In business, complacency equals impending death. When you hear someone say they do something a certain way because that is how we have always done it, that is a sign that innovation is dead. One area where the overwhelming majority of businesses have a blind spot is with RFPs, or requests for proposals. A shocking 95% of companies use them, despite the fact they encourage waste and bloat and discourage innovation.
RFPs are extremely costly, which translates to only the largest companies being able to submit proposals to do work. Startups and small companies can’t compete because most can’t afford to spend thousands of dollars on a proposal that isn’t likely to lead to any business.
A better alternative is the POV, or proof of value. This eliminates the vast majority of what goes into an RFP, while still providing proof that a project or concept has a good chance of being successful. Learn more about the end of RFPs from this infographic.
Infographic by: info.semarchy.com
RFPs are extremely costly, which translates to only the largest companies being able to submit proposals to do work. Startups and small companies can’t compete because most can’t afford to spend thousands of dollars on a proposal that isn’t likely to lead to any business.
Infographic by: info.semarchy.com
