How to know if you are efficient when it comes to answer RFP ? One key to success is regularly evaluating your internal RFP answering process to identify areas for improvement. Here are six ways to measure the efficiency and effectiveness of your RFP process:
- Time to completion: Track how long it takes your team to complete an RFP from start to finish. If you're consistently taking longer than industry benchmarks or your competitors, it may be a sign that your process needs to be streamlined.
- Winning rate: Keep track of the percentage of RFPs you win and lose. A low win rate may indicate that your team is not effectively positioning the company's capabilities and offerings in the RFP response.
- Feedback and evaluation: Request feedback from the requesting organisations on your RFP responses to gain valuable insight into areas where your team can improve. Evaluation of the feedback can help identify recurring issues and areas for improvement.
- Compliance and completeness: Monitor the compliance and completeness of the RFPs you submit. A high number of non-compliant or incomplete RFPs can indicate that your team is not thoroughly reviewing the requirements or that there are gaps in your process.
- Team's satisfaction: Assess the team's satisfaction with the current process by conducting surveys or interviews. If the team is frustrated with the process or feels that it is overly cumbersome, it may be a sign that the process is not efficient or effective.
- Cost: Keep track of the cost associated with the RFP answering process to determine if the cost is justified by the number of won RFPs.
By regularly monitoring these key metrics, you can improve your RFP process and increase your chances of winning more business. One way to improve your RFP process is by using proposal software. Proposal software can streamline the RFP process, improve compliance and completeness and increase your win rate. It can also provide you with feedback and evaluation data, cost data and team's satisfaction data.