It’s becoming increasingly common for organisations to issue formal RFPs as part of their buying decision process. In most public sector establishments and in many large commercial operations, external legislation or internal procedures require that a formalised RFP process be followed for all purchases above a certain value.
However, it’s rare that all vendors who are invited to participate have an equal chance of winning. A range of studies have show that organisations that receive an invitation to respond to an unexpected RFP have on average a low single digit % chance of winning.
A huge amount of effort is therefore wasted every year by vendors who are flattered to be invited, believe they have a good solution fit and therefore decide to bid even though by any rational analysis the odds are heavily stacked against them. If you’ve ever experienced this situation, I’d like to offer a consolidated checklist of the things you need to consider before deciding whether to bid…Read More