What is RFP software, and why use it for proposals?

A man searches on his laptop to learn why to use RFP software for proposals.

RFP software makes it easier to run your business, but what exactly is it? Learn what RFP software is and how it can help you.

When you run a business — big or small — a part of your workday is likely spent writing proposals and sending them out. Whether they’re marketing, business, or other proposals, they’re an invaluable tool in bringing in more work and clients. But as your business grows, managing your proposals gets comparatively more complicated.

And that’s where good RFP management software comes in handy. Read on to learn what RFP software is and how it can make your workday smoother.

What is RFP software?

What is an RFP software solution used for? Knowing this forms the foundation for understanding the value of RFP software in streamlining your business processes. In a nutshell, a Request for Proposal (RFP) software is a computer program that lets you manage your proposals. If you’re a service provider or a vendor, you’ll use RFP software to respond to RFPs and track proposals. Conversely, as a buyer, RFP software makes it easy for you to request RFPs and respond to them.

But can’t you do that with just a good email client? The answer’s no. To answer the question “What is RFP software?”, you can look for specific features in the program. It needs to:

Create proposals and preferably offer templates.
Track submitted RFP document status.
Integrate with email, CRM, and other software.
Request signatures to finalize proposals.

Who benefits from request for proposal software?

The need for RFP software spans many industries. RFPs can be written for anything from marketing to production or supply. You might see architecture, real estate, and banking firms use RFP software, as well as health or community services and technology businesses. Any business that frequently deals with requests for proposals could benefit from the efficiency of a software.

If you don’t see why your business needs to write RFPs, don’t worry; formal proposals might not be necessary for smaller transactions. But if a company has regular, large business-to-business transactions, RFP software can be enormously helpful.

Why does my business need an RFP management software?

The feature list above already explains why good RFP software is useful. It streamlines your RFP process by allowing you to manage proposals with one program. The tracking feature makes it easy for you to know whether your potential client has read your proposal, send follow-up emails, and request them to sign PDF documents. Simply put, it makes work simpler.

What to look for in RFP software.

All RFP software should allow you to create proposals and respond to them. It should make it easier for you to send and share proposals by working with your email and other software. This usually includes creating PDFs and requesting signatures.

Besides these basics, however, there are plenty of other valuable features you can look for in a request for proposal software:

Tracking. Software with tracking will allow you to see who is responding to RFPs and which ones you still need to respond to. Sometimes, they may also have engagement tracking, which allows you to see who has read your RFPs and even send follow-up messages.
Analysis. Analysis will show you the data concerning your company’s RFP performance. It can even report on the effectiveness of your own proposals.
E-signature integration. This allows you to request signatures from your RFP directly without using outside software.
CPQ integration. The CPQ system makes it even easier to write proposals by using a formula specific to your business to generate quotes.

Adobe Acrobat brings efficiency to RFP software.

Adobe Acrobat brings your business an efficient RFP program. Easily create proposals from templates and send them to prospective clients. You can request signatures and track the proposal process. Acrobat also integrates seamlessly with the most popular business software.