Request for proposal (RFP) software, sometimes referred to as request for quotation (RFQ) software, helps companies create and manage RFP documents, as well as the processes used for vendors to respond to proposals or questionnaires outlining their products or services, pricing, and other relevant information. Companies use RFP software to streamline the creation of RFP documents, track submissions, and analyze the efficiency of their RFP activities. This type of software is used by buyers or procurement professionals to invite bidders to participate in RFPs and compare them to determine the best proposal. In addition, vendors, as well as sales and marketing teams, use this type of strategic response management software to submit RFP responses, track the results of their submissions, collaborate with other stakeholders, and maintain a content library.
RFP software usually includes features for proposal management and integrates with other products such as purchasing software, strategic sourcing software, and proposal software.
To qualify for inclusion in the Request for Proposal (RFP) category, a product must:
Provide standard templates to create RFP documents
Generate quotes and proposals based on RFP documents
Provide a repository of documents and templates which can be used to quickly generate request for proposals
Integrate with solutions like CRM and CPQ to pull product and customer data
Offer functionality to quickly and efficiently create, share, and send request for proposals, allow edits and feedback during the proposal process, and track changes made
Include analytics to evaluate the efficiency of the proposal process
Compare RFP responses based on custom selection criteria
Maintain a history and audit trail of submissions, responses, and supplier details, which can be used to create new RFP documents
