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.