New survey reveals corporations are adopting automation instruments for environment friendly RFP collaboration
BELLEVUE, Wash., Dec. 13, 2022 /CNW/ — QorusDocs, an AI-powered proposal improvement software program supplier, at present launched findings from its newest annual report that reveal corporations noticed a year-over-year improve in requests for proposals (RFPs) in 2022 in comparison with 2021. This inflow in RFPs is driving the necessity for automation options that present environment friendly collaboration and seamless integration into Microsoft 365 to assist the creation of and responses to extra RFPs per yr.
Firms noticed a year-over-year improve in RFPs
Regardless of the financial, geopolitical and enterprise challenges throughout 2022, 54% of survey respondents reported a rise in RFPs this yr, in comparison with 2021. The usage of proposal administration software program had a constructive impression on creating and responding to RFPs. Fifty-seven p.c of these surveyed who use proposal automation software program skilled boosted win charges, with a median improve of 25%.
Income attributed to successful RFP responses for brand spanking new enterprise represented a mean of 40% of annual gross sales in 2022, up from 34% in 2021. The share of RFP income from current enterprise additionally rose in 2022, with the common gross sales from current clients’ RFPs rising from 37% of whole gross sales income in 2021 to 50% in 2022.
Streamlined collaboration is important
Creating efficient proposals and responding to RFPs requires important assets, time and workforce participation. With out a solution to effectively collaborate on responses, the proposal course of can change into a logistics nightmare and expensive for organizations.
Think about the next survey findings:
- On common, 22 folks–together with proposal/bid, gross sales, enterprise improvement, shopper companies and advertising and marketing groups–are concerned in responding to requests for paperwork (RFx)
- It takes corporations six eight-hour days on common to finish only one request
- Organizations develop a mean of 20 responses monthly
- 25% of companies had been unable to finish one-third to two-thirds (30%-69%) of RFPs they obtained in 2022
- 26% of corporations report shedding an estimated $1 million or extra in annual income from unanswered requests, with 9% shedding greater than $5 million
“With QorusDocs, our gross sales workforce has a one-stop store for all gross sales and go-to-market collateral, serving to speed up the deal cycle and enhance win charges,” mentioned Dave Frederickson, EVP of gross sales at Lengthy View Techniques. “Plus, our proposals and gross sales groups have been in a position to improve productiveness, eliminating the necessity to rent extra assets.”
Firms leveraging proposal administration software program are in a position to streamline the proposal course of, enhance very important cross-team collaboration and scale back the general time spent on proposals:
- 71% of corporations agree that proposal software program will increase the standard of proposals
- 77% of corporations agree that it will increase the flexibility to show in well timed responses
- 64% of corporations agree proposal administration software program makes it simpler to collaborate on proposals
Microsoft is the landslide software winner
As corporations execute digital transformation methods, the proposal administration software program market is seeing an increase in adoption. In 2021, the market worth reached $1.8 billion and is anticipated to develop to $7 billion by 2031, exhibiting the rising want for versatile, user-friendly and efficient options that may be built-in with standard platforms like Microsoft 365.
Half of the proposal, bid and gross sales professionals surveyed make the most of Microsoft Phrase as their major software when creating proposals and RFx responses. Moreover, 80% of respondents primarily use Microsoft functions to finish requests: Microsoft Phrase (50%), Microsoft Excel (16%), and Microsoft PowerPoint (14%).
These findings present that customers wish to spend as a lot time throughout the familiarity of Microsoft 365 as potential when engaged on proposals. Consequently, it is vital that corporations implement proposal administration software program that’s built-in with Microsoft 365 to effectively develop responses to RFPs.
“Our clients are creating 1000’s of proposals per yr, making collaboration and entry to environment friendly instruments important,” mentioned Ray Meiring, CEO and co-founder of QorusDocs. “Proposal administration software program like QorusDocs is purpose-built to work with applied sciences like Microsoft, serving to corporations streamline materials improvement and, due to this fact, enabling them to finish extra proposals per yr, enhance win charges and improve income alternatives. As RFPs proceed to extend yr over yr for companies, efficient digital instruments will proceed to be essential for streamlining the proposal course of and securing new income.”
Methodology and pattern dimension
For this yr’s survey, QorusDocs solicited responses from professionals in proposal, IT, enterprise improvement, and C-suite roles who’re concerned in creating proposals or responding to RFPs, RFIs, DDQs or safety questionnaires. The cohort encompassed corporations of various sizes from a number of industries and throughout a variety of income ranges. Nearly all of respondents represented the know-how, skilled companies and monetary companies industries, with 25% of surveyed corporations producing greater than $100 million in income (2021).
For extra insights, obtain the total report.
QorusDocs is AI-powered proposal improvement software program that automates the creation of strategic gross sales responses that stand out and win offers. Personalised for every prospect, proposals are skilled, on-brand, and error-free, and embody information insights confirmed to result in higher win charges. Simply produced, high-quality proposals that give your workforce the perfect likelihood to win. For more information, go to http://www.qorusdocs.com.
For additional info: Media Contact: Christie Melby, [email protected], 206-282-4923 ext. 127