What To Include In A Software RFP

If you are soon to be entering the market for new software - you will likely be writing a software RFP - a request for proposal built explicitly for the purchase of enterprise software.

Viewpoint Analysis runs software selection processes for companies of all shapes and sizes, and in this blog, we will run through some of the key elements that you are going to want to include in your software RFP - items that will make the difference between a successful RFP process, and....not.

What is a Software RFP?

A software RFP is no different from any other technology-based RFP; however, it does have some additional elements that are particularly important. But, at a high level, it's an RFP that is focused on the purchase of enterprise software - so maybe for elements like a new ERP or CRM platform etc.

What does Viewpoint Analysis know about Software RFPs?

Viewpoint Analysis is a 'Technology Matchmaker' and one of our three key service streams is helping business leaders to quickly find and select new enterprise software, predominantly using our unique version of an RFP process - something we call the Rapid RFP. It takes customers through an RFP process in super-quick time - like no other service on the market. We've run software RFP processes for companies looking for everything from a new CRM, Order Processing, ERP, Route Planning, and much more - so we know a bit about the subject!

What goes into a Software RFP?

There are some important parts of any software RFP - in our opinion, the following elements are the central poles:

1. Who are you?

   To begin with, it's essential to introduce your company and your department (if applicable). Who are you, what do you do, and what makes you an exciting company to partner with? In other words, this is the first part of selling the vendor on investing in your RFP process - let's get them invested in you as a company.

2. What is the problem we are looking to solve?

   Building on the company profile, this is the crucial bit. What problem are we looking to solve? If this element isn't strong, you will not get much interest from the vendor community. What's the challenge? Who cares about it? Does it have senior-level input? What happens if you don't do something? What is the payback of solving this?

3. Why are you asking the vendor to be included in the process?

   You could have likely asked a whole range of vendors to participate in your software RFP process - but you didn't (at least, we hope you didn't!). So, why did you choose this particular vendor to be part of it? You must communicate this in your email or cover letter - everyone wants to feel loved, and the sales team is no different. Ensure they understand that you gave the issue some thought and didn't simply send the RFP without consideration.

   
   

4. What specifically do you need?

   You might want to create a SHORT spreadsheet outlining the elements that you deem to be really important. However, please keep it short. It's important to remember that the expert in this technology is probably not sitting in your business - so let's give the vendors some room to be creative if we can. Asking too many questions constrains them - we don't want to do this.

   
   

5. Timescales and Process

   What are your timescales and how does the process look - make sure this is really well thought-through or the sales team (who read lots of them) will know you aren't serious. Timelines are critical to the sales team - they build their business on the back of them. If you don't have a solid process or specific timescales, expect to lose several vendors from the RFP process.

6. Expectations

   What are our expectations of the vendors? Are there rules they need to follow? For example, should the response come back in a specific format? Or do you have any issues with them circulating the software RFP to their partners? Anything you're not happy with - make sure it's included in the document.

7. Confidentiality Clauses / NDAs

   We suspect that the information you provide in the RFP will be pretty sensitive. If that's the case, ensure that you have an NDA in place and clearly outline your expectations of confidentiality in the document.

   
   

8. How are you going to decide?

   So, you are asking the vendors to engage with you - but you need to tell them what good looks like. How will you score it?

Are there more items you should include? Yes, no doubt, but these are the key elements that we always look for. We've added a few more items to our RFPs, but we don't want to reveal all our secrets!

Too many companies make the RFP process a project in itself. It shouldn't be. The vendors need to know what you are doing and what you need - but they really don't need a hundred pages, and they really, really don't want to have 1,000+ questions in a nicely packaged spreadsheet with multiple tabs! We always use a 'Problem Statement' as the foundation of our Rapid RFP. Let us know if you'd like to know more about this; it typically ranges from 20 to 30 pages in length.

How can Viewpoint Analysis help?

We run super-quick RFP processes and a number of other elements that could be useful for your upcoming software procurement:

Stick or Switch Application Review - maybe you are not sure whether or not to leave your current incumbent application provider. If that's the case - this is a great little service. We do three things simultaneously. 1) We look at your current contract to see what options you have, and we interview your users, executive sponsor, and product leader. We want to know what's wrong and where things aren't working. 2) We engage the incumbent vendor and share the findings from our interviews. We invite them to challenge us and discuss how they can help to improve the situation. 3) We run a super-quick market assessment, asking vendors to present what they could do to improve the situation.

Technology Matchmaker Service - it's really important that you only issue the RFP to the companies that you think can definitely help you, and also to a limited number of companies. We always say that a maximum of six is ideal - any more than that and your team will sink in the process, and some of your best vendor options will leave the engagement. The Technology Matchmaker Service is a really quick way of running a market assessment and going from a long list of potential options, to your shortlist of who should get the RFP.

Rapid RFP - the Rapid RFP is a condensed software or services RFP process. We lead the engagement with and on your behalf and help all across the process - from writing the document, to engaging the vendors, and assisting the team to assess the vendors and score.

30-Day Selection Process - For companies that want or need to move quickly, we offer our 30-day selection process, the quickest way to complete an RFI and RFP process and find the best solution. We take the best of our Rapid RFI and Rapid RFP - mold it together, and go from longlist to shortlist in less than a month.