Making The Most Of Your RFP Process — Part III

This is the last instalment in a series of articles outlining steps customers can take to improve their RFP process when sourcing complex services. In the last TLQ, we looked at timing and staffing. In this edition, we examine budgeting — and specifically the importance of accounting for all the costs of carrying out an RFP process. We also touch on several tools that you might use to increase your prospects of a successful RFP.

Building Better Budgets

The actual costs of carrying out an RFP process are often higher than clients expect. This is typically the result of underestimating the time and resources required to successfully see a RFP process from start to finish.

When thinking about the project budget, it is important to take into account not just the costs of the solution or services being purchased, but also all the incidental costs of running the procurement process, negotiating the agreement, and project-managing the purchased services after the