Companies devote 24 hours to writing a request for proposal (RFP) and involve seven people in the process, on average, according to recent research from Loopio.
The report was based on data from a survey 500 people involved in the RFP process for their firms, including proposal managers, solutions engineers, and sales and marketing executives.
Writing a single RFP takes 23.8 hours, on average, the survey found.
However, company size has a significant impact on the timeline: Firms with fewer than 100 employees take 15.2 hours to write an RFP, on average, whereas firms with more than 10,000 employees take 35.2 hours.
Companies with fewer than 100 employees take 4.2 days to submit an RFP, on average, whereas companies with more than 10,000 employees take 28.2 days.
Companies involve 7.3 staff members in the RFP response process, on average.
Again, company size has a significant impact: Firms with fewer than 100 employees involve 5.3 people in the RFP process, on average, whereas firms with between 1,001 and 5,000 employees involve 8.3.
Respondents say the top challenges they face during the RFP process are finding accurate answers quickly (44% cite it as an issue) and collaborating with internal experts (43%).
About the research: The report was based on data from a survey 500 people involved in the RFP process, including proposal managers, solutions engineers, and sales and marketing executives.
