How Businessolver’s RFP Team Drives Over Half of New Revenue with Loopio
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RFP team contributes to 50%+ of new revenue won -
100% on-time submission rate -
Streamlined 75 reference documents
Businessolver is a benefits technology company combining a configurable SaaS platform with a high-touch service model. They understand and share the compassion, empathy, and strategic desires of HR leaders.
Challenge
Managing a Knowledge Repository of 75 Documents
To find the best response, Businessolver’s team managed their knowledge repository of 75 Word documents, each containing different information. This led to:
- Knowledge silos, with new responses not being shared across the team
- Copy-paste errors, including a potential risk of the wrong client name in submitted RFPs
- Wasted time due to manually searching for the right response
- Stale content, as the documents were infrequently updated
The need for an agile software partner became paramount to support their operations and maintain efficiency.
Solution
Leveraging Loopio for Scalable RFP Management
Jon Shanahan, CEO, recognized the need for a robust software solution that could keep pace with Businessolver’s innovative and fast-growing environment. After evaluating options, the team found Loopio to be the strongest partner, appreciating their emphasis on customer feedback, clean interface, and intuitive design.
The Businessolver team has helped the company’s RFP function use Loopio to transform their content management and efficiency. Here’s a snapshot of how they leverage Loopio:
- Streamlining the Response Process with Loopio AI: When an RFP comes in, one member of the RFP team takes the lead. They load the questions into a Project and then run Loopio’s AI to auto-fill existing responses. Time saved through this automation process is then reinvested in tailoring and improving responses, ensuring each proposal is client-specific and impactful.
- Advanced Content Management and Organization: From sifting through 75 Word documents to an organized, accurate, and searchable library, Businessolver has transformed its content management. The team now leverages the Stacks feature to organize entries and tags to further segment content and enhance searchability, making it easier than ever to find precise information.
- Expanding Scope and Impact: Since implementing Loopio, the Businessolver RFP team has significantly expanded its overall scope. Their team now handles all follow-up responses, as well as additional security, AI, and ESG assessments that other departments previously managed. This broader responsibility is seamlessly integrated into their efficient Loopio-powered workflow.
But beyond the tangible technological gains of AI or content management, Businessolver’s collaborative relationship with Loopio is what makes the partnership so special. As Mikayla Thompson, Sr. Proposal Writer, explains:
“Loopio’s willingness to partner with us so we can get the most out of the tools is of great value to our team. We appreciate the helpful troubleshooting support and working with other Loopio resources that are brought in as needed.”
Outcome
Driving Consistency, Efficiency, and Revenue Growth
The Businessolver team’s commitment to a consistent and accessible content base has enabled them to maintain high standards despite increasing demands.
The results speak for themselves:
- Significant RFP Volume Growth: Businessolver now responds to more RFPs than ever before, reflecting their impressive business expansion.
- Responsible for 50%+ of New Revenue: The RFP team plays a critical role in the sales process and contributes to the majority (over 50%) of new revenue won by the business, compared to the average of 37% according to the Loopio Trends Report.
- 100% On-Time Submissions: Despite increasingly tight turnaround times in their industry, the Businessolver team has successfully adapted, maintaining an unwavering on-time submission rate by leveraging their Loopio tools.
With Loopio, Businessolver’s RFP team continues to confidently craft tailored, well-researched responses that are instrumental in winning new business and supporting the company’s impressive growth trajectory.