Infographic: Is it time for the RFP to die? – TechRepublic

Some 95% of companies still use RFPs, but they may not be suited to modern business, according to a Semarchy infographic.
A request for proposal (RFP) is often the go-to method for vetting potential application purchases, projects, and more. However, according to a new infographic from Semarchy and NowSourcing, the process is outdated and doesn’t meet the needs of the modern enterprise.
As noted in the infographic, RFPs cost businesses some $311,533 every year, on average. This is mainly due to the time they take to complete:4,800 hours per year, on average. On the vendor side of the equation, 17% said they respond to 10-21 RFPs per month, while 15% respond to more than 21.
SEE: Vendor relationship management checklist (Tech Pro Research)
Vendors spend an average of $5,000 before they even win a bid, and that cost can be passed on to the customer. And, according to project management professionals who focus on IT, < 60% said their strategic initiatives failed to meet their project goals, as noted in the graphic.
So, what does that mean for the RFP? According to the infographic, it’s time for the RFP to die. Businesses need more agile responses and must dump the RFP, beginning their future data projects in the cloud. For more information about RFPs, check the infographic below:
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Conner Forrest is an analyst for 451 Research. He was formerly a Senior Editor for TechRepublic.
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