RFP PROCESS GUIDE

STEP 1

IDENTIFY YOUR RFP TEAM

Your RFP team will be comprised of a mix of contributors, subject area experts, finance and legal, and a project/proposal manager.

It always makes sense to solicit advice from a subject area expert to help with defining RFP requirements. They can provide expertise on new or emerging technology, best-in-class vendors, and help to build out questions to weed out potential bidders.

STEP 2

GATHER REQUIREMENTS

If RFP requirements are not fully outlined, you may end up with bids from vendors that cannot fully meet your needs. Set project goals and work closely with your RFP team to determine your requirements at the onset of the project.

For more complex RFPs, a Request for Information (RFI) or Request for Quote (RFQ) can be put out ahead of the RFP. These three types of documents are called RFXs collectively.

STEP 3

RFP VENDOR INVITATION

Unless you’re publicly posting your RFP, you’ll next have to decide which vendors to invite to bid. These vendors should be selected based on those you know will be able to fulfill your project requirements.

STEP 4

Gather Requirements

Gathering all the requirements of your project at the start of Before you provide access to your RFP, you’ll want to have vendors sign a non-disclosure agreement (NDA).

Have your legal team or counsel draft the NDA to protect your organization, but also weed out any unqualified bidders.

STEP 5

COMPILE RFP QUESTIONS

Unless you’re publicly posting your RFP, you’ll next have to decide which vendors to invite to bid. These vendors should be selected based on those you know will be able to fulfill your project requirements.

STEP 6

COMPILE PRICING TEMPLATE

Next, create a pricing template that includes fields for all components of your requested services. Vendors will use this template to provide their fees on a per-component basis.

If you are working with an RFP management software like DirectRFP®, vendors can fill in their pricing in a set format, and the data will be compiled in a side-by-side comparison for you as the buyer.

STEP 7

CONSTRUCT AN RFP OVERVIEW DOCUMENT

An RFP overview document provides vendors with the specific requirements they must fulfill to respond to your RFP.

STEP 8

TIMELINE FOR RFP

The timeline should align with your company’s goals and deliverables for the project — including when you want the solution/service implemented by.

STEP 9

COLLECTION OF RFP DOCUMENTS

Many organizations require proof of specific documents, certifications, or policies in order to qualify a RFP vendor.

These can range from insurance certificates and health and safety forms, to statements on diversity and environmental practices.

STEP 10

DECIDE ON YOUR RFP FORMAT

Next, it’s time to decide how you will launch and manage your RFP.

Some companies decide to do this manually through emails and attachments. Others choose to utilize online RFP management software.

STEP 11

LAUNCH THE RFP

Launch time!

Be prepared. Here is when you’ll start fielding questions around process, requirements, and more from your vendor. If you’ve followed all the previous steps, you’ve got nothing to worry about. You’ve set yourself up for success!

STEP 12

QUESTIONS FROM VENDORS

Your timeline should have provided all vendors with a deadline for submitting questions about the RFP. Ensure you have a way to collect these questions in a common format — such as an excel template or RFP management system.

STEP 13

RFP BIDDER’S CONFERENCE

Now it’s time to close submissions and collect those RFP responses.

If you went with procurement management software, you’ll find the collection process much easier. Most RFP software like DirectRFP® is built so that vendors complete the RFP within the platform, and you as the buyer can access that information in real time.

STEP 14

CREATE A SCORING MATRIX

Next, you’ll need to develop a scoring matrix that measures a vendor’s ability to meet your requirements.

Your requirements will range from technical requirements and pricing to softer internal requirements such as a vendor’s approach to diversity and the environment.

STEP 15

COLLECT RFP RESPONSES

Now it’s time to close submissions and collect those RFP responses.

If you went with procurement management software, you’ll find the collection process much easier. Most RFP software like DirectRFP® is built so that vendors complete the RFP within the platform, and you as the buyer can access that information in real time.

STEP 16

RFP REVIEW — CREATE SCORECARDS

It’s now time to score those responses, which is, for the most part, a manual process.

Get started by giving every member of your RFP team a copy of each proposal submission. Organize these responses side-by-side.

STEP 17

RFP VENDOR SHORTLIST

Following scoring and a thorough review of all RFPs, select a shortlist of vendors that meet critical requirements and have scored above competitors.

Eliminate any vendors who score lower than average and any that do not meet critical requirements.

STEP 18

SHORTLIST PRESENTATION MEETINGS

Once you have your shortlist of vendors, it’s time to invite them in for an in-depth presentation and discussion.

These meetings will give you the opportunity to ask deeper questions about their responses as well as gain a better feel for the individuals on the vendor’s project team.

STEP 19

CONTRACT AND SCOPE OF WORK REVIEW

Now that you have narrowed down your selection to the final two providers, you will want to receive copies of their actual scope of work (SOW) and contracts to review for any open questions or possible concerns.

If there are items that are missing in the documents that were covered in the RFP, you will want to ensure you address those. All aspects of the contract or scope should be clearly stated and listed out.

STEP 20

PRICING CONCESSION

The scope and agreement that were reviewed in the prior step should contain the pricing details of the solution.

If you would like to see any edits or adjustments to pricing, this is the time to negotiate those pricing concessions. You will want to get this addressed prior to awarding the business.

STEP 21

EXECUTIVE REVIEW

Some organizations require that the proposal or contract be presented to their executive team before making the final vendor selection.

If this is a requirement, you will want to put together a presentation showing the vendors’ rankings, pricing, and any additional comments or details about the vendors.

STEP 22

AWARD BUSINESS

With final approval from your stakeholder team and executives, it’s at last time to award your business to your selected vendor. At this stage, you’ll want to request a signed and finalized copy of their agreement.