A Request for Proposal (RFP) is a document companies use to solicit bids from vendors and suppliers. Writing a response to an RFP is challenging, and it is essential to coordinate with all stakeholders and subject matter experts to create a winning response.
Today, companies are choosing to automate the response to an RFP using RFP management software. The most successful responders find the best results by collaborating within an RFP management software platform. Selecting the best RFP management software is demanding. As a proposal manager or someone who oversees sales team responses, you can take steps to complete a thorough review process and needs analysis. With the proper procedure, you can narrow down your options and ensure the selection of a sustainable solution for your organization.
What is RFP Management Software?
RFP management software is a platform that proposal managers and sales teams use to automate the response process for RFPs.
The purpose of an RFP management system is to create one place where stakeholders can enter and track all elements of RFP responses, including flagging incoming RFPs with critical elements to capture requirements, guide bid/no-bid decisions, submission instructions, and clarification questions, and more.
An RFP management system will extend collaboration capabilities to all team members working on the response process, all while ensuring everyone has access to updated information at any time.
What can RFP Management Software do for my Business?
RFP management software streamlines the entire RFP process.
It can help automate many tasks, such as assigning questions to specific people and tracking responses over time. The software also helps manage the process by allowing you to monitor progress and make adjustments along the way.
In addition, it can reduce the time needed for managing your RFPs by ensuring everything runs smoothly from start to finish. This includes organizing all the information related to each request in one place.
Finally, this type of software provides tools for improving quality and consistency across multiple organizational departments.
What To Look For in an RFP Management Software
There are a few things to consider when looking for the best RFP management software.
First, you’ll want a system that integrates with your existing processes and procedures. You’ll also want something that’s easy to use and doesn’t require much training time or IT staff help. And finally, it should be cost-effective: if you’re going to be paying for the software monthly or annually, make sure it’s worth your investment.
Meet with Stakeholders, Bid Writers, and Subject Matter Experts
Schedule a meeting with your entire RFP response team. Find out what is working today and where RFP Automation software could make improvements.
Look for RFP Software Features to Improve your RFP Process
Look for features that make your RFP process more efficient, transparent, and simple for all parties involved throughout the response process. The best software tools will lower costs, save time, and make it easier for your company to submit responses quickly and easily. The more complex your needs are, the more important this is.
- Does the software offer all of the features you need?
- Can it handle multiple people in your company using it simultaneously through co-authoring?
- Will it work with your existing systems?
- Can it adapt to your content security requirements?
- Does the content have to be loaded into a third-party server?
- Can the solution provide optimal reporting?
Consider What your RFP Process Will Look Like in the Future
When choosing an RFP management software, it’s essential to consider how your RFP process will evolve over time. If your company is likely to change in the future and new departments or products come into play, then you need to be sure that the software you choose can adapt with you.
- Can the software align with new styles and branding in case of a merger/acquisition or overall marketing update?
- How are global changes addressed by the solution so that the most up-to-date content is always readily available?
Ease of Use is Paramount
How much training will be needed for employees to use this new system?
- What is the track record for customer service and support?
- How easy is it to get help if needed?
- How long does it take for an organization to adopt and implement the solution?
Once you have narrowed down your list of optimal solutions, ask for references from client companies that currently use the software, so you can learn how it has helped them win more business and increase revenues. Read testimonials on the prospect company websites and third-party software comparison tools such as Capterra to validate your decision-making before purchasing any solution.
Request a Demo
Product demonstrations are another great way to get a feel for what the software can do and how it works. You should ask vendors if they provide demos of their products.
Generally, demos are free and will provide a first-hand look at whether a solution can meet your needs and priorities. You might also inquire about setting up a demo environment in your company to test the software before purchasing.
Expedience Software RFP Management Solutions
Expedience Software RFP Management Solutions provide a full-service option that helps organizations win more business and increase revenue. With customers worldwide, Expedience is the premier RFP & proposal solution for B2B and B2G organizations in technology, healthcare, manufacturing, legal, asset management, financial services & more.
We hope this guide has helped you better understand what RFP management software is, how it can improve your business, and how to choose one that meets your needs. If you have any questions about our services or want to learn more about our products and solutions, please contact us and request a demo today at www.expediencesoftware.com!