Why Do We Still Do RFPs?

Modern companies need fast and reliable solutions, but many rely on the RFP out of necessity, habit, and a simple lack of direction. In fact, 95% of companies are still using RFPs, stifling their own progress and  wasting time leading to unfinished or unsatisfactory project results.

 

Any way you spin it, RFPs are not suited to work with the modern business world. Even one RFP demands the attention of 2.3 full-time employees and accounts for 4,800 hours of work, all on a gamble. According to a LexisNexis survey of RFP responses, 17% say their firms respond to up to 21 RFPs per month and 15% say they respond to at least 21 per month. Alarmingly, project management professionals who focus on IT say that among their strategic initiatives only 60% actually meet the project goals, 42% failed to recoup the budget, and 28% are deemed outright failures. Smart business leaders understand that this is an unsustainable process. The solution? Dump RFPs, improve flexibility, build relationships with just a handful of vendors, and set your business up for real success.

 

Is your business still relying on Requests for Proposals to reach new vendors? Maybe it’s time for an upgrade. Take a look at this infographic for more on the current state of the RFP, why businesses need better solutions to fuel success, and how you can make a proactive switch to increase productivity and finally get the job done right.