unfortunately, this happens sometimes. An RFP automation software can help you avoid such situations.

If you want to start your relationship with a client on a trusted footing, managing their expectations from the very beginning can be crucial. And this is exactly where the automation platform comes in. The right data makes it into the proposal, which changes the way your business sees proposals. Then, you can offer a potential customer reassurance about your adherence to governance standards. 

Simply put, one of the best reasons to opt for an automation solution for your RFPs is that it gives any proposal greater credibility. While also significantly improving clients’ confidence.

Conclusion

The list could go on, but we covered three of the most important benefits of RFP automation. If you want to explore the subject more, take a look at our article about top reasons for implementing an RFP automation platform.

An RFP automation platform can be, hands down considered a lifesaver for a company. It helps save time and it improves business workflow. An RFP solution also helps you maintain a healthy relationship with clients and, generally speaking, takes your request for proposal response process to a whole new level.

How was your experience with automation solutions so far and what benefits have they brought for your company? Let us know by dropping a few lines in the comments section below.

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