There are a number of ways in which you can optimize your request for proposal (RFP) experience. For many people, the path to business starts with an RFP; concrete proof that a company is interested in your product or service. The better handled your RFP automation software is, the faster you can locate a supplier with the goods and services that you are looking for. RFP automation software also helps you look beyond the price, as well as the goods and services, and focus more on the terms of the contract.
To assist you with your experience, we have outlined some of the best RFP automation software tips below.
1. Identify and Avoid the Potential Pitfalls
When it comes to the best RFP automation software tips out there, learning to identify and avoid potential pitfalls will serve you unduly well. Not all RFPs are guaranteed to lead to a sale, and identifying which ones contain the red flags to avoid will be crucial to implementing RFP automation software best practices.
In order to successfully do this, understanding the RFP process, the decision making process and the rules of engagement as a first port of call will be key. Make sure you are aware of the RFPs in the first place, identifying all of the prospective customers in your space, and try to get yourself on the customers’ radar.
Be also mindful of the project’s size and complexity, and allow accordingly for the process to take the necessary weeks or months it requires. In this same vein, preparing for last-minute request and tight deadlines will also serve you well. If it is a more complex project, the harder it will be for you to stitch together a last-minute response in a short timeframe. Having template RFPs ready and available will work wonders to this end.
It is at this time that you should also consider having well-written and thoughtful responses ready, outlining information about your company, what separates you from your competition, your specific thoughts and needs on the RFP project, your pricing section and answers to any potential customer questions. If you do not adequately prepare in this space, you open yourself up to substantial risk which will likely cost you further down the line.
Never quote your lowest price, and avoid disclosing your “secret sauce” to a customer. This will give the opportunity for a customer to go to another bidder and ask if they can match your secret, which will highly likely result in you losing out to a competitor who can offer a more affordable package.
2. Fully Understanding Your RFP and Your End Goal
Understanding your RFP and your end goal requires you to understand more than just your product or service. Start by understanding the business goals, strategic initiatives and identify who the primary beneficiaries are. It will also be incredibly useful if you can identify who your competitors are and what they are offering in contrast to you.
Start by getting the details ahead of time and making sure the supply chain is built to meet the requirements of your company. Use your platform to identify the size, number, frequency and any other crucial detail of the supply chain. Then you will need to ensure that the questions in your RFP are relevant, appropriate and necessary for you to successfully execute the process.
Understanding your end goal also requires you to understand and overcome the obstacles that stand in your way, and navigate around them effectively.
3. Utilize Your Staff
According to the Forbes New York Business Council, the best approach to RFP automation software is to combine the utility of the best software systems with the creativity of a person committed to the RFP’s success. This member of staff can be an in-house employee, and should be provided with all the support necessary so that they can dedicate their time and effort to focus on the RFP. Investing in courses and training to teach this employee or consultant the best RFP software automation tips will also benefit your business greatly.
When deadlines are looming and key opportunities are at risk, having someone capable and trustworthy handle the RFP process could make all the difference.
Implementing RFP automation software best practices with ProcurePort:
Trusted all around the world by leading-edge professionals, ProcurePort’s RFP software helps you qualify new suppliers with speed and ease. Our secure e-Sourcing Software allows your organization to automate the process of collecting supplier information for any project, saving you time and effort by cutting the RFP process time by at least 90 percent.
If you find your company has not successfully implemented the RFP automation software tips above, contact ProcurePort today and register for a Free Demo or contact our solution specialists for a consultation.
