Still searching through old files, emails or chasing teammates for RFP responses? Then you will almost definitely benefit from an RFP software.
Almost every work task can be automated. Considering the number of tools available today, it is not a matter of determining if a task can be automated, however the best way to do it. RFPs follow a similar process. How do you know when to rely on RFP automation, even though it may save you a lot of time? Are there any parts of the RFP process that should be automated versus those that should be handled by a human?
Below, you can find out more about RFP automation, what it is, if it’s right for you and the benfits an RFP automation tool will bring.
The process of automating RFPs is relatively easy, but, as with any process change, it requires commitment to make it work.
Automating the RFP process allows teams to create eSourcing activities in minutes instead of hours. RFP software automates the RFP process with digitalisation of your current RFP processes, keeping all of your previous RFP’s searchable and documented, giving you the information you need at your fingertips when making commercial decisions or creating new RFPs where results from past ones could give you valuable information.
When people think of RFP’s, thy usually recount comparing pricing from suppliers across multiple spreadsheets in all different formats, correcting units of measure, chasing suppliers for responses and digging around for revised document in their emails sent past the deadline where the responses are completely different from the suppliers first submission. RFP software eliminates all of these issues.
The following RFP process does not need to be used in its entirety, but it should still be considered.
Procurement departments benefit most from automation when it comes to time savings and productivity. You have more time and energy for higher-value projects when you spend less time on mundane, routine tasks.
Automating RFPs has many advantages, but it can also be used to automate RFIs, RFQs, security questionnaires, and any other requests issued by your procurement team.
RFP software streamlines collaboration all of your current and historic RFP’s in one central repository.
When all proposal-related conversations are in one place, you can make sure your company stays aligned on RFPs as well as having valuable insights from previous RFPs and suppliers’ responses in one system.
A RFP software platform can automate processes so that data is captured and analysed more easily. If more reliable and widespread RFP data were collected, supply chain risks could be predicted, acquisition costs could be evaluated better, and supplier performance could be evaluated better.
Companies are increasingly investing in digital solutions to drive efficiencies and financial savings across every area in their business. One area that these solutions deliver significant financial savings is in procurement with the solutions often recording projected and realised savings delivered by both cost reduction and cost avoidance measured against actual baseline spend.
Use our Savings Calculator to discover how much you could save using a RFP software