2022 RFP Trends & Benchmarks
Chapter 5: The Impact of Software on Stress & Satisfaction
While some companies still struggle with buy-in for bid tools, others are seeing unexpected perks. There’s a clear correlation between software, satisfaction, and win rates.
The percentage of companies using RFP or RFI software is the exact same as last year at 69%. Midmarket companies are by far the most likely to use it (80%), followed by Enterprise (67%) and Small & Midsize (58%).
Content Storage & Maintenance = Top Benefit
When asked what’s most helpful about RFP response software, the number one response was that it helps companies store and maintain content, followed by general time savings and automation of tedious or manual tasks.
As a whole, teams with RFP software are able to involve more contributors (nine, versus eight) and spend marginally less time on RFPs—23 hours, versus the average 24. They also respond to more RFPs, advance at roughly the same rate, and win more often.
RFP Software Users More Satisfied With Their Process
Teams using a dedicated software are more satisfied with their RFP response process by every measure. Plus, software users were also more likely to say their stress levels at work are “almost always manageable.”
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68%
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of teams that use a dedicated RFP response software say their stress levels at work are almost always manageable (vs. 54% for non-users).
Process Satisfaction Correlates With 8-Point Higher Win Rate
Being pleased with your program is more than just a nice recruiting tool—it’s correlated with higher win rates. Those who are satisfied with their process have a win rate of 48%, compared to 40% among those who are dissatisfied.
Mid-Market Companies Most Likely to Use Dedicated Software
Midmarket companies are by far the most likely to use a dedicated RFP software (80%), followed by Enterprise (67%) and Small & Midsize (58%).
But why are Midmarket companies (those with 501-5,000 employees) most likely to have dedicated software? Our hunch: they’re able to secure buy-in more successfully than their larger counterparts. The top objection to not investing in software is that teams ‘have other tools that seem to work’.
This year, teams were twice as likely to say they weren’t able to successfully build a business case for software, in comparison to 2021—which tells us how critical internal buy-in can be for purchasing tools.
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2x
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How much more likely a team was to say they couldn’t build a case for RFP software internally this year vs. last.
Software Companies Most Likely to Invest in Efficiency Tools
Software companies have by far the highest usage of dedicated RFP tools. For them, it’s probably familiar and the value proposition of using software to save time and automate tasks is already clear.
On the flipside, Public Sector companies are the least likely to have a dedicated platform to support them. (Which must be challenging, considering that they also respond to the highest volume of RFPs.)
Key Takeaways: Strategies to Get Buy-in For Software
RFP software helps address one of the top challenges teams face: losing time to tedious, manual tasks. But this year, teams struggled to get buy-in for using a dedicated RFP tool.
Here’s how to prove that software leads to greater team satisfaction and higher win rates.
Track team satisfaction: The most common RFP metrics tracked relate to revenue and process, but don’t forget the human element. Research in this report shows that teams who are less stressed respond to more RFPs (and win more revenue). The only way you’ll know how your team feels is to ask. Then, capture this data so you can share with leadership.
Explore dedicated software as a cure for stress and frustration: Teams with software are able to respond to more proposals but less likely to feel unmanageable stress. They’re able to involve more contributors, but spend less time on those responses.
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