Best RFP Software
Buyer's Guide
Manually drafting and responding to RFPs can be a cumbersome, time-consuming process. Modern problems require modern solutions. RFP software helps expedite processes, making it easier to issue and respond to RFPs. You can respond more, enhance answer quality, meet deadlines and fulfill specific requirements.
As complicated as the entire request for proposal process seems, zeroing in on software that matches your company’s needs can be tougher than escaping the labyrinth. This buyer’s guide will give you the blueprint. We’ll cover features, benefits, pricing, and software selection to help you reach the light at the end of the tunnel.
Executive Summary
- RFP software helps companies streamline the proposal process by creating and managing RFP documents.
- The solution provides pre-existing templates and a centralized content library to create, manage and organize proposals along with capabilities like a content repository, reminders and project collaboration.
- Zeroing in on the most suitable RFP software might be difficult; requirement checklists go a long way in deciding the best fit.
What Is RFP Software?
RFP software is a digital tool that assists businesses in creating and managing all RFP documents and processes. It helps firms draft, distribute and evaluate proposals. You can store relevant and commonly used information in responses to autofill in answers later and automate RFP processes along with requests for information (RFI) and security and due diligence questionnaires.
The software helps both sides of the coin — procurers and bidders — significantly reduce the response time for assessing, editing and accepting proposals. It doubles as a collaborative tool to track submissions and optimize communication between departments contributing to RFPs. Sales and proposal teams can submit contracts to internal and external stakeholders and share organizational needs with suppliers.
Primary Benefits
According to Loopio’s 2023 report, RFP-influenced revenue sits at 39% of sales. There are a lot more benefits where that came from. Here are our top reasons to implement RFP software.
Improved Proposal Quality
The quality of proposals can make or break a contract — a pristine, professional proposal is more likely to get higher responses. Custom templates make it fast and easy to develop high-quality proposals. Create documents in line with project needs and requirements by adding existing variables and spruce up proposals by adding images and videos.
Centralized Information
With an influx of information from different sources, tracking and organizing data is challenging. Adding terms and conditions and specification sheets manually is tedious, and essential papers tend to get buried, making it difficult to retrieve particulars at the right time. RFP software digitally consolidates information in a centralized location, ensuring relevant team members and stakeholders can access it whenever they want.
Increased Efficiency
Get from A to B when searching for past proposals and prices with content libraries. Avoid repetition with pre-approved content, reusable templates and repeatable workflows.
Automation speeds up mundane tasks, decreases response time and improves RFP output. Procurement managers can also leverage automation while issuing RFQs, RFIs and DDQs.
Easier Collaboration
Communication is key. Just like the pilot and cabin crew need to be in sync, proper workflows and secure messaging keep RFP stakeholders on the same page. Set processes to move RFPs from one step to the next. Add edits and feedback in the document remotely for swifter collaboration.
Key Features & Functionality
| Centralized Data Storage | The crux of every RFP solution, centralized content library stores relevant information like PDFs, images, videos and other media — easily accessible to teams for customizing and repurposing. Smart search options, custom tags and filters based on product lines and language help companies find old content and get quick and accurate results. Some solutions offer automated review cycles, role-based permissions and duplicate answer detection to organize your knowledge base. |
|---|---|
| Automation | Time spent on rudimentary tasks like copying and pasting answers could be better spent with clients. AI and NLP capabilities autofill and auto-suggest responses using previously stored information. Automatic formatting, bulleting and numbering reduce manual dependency and streamline operational tasks. You can also trigger follow-up reminders and submit proposals post-approval. |
| Workflow Management | Collaborate with team members on real-time projects from any location. Send requests for approvals and reviews to different teams like legal, finance and compliance. View project statuses, tasks and teammates’ work and milestones to pinpoint bottlenecks and meet deadlines. Leverage inter-departmental communication, approval workflows and at-risk project identification to reduce version control issues. |
| Templates | Use customizable templates to create contracts and proposals based on branding. Create your library by storing past templates and questions for future use. |
| Notifications and Reminders | Receive notifications when clients read, accept and respond to your proposals. Set and receive real-time alerts via emails, texts or push notifications for specific events and send automated follow-ups and thank-you notes to prospects. |
| Integrations | Most RFP solutions integrate with existing systems like CRMs, ERPs, project management and contract management software to import data securely. They also connect with Slack and Google Chat to facilitate collaboration. |
| Data Import and Export | Team members can get data from the knowledge base and share information with collaborators and stakeholders, making it quicker to fill out responses. Develop projects in multiple formats like Excel, Word and PDF. Give deliverables a uniform look with font and color alignment. |
| Progress Tracking | Keeping an eye on a proposal’s progress makes it easier to step in with reminders and interventions. Monitor responses on all bids, contracts and proposals, and track all active and in-progress projects. Managers can view team efforts and milestones via dashboards. |
| Reporting and Analysis | Want to know what RFPs close, proposals that didn’t quite work or where team members seem to be spending the most time? Perform A to B testing on proposal templates and create reports based on analytics. |
Software Comparison Strategy
Now that you know the features and benefits of implementing RFP software, it's time to decide on the best option for your company.
To select an appropriate solution, you need to check some boxes:
Level of automation and AI assistance: Autofill, formatting and triggered workflows are nothing new. But, additional AI and automation capabilities will help assign team members to the right projects, recommend answers using the content library and create and score proposals faster.
Integrations: RFP works hand-in-hand with CRM, communication apps, cloud storage and CPQ software. Third-party and native integrations enable quick data exchanges and eliminate pesky double entries and context-switching.
Industry-specific templates: All RFP templates weren’t created equally. You’ll need to check if templates include specific sections necessary to your industry.
Free trials and demos: Evaluate whether features align with your company’s needs and understand how the platform works. You can also peruse ebooks, webinars and other informational tools vendors offer.
Cost & Pricing Considerations
Many factors come into play in the pricing of RFP software:
- Agency Size
- Deployment Modes
- Number of user licenses
- Organization-specific requirements
The pricing will vary for a tailor-made solution with add-on packages. You should also consider any direct and indirect costs that may arise in the form of licensing, installation and payment processing fees. Finally, ask your vendor if there are any extra charges for services like onboarding and support.
The Most Popular RFP Software
When it comes down to selecting an appropriate solution, it's practically impossible to designate the status of “the best'' to any software in the market. What works for one organization might not work for the other. While we may not be privy to your organization’s specific requirements, we’ve curated a list of the most popular RFP software that serves industries across the spectrum and deliver multiple functionalities.
Jobber
Jobber is a cloud-based solution that helps professionals manage sales cycles. Its main features are scheduling, dispatching, billing, quoting, expense tracking and invoice creation. The automation quotation module assists businesses in delivering professional, error-free quotes. Customizable document templates provide users with user-specific branding.
Proposals on Jobber. Source
PandaDoc
PandaDoc offers automated solutions for quick and easy documentation, enabling companies to churn out deliverables swiftly. Users can access a free template library to make personalized proposals. Other capabilities include eSignatures and document tracking. It integrates with external systems such as Salesforce, HubSpot, Pipedrive, Zoho, Copper, monday.com and more.
Workflows and Approvals on PandaDoc. Source
FPX
FPX is a cloud-based solution that helps manufacturing companies configure complex quotations. It’s purpose-built for mechanical equipment and fluid handling equipment industries like pumps, compressors, blowers, HVAC, fans, valves and other engineering models. It includes a selling engine and allows collaborative selling and quoting.
Project and Quote Management on FPX. Source
Questions To Ask
If you feel burnt out by the influx of information on finding the right RFP software, asking a few questions can ease some of that burden. The list below is an excellent place to start:
Internally:
- Is our team struggling to keep up with RFP responses?
- Where can we speed up our RFP process?
- What features are crucial, and which can we skip?
- What is our budget?
- Will this software meet our future needs?
- Have our competitors incorporated RFPs in their businesses?
- Does the software integrate with our CRM, ERP, and payment and accounting systems?
- Does the solution cover all the functionalities we require?
- Does the vendor offer industry-specific templates for proposals?
The vendor:
- Do you release frequent updates and enhancements?
- Is the software scalable?
- Does the solution come with industry-specific templates?
- How extensive are the automation capabilities?
- What integrations are available?
- Do you offer flexible pricing?
- Do you provide technical support and training?
- How robust are the security and compliance regulations?
- Are there any hidden costs?
Next Steps
Selecting the right RFP software for your company can be an uphill task. Create a checklist of what you need with our free requirements template. It will help you ask vendors the right questions and give your software selection journey direction. Happy shopping!
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