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Beyond RFPs: Maximizing your investment in RFP Software

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For some companies, RFPs are like rollercoasters. You get a ton of them at one point and then few to none at another. In between the peaks, the RFP response platform you’ve invested in is just sitting and waiting for the next wave of RFPs.

The good news is that even in a low season, you can still make the most of your platform because, despite its name, RFP response software has a lot more applications than just streamlining responses to RFPs!

In a recent Loopio survey, our customers told us that, in addition to responding to RFPs, they are using the platform to respond to RFIs, Security Questionnaires, Due Diligence Questionnaires, and for knowledge sharing across their organization.

That’s a lot of value generated from one platform!

120 customers responding to RFPs, 111 customers responding to RFIs, 79 customers responding to Security Questionnaires, 28 customers General knowledge repository, 27 customers responding to Due Diligence Questionnaires (DDQs) and 22 customers "other".

So let’s talk about the many uses of RFP software, starting with the basics.

Responding to Requests for Proposals (RFPs)

The biggest challenge of manually responding to RFPs is finding accurate information. You’re forced to dig through digital piles of previous responses in Word or Excel or you have to recreate content from scratch.

With RFP Response Software, you can build a centralized content library that can easily be maintained and kept up-to-date. When all your content is in one location, there’s no need to hunt down content in past proposals or deal with errors that result from copying and pasting responses from one document into another.

Responding to Security Questionnaires

The challenges of manually responding to Security Questionnaires are often very similar to those of manually responding to RFPs. You’re often searching through different sources of information to find accurate answers. However, there are a lot more risk implications with using inaccurate information in Security Questionnaires. When you can’t find the information you need, you once again reach out to your Subject Matter Experts (SMEs) in a quest to get the right answers. This creates an unnecessary burden for your SMEs and wastes their valuable time.

Having all your Security content in one location helps you save time on searching for it and helps your Security team review it for accuracy more easily. And since RFPs also often contain Security sections, you can leverage your Security content library in both RFPs and Security Questionnaires.

Creating Proactive Proposals

Your sales team may need to whip up proactive proposals to send to their prospects. For busy sales executives, being able to access and use previously created and approved content saves a lot of time.

With RFP Response Software, they can create a ’Master Project’ with a basic proposal outline and use it to pull the most up-to-date content into the proposal quickly. Sales executives spend less time searching for accurate and approved content and more time tailoring each proposal. This leads to better proposals and more chances of winning opportunities.

response software can be used for security questionnaires, proactive proposals, knowledge sharing, training, and email follow-ups.

Enabling Knowledge Sharing

It can be hard to know where to go to find up-to-date information about your products, your company, your teams, etc. Each department and even each member might have different places for storing information and materials that they develop. This leads to knowledge silos.

RFPs contain such a wealth of knowledge about these topics and, with an RFP Response Platform, everyone in your organization can have access to all of that information. Company knowledge is a significant asset, and it’s important to allow people to share and access it.

Healthx, one of Loopio’s customers, uses the Loopio Platform to respond to RFPs and also as a repository of knowledge for their Sales, Customer Service, Sales Enablement, and Security teams. This promotes alignment and collaboration across the entire company.

In fact, as our customer survey has shown, more than 60% of our customers have extended the use of Loopio to serve as a ‘single source of truth’ for their entire organizations.

Speeding up Training and Onboarding

In large and fast-paced organizations information is always changing, and teams are continuously expanding. So it can be difficult to bring new hires up-to-speed and also to keep existing team members in the know.

By using the content library in your RFP response platform, you can provide team members with most up-to-date and relevant company and product information.

Leif Dreizler from Bugcrowd, one of Loopio’s customers, used to be the only Sales Engineer with in-depth domain knowledge. After implementing Loopio, he used the platform to share his knowledge and get new team members up to speed quickly and efficiently.

Responding to Follow-up Emails

Prospects often send Sales information requests and questions over email. Sometimes they come as follow-up questions to an RFP response, weeks or even months after the submission. It’s important for the Sales executives to deliver accurate and consistent information to the prospects.

With a centralized content library, your Sales team can quickly find the most up-to-date answers to the questions they need and reduce turnaround times. This way, they can get the sales cycle moving along faster.

Summary

Your RFP Response Software platform is a goldmine of information that you and your team can leverage in a variety of ways beyond RFPs. Maximize the value of your investment in RFP software by using it for:

Learn More

Read Loopio’s RFP Response Software Value Guide to learn how our customers have been maximizing their ROI.

Download the Guide

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