New industry report reveals effects of the economic climate and emerging technologies on the response management industry, along with trends to watch for in 2024
TORONTO, ON / ACCESSWIRE / January 9, 2024 / Loopio, the leading response management software company, announced today the release of its fifth annual RFP Response Trends and Benchmarks Report.
In partnership with the Association of Proposal Management Professionals (APMP), over 1,650 companies around the globe were surveyed, culminating in the industry's most comprehensive view of the RFP response management field. It includes key industry benchmarks, as well as larger trends impacting RFP revenue, submission rates, and volume.
"Looking back on five years of data, it's clear that RFPs consistently influenced more than a third of the average company's revenue," says Zak Hemraj, CEO and Co-Founder of Loopio. "That's why research like this is so important: It gives RFP teams a clear picture of their achievements-especially in a year where teams were working with tighter budgets, diminished resources, and new technologies-and provides data-backed tips teams can use to win more in 2024."
Some key findings of the report include:
- AI sparks curiosity, but there's not yet widespread adoption. 34% of teams have already tried generative AI in the past year. Almost 90% of respondents feel positive or neutral towards it, even though 66% of them haven't incorporated it into their RFP process (yet).
- Proposal teams are feeling the impact of a tough economic climate. Economic pressures and budget constraints resulted in hiring becoming a lower priority this year (dropping by 4%) and RFP teams getting more pushback on price. All roles, from associate to executive level, were more likely to indicate price as a reason for losing this year, and only 34% of teams gained new resources-a noticeable decrease over previous years.
- Selectivity decreases in response to economic stress. As companies feel more crunched, they are less choosy about the RFPs they respond to, with nearly 80% of teams responding to the same amount, or more, RFPs as they did the year before. The number of RFPs submitted leapt to an average of 175 RFPs, an 8% increase from 2022.
- RFPs remain a significant driver of revenue. Driving more than a third of the average company's annual revenue (38%), RFPs remain a key resource for companies to rely on, even in times of economic uncertainty.
"Bringing together responses from APMP members worldwide, the 2024 RFP Response Trends and Benchmarks Report delves deep into the trends you need to know," says Rick Harris, CEO of APMP. "From increased submission pressures to the rise of AI, you'll find industry-leading facts for productive conversations with your team, manager, or organization as a whole."
The report establishes performance benchmarks for proposal professionals. It includes insights from a breadth of industries, including Technology (Hardware, IT, and Software); Retail or Wholesale; Management Consulting; Healthcare and Medical; Construction; Industrial and Manufacturing; Telecom; Investment Banking; Non-Profit and Government; and more.
The report establishes performance benchmarks for proposal professionals. It includes insights from a breadth of industries, including: Technology (Hardware, IT, and Software); Retail or Wholesale; Management Consulting; Healthcare and Medical; Construction; Industrial and Manufacturing; Telecom; Investment Banking; Non-Profit and Government; and more.
For more insights from Loopio's 2024 RFP Response Trends and Benchmarks Report, download a copy now.
About Loopio Inc.
Loopio's response management platform helps companies streamline their response process for RFPs, DDQs, security questionnaires, and any questions throughout the sales cycle. Currently serving over 1,500 companies globally at world-leading organizations, Loopio enables sales and proposal teams to respond faster, improve response accuracy, and win more business.
Founded in 2014, Loopio is one of Canada's fastest-growing technology scale-ups. It has been listed as one of the fastest-growing companies on the Deloitte Technology Fast 50 list for four consecutive years, and it has consistently been named one of Canada's Top Small & Medium Employers. In 2021, Loopio raised a $200M strategic investment from Sumeru Equity Partners to fuel its next stage of growth.
Contact Information
Sara Stratton
Senior Brand Communications Manager
sara.stratton@loopio.com
SOURCE: Loopio
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