Whether you're looking to drive down costs in an existing category of spend or source an entirely new category, administering an RFP (request for proposal) is often the preferred method for engaging vendors and suppliers. While we'd like to think suppliers will be jumping at the opportunity to compete for our business, responding to RFPs can be a complex undertaking - requiring both dedicated resources and time. As a result, suppliers are often hesitant to participate in an overly lengthy RFP process, especially if the chances of winning the business appear slim. If you're looking to maximize your RFP results, improving both the quantity of respondents and quality of responses, the first step is taking the contending vendors into consideration and working to keep them engaged through the entire process.
Here are 13 tips for minimizing the costs and increasing the value of your RFP:
Need additional support composing and responding to RFPs? Look no further than Source One. Sourcing is our bread and butter. Leverage our decades of experience to learn what it takes to craft business winning proposals or effective RFI / RFP responses.