RFP Management Software: What is All About?
Many organizations fail to invest in Request For Proposal (RFP) management software because they ignore the return on investment. Undeniably, RFP management software is handy for any organization that uses printed packets, spreadsheets, or email for procurement.
Although RFP management solutions are designed differently, their features and capabilities facilitate a smooth RFP process. So, RFP software has some common aspects.
Usability and collaboration
Since the system is not designed for one person, RFP management software must be easy to use. All participants should be able to access and use it - even if they are not part of procurement.
In case your colleagues need training to use the system, then it is bound to cause headaches and decrease the expected ROI.
Integrated dashboards
RFP software has dashboards accessible to everyone. This way, team members can view the progress of respective projects. What’s more, they can even see the progress of projects in other departments.
This eliminates the need for unnecessary phone calls and emails. The right RFP management software allows the person in charge to define roles and permissions for each RFP.
Knowledge library
The best RFP management software allows the transfer of knowledge and sharing of knowledge across teams. This makes it easy to find the right content that a colleague used on a similar project.
It is can be frustrating going on a wild goose chase for something you are convinced was done several years ago. So, having a searchable library saves time and makes it easy to find what you need.
Also, it helps avoid frustrations for potential vendor partners with an RFP that deviates from the expectations of stakeholders.
Automation
The right RFP management software should streamline the process automatically. This allows you to focus more on strategic tasks. Also, great software comes with supplier reminders, bid analysis, RFP scoring, and award optimization.
Vendor tracking is a must-have feature. It allows you to view where each vendor is in their response. The feature acts as a timeline for each vendor to respond. You will know if they are in the process of responding or haven’t seen the request.
With that said, different types of RFP software exist.
1. RFP project management tools: They bring together everyone participating in the RFP process. The tools allow others to view your dashboards, calendars, and tasks about RFP
2. Proposal collaboration tools: The tools can be as simple as Google Docs or paid software that allows you to collaborate. However, the best RFP software is searchable and has a knowledge library.
3. Time tracking software: It provides a remarkable way of evaluating billable hours and productivity. This type of RFP software is good for promoting efficiency.
4. End-to-end RFP management software: It is a dedicated software that brings together RFP managers and involved teams for an effective process.
5. Proposal content and design software: Both design and content are important and there is various software for each. Design helps with the proposal layout with content software will assist you in writing.
