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A new QorusDocs survey reveals how proposal management software increases business win rates and enables increased RFP completion
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Nov 10, 2021, 10:53 ET
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BELLEVUE, Wash., Nov. 10, 2021 /PRNewswire/ — QorusDocs, an RFP and proposal management software company, today released findings from a new report that uncovers insights into how proposal management software significantly boosts business win rates and supports efficient development of request for proposals (RFPs).
According to the survey findings, companies saw a notable rise in RFPs this past year. Sixty four percent of respondents reported an increase in the volume of RFPs received in 2021, compared to 2020, with most experiencing around 30% more requests. Additionally, 64% of companies using proposal management software experienced higher business win rates in 2021 over last year, with a median improvement of 59%.
The survey also uncovered that businesses using proposal management software:
"COVID-19’s impact on business operations, profits and revenue opportunities significantly hindered companies’ growth last year. However, this report reveals how businesses have bounced back in 2021 and seen new opportunities soar," said Ray Meiring, CEO and co-founder of QorusDocs. "With proposal management software, companies can complete critical RFPs in a personalized, timely fashion. Our platform is designed to enable customers to improve the efficiency and quality of their proposals, ultimately leading to increased wins and more revenue-generating opportunities."
Proposal management software improves efficiency
On average, it takes nearly a week to complete just one RFP document. However, due to time constraints, lack of employee support and other factors, some companies are unable to respond to every RFP they receive. As a result, approximately 20% of RFPs are left incomplete by businesses each year, resulting in a median revenue loss of $725,000. However, some companies reported even higher losses from incomplete RFPs:
QorusDocs’ Not Your Average Benchmark Study survey found that proposal management software aided enterprises’ capacity to complete more RFPs in 2021 and successfully secure business opportunities:
"Responding to and completing RFPs is a time-consuming process that requires a sizable amount of resources," said Dena Stukenberg, Divisional Vice President, Proposals & Enrollment at Health Care Service Corporation. "However, with QorusDocs, we are able to both personalize and refine our proposal documents, offering greater detail and information that is catered to each specific request we receive."
Proposal management software supports future remote work models
Nearly three-quarters (74%) of U.S. companies plan to permanently shift employees to remote work after the COVID-19 crisis ends. As a result, tools that enable collaboration and communication across locations are becoming a priority. According to the survey, an average of 28 people are involved in responding to request for documents (RFx) which can lead to chaotic collaboration and fulfillment bottlenecks.
However, with proposal management software, the RFx process is streamlined, enabling smoother collaboration to efficiently complete proposals. The survey found that companies using proposal management software reported:
Methodology and sample size
For this year’s survey, QorusDocs received feedback from 169 professionals in proposal, IT, business development, and C-suit roles who are involved in creating proposals and responding to RFPs, RFIs, DDQs or security questionaries. The cohort encompassed companies from multiple industries and across a wide range of revenue levels, with the majority of respondents representing the technology, professional services, and financial services industries.
For additional insights, download the full report.
QorusDocs is cloud-based proposal management software that streamlines RFP responses and automates proposal creation. The smart solution is intuitive and easy-to-adopt, enabling proposal and sales teams to create personalized, professional-looking documents directly from familiar Microsoft Office apps and popular CRM systems. QorusDocs’ AI-enabled auto-response feature eases the process of identifying high-quality content for proposal and RFP development. With QorusDocs, RFP, RFI, and RFQ responses, pitches, presentations, security questionnaires, and SOWs will be created from a single source of truth and completed in minutes versus hours. For more info, visit http://www.qorusdocs.com.
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