Compare RFP Software: RFP360 vs RFPIO vs Loopio
Responding to requests for proposals (RFPs) is often a messy, time-consuming process. Fortunately, RFP software — also known as proposal management software — can streamline proposal creation and help you win more deals … but finding the right solution can be tricky.
For many organizations, the decision comes down to choosing between to RFP360, RFPIO, and Loopio. So, how do you know which option is best? Below, we’ll compare each solution based on several key RFP software features and functionality.
As mentioned in the section above, collaboration is crucial when it comes to RFP responses. And many times, a lot of different people are involved in the creation and review of proposal content. A software with unlimited users will allow you to keep everyone up to date with your proposals no matter how big your team is or how big it grows. RFP360 and RFPIO both offer unlimited users. Loopio does not.
Unlimited concurrent proposals
While RFP360 and Loopio both support unlimited concurrent proposals, RFPIO does not. This means if you have to work on too many proposals at one time, you may run into trouble. And who doesn’t have to respond to several RFPs at once?
Most organizations that rely on proposals for sales respond to lots of RFPs, and limiting their responses would hurt their bottom line. For example, CareHere — an organization that specializes in providing on-site healthcare through employers — responds to more than 100 RFPs every year.
Fortunately, they use RFP360, which offers unlimited concurrent proposals and empowers them to better manage their high volume of RFPs. “I can respond to twice as many RFPs in the same amount of time,” said Brandon Fyffe, business development associate at CareHere. “Now, one-week turnaround times don’t scare me a bit.”
Jillian Diehl, proposal writer at Miratech, also touted RFP360’s ability to manage high volume, especially when it comes to security questionnaires. “We respond to about three questionnaires per week. They’re often 350+ questions,” she explained “If I didn’t have this tool to help, I would go nuts.”
Ease of setup
Setting up your software for the first time is key. It’s the foundation for future use, and a poor setup could prevent you from ever fully realizing the value of your solution. It’s also no big secret that setting up new technology is often a pain. It takes a lot of internal resources — sometimes costing IT and key stakeholders several hours of involvement.
That’s why an easy setup is like a breath of fresh air. Plus, with RFP360 you can set up sub-accounts, which let you and your team organize data by department(s) and user(s), so it’s easy to ensure your Knowledge Base stays organized from the get-go. According to G2 Crowd, RFP360 has the easiest setup, beating out booth RFPIO and Loopio.
For many proposal managers, sales people, and marketers, a customer relationship management (CRM) system is their life blood. But lack of integrations often mean they have to switch between multiple solutions to get their jobs done. In fact, 49 percent of CRM users said integrating with other systems is a challenge.
For users of Salesforce — the world’s #1 CRM — having an integration with their RFP software is critical to eliminate duplicate data entry and ensure data integrity. As such, RFP360, RFPIO and Loopio each offer some level of integration with Salesforce. RFP360’s Salesforce integration allows you to keep an eye on your proposal progress directly within your Salesforce opportunity records. You can even start a new proposal in Salesforce.
All proposal management solutions collect data, but it can be difficult to know exactly what to do with that data or how to use it to improve decision-making. This problem isn’t unique to proposal management.
According to Forbes, “on average, companies only use a fraction of the data they collect and store.” And the problem is only expected to get worse. “Experts are predicting a 4,300 percent increase in annual data production by 2020.”
Fortunately, analytics — which presents data in easy-to-understand visual representations — can help you uncover the insights hidden in your data so you can identify opportunities to improve your proposal process. While you can’t get proposal analytics from either RFPIO or Loopio, you can get it from RFP360. And that access to analytics can help you uncover remarkable findings.
Training is key to successful use of any software. The more you understand the features and functionality, the more value you can get from your solution. Fortunately RFP360, RFPIO and Loopio offer training – so no matter which solution you select, you won’t get stuck trying to wing it and have to figure out a brand-new software on your own.
RFP360’s remote training allows users to learn from an RFP360 expert from the comfort of their own desk. Training topics include:
- Organizing and setting up a team.
- Managing security settings.
- Grouping accounts into a logical hierarchy.
- Importing RFPs in almost any format into the system.
- Assigning tasks to your team members and tracking proposal status.
- Uploading prior responses and managing them in your Knowledge Base.
- Exporting final proposals.
Responding to RFPs is a team sport. You need several key stakeholders — including subject matter experts (SMEs), proposal writers, proposal managers, marketers, product and sales — to create an effective proposal that addresses the prospect’s concerns and leads to a win. And your RFP should support that reality with a collaborative workspace. Unfortunately, neither RFPIO or Loopio offer a collaborative workspace.
RFP360’s collaborative workspace empowers:
- All writers to work on the same document version.
- As many writers and approvers as needed to work on the document.
- The ability to see when responses were updated and by whom.
- The ability to ask questions and message colleagues directly in the RFP.