Why Are RFPs Still a Thing?

Here’s how to fix it.

At times, an RFP can feel like nothing more than a leap of faith, simply hoping the right vendor will present themselves. For the modern business environment we participate in, this is an unsustainable practice. RFPs, or Requests for Proposal, result in wasted time, wasted resources, and often unfinished or unsatisfactory projects.

Smart business leaders understand the value of their dollars as well as the value of their time. According to a LexisNexis survey, 15% of businesses manage 21 or more RFPs per month and 68% of business deal with up to ten per month. Just one RFP can account for dozens of hours of work, weeks or months of review, and for vendors, before even winning the big, are expected to spend on average $5,000. More companies than ever are outsourcing, but the RFP method, especially in terms of digital and IT development, is outdated and holding back innovation.

Companies of every size and from every industry need quick solutions, so why are we still looking to RFPs for real results? Take a look at this infographic for more on the RFP, how it’s hurting productivity, and how to develop alternative tools by building relationships to get the job done.