How The Request for Proposal Works
The way the request for proposal can be described is as a proposal that is submitted through the process of bidding by an agency, company that is interested in valuable asset, procurement of a commodity or service to submit business proposals. The working mechanism of the RFP applies in the event that a business encounters a problem requiring aid, they submit a request for the RFP for a befitting company to respond to their plea with the right solution to address their problem.
the variety of information one can get from RFP more than the price request are capability on a technical aspect, information on the product, customer references, financial information, corporate history and information, procurement of services.
The uses of RFP include where; the proposal requires research and development in creation for the request, in a product or service that does not exist, specialized capability and the request requires technical expertise.
The different roles that the request for proposal plays include; suppliers are informed on procurement opportunities by an organization, suppliers are also alerted on the selection process and the competitive nature, it pushes for specification on the details of the purchase, it ensures that the suppliers respond accordingly to the specifications and requirements, it has allowance for response and wide distribution and should follow a structured method to ensure impartiality.
The main areas where the company dealing with RFP consider is in the imagination, storytelling, the process itself and the strategy the company employs.
The imagination comes in when the company thinks of a way to provide a solution for the client even if it’s out of their context that they asked for or if it does not match what the company can bring forth.
The strategy is important in knowing what approach to take for the drafting of the request for proposal in terms of studying the competitors, market and the customers.
The storytelling bit combines the strategy and backs it up with the necessary information, details and facts, visuals made and analysis that helps the company stand out from the competition.
Considerations that help in the delivery of effective RFP’s are; understanding the selection criteria, responding in the correct format, issuing the proposal to the directly involved party, assembling the team members, showing the client why they should choose or go with your company, the response from the RFP company to the clients, competitive nature, financial standing of the company, budget considerations, confirmation that all specifications can be met, reflection of the RFP structure in the response, and fast response time.
Good requests for proposals are important to the company as they help one sharpen their skills in writing business proposals and also help the business gain more businesses through it.