Virtual Bid and Proposal Summit recap: how tech and tools are shaping the future of bid management

It’s an exciting time of the year for us. We’ve been attending different online events, meeting up virtually with key industry players, learning from others’ experiences in these testing times, and sharing our own insights with the various communities that joined us in catching up on trends, meeting up with old friends, and networking.

Most recently, we attended The Virtual Bid and Proposal Summit – the largest global online event for Bid and Proposal professionals. One of the highlights for us was participating in a panel discussion on ‘Leveraging Tools & Tech in Bid Management’.

Our CEO, Ray Meiring, shared the ‘stage’ with Lauren Daitz, Senior Manager, Proposal Department at HALO Recognition; Lisa Rehurek, Founder of The RFP Success Company; and Josh Ellars, Founder of Patri. The group unpacked all things ‘bid management’ as they relate to digital transformation, and how successful companies are adapting and modernizing their approach to response management.

In case you missed it, here are some of the key takeaways from the discussion:

Proposals (and proposal software) have become critical to winning more business

The panelists started the session off by discussing the changes that the role of the proposal has seen over time. As the business world as a whole has evolved, so too has the need for proposals. Like Ray mentioned, they’re no longer a ‘nice to have’ but are ‘business critical’ for growth. Josh echoed this by highlighting that modern companies depend on the proposal process for revenue generation. In fact, he stated that 67% of revenue in the public sector and 50% of revenue in the legal sector is generated this way.

Lauren and Lisa added to what was said about the importance of proposals in today’s work world by stating that proposal software is now an essential tool. They’re easy to use and companies can’t afford to NOT have them. This is especially true, as Ray outlined, given the proliferation of all sorts of documents aside from proposals, like RFXs and InfoSec documentation, to name just two examples.

Tech underpins productivity and collaboration, changing the way teams work

Josh talked through the fact that the market is heavily focused on productivity – it’s one of the first things investors ask about – along with efficiency, opportunity, and on revenue per rep. With that, it makes sense that there is a global endeavor to leverage tech to improve on these areas.

One of the most notable tech changes over the years, Ray shared, is the ability to track engagements. Given the metrics that are available nowadays, it’s much easier for companies to look at how they’re applying content, for example, and driving efficiency.

Lisa talked about government – and by default, the companies that work with government – typically being a little more reluctant to embrace tech. That has, however, changed with COVID, and the panelists hope that this will be a sign of things to come since there is so much great technology out there that helps employees be more effective and to focus on the tasks that get more wins.

Online tools have bridged a gap where COVID disrupted ‘business as usual’

Ray touched on the impact that the pandemic has had on law firms, as an example. While they would traditionally gather around a table to strategize, that became impossible with the onset of COVID. Fortunately, tools like Slack, Teams, Qorus, and others have enabled various collaborative efforts to be taken online.

These platforms have also enabled Sales teams to work more effectively during this period. Before COVID, Sales might have been able to rely on their ‘sparkling personalities’ to help them close deals, but they’ve had to adjust to selling digitally. That being the case, proposals have, essentially, become the new ‘face’ of companies – and their presentation matters more than ever before.

Lauren reiterated this point from the perspective that there have been major staff cutbacks across the board and proposal tools have therefore become more critical in winning business. Since there are fewer resources available, automation tools are the key to enabling Salespeople to pull proposals together quickly so that they can focus on the more strategic and ‘shiny’ elements of the sales process.

Josh summed this up by saying that it’s not about doing more with less, it’s about doing better with less. He pointed out that the RFP process ultimately needs to make sense from an economics perspective. In other words, companies need to look at how much time they’re putting into the process and whether they’re getting the return they need from it.

Companies are reinvesting time and dollar savings from using tech in smart ways

Josh shared that by leveraging tech solutions, you’re able to quantify time and money savings. He has noticed that some companies use these savings to go after other RFP and non-RFP opportunities, but the focus seems to be on fast-moving opportunities. He has also picked up a trend in which time is being reinvested in best practice training and coaching.

Ray suggested using the time saved by automation to invest in bringing a high level of personalization across. If a tool answers 80% of an RFP, for example, use the extra time available to focus on elements (like the executive summary or cover letter) that really personalize the document. Time savings also give teams the chance to go broader or to go deeper on opportunities, as Josh also pointed out.

Tech enables small teams to do more (or better, rather) with less

Thanks to the tech we have available nowadays, small teams can get up and running quickly, Ray explained. With artificial intelligence (AI) and natural language processing (NLP) on their side, they’re able to build up a reusable content library on the fly – something of an ‘evolutionary’ approach. Ray shared that Qorus has seen teams succeed by evolving their content rather than trying to revolutionize their libraries (especially since small teams usually don’t have time for a revolutionary approach).

Lisa hit the nail on the head by saying that RFP software shouldn’t be viewed as an expense, but instead as an investment. Tying in with what Ray said, she explained that over time and as it’s used, the tech will ultimately pay for itself since it enables efficiency.

Reiterating what the other panelists mentioned, Josh advised that businesses should view getting their content into one place as a process, not an event. It’s something that gets better incrementally, and tech makes that process even better. He recommended that companies should partner with vendors that will help them get across the finish line faster and set best practices in place.

Tech and tools also play an important role in attracting top talent

Lisa shared that if companies want to attract top talent, they need to have ‘forward-thinking’ tech in place. With younger generations coming into the workplace, modern tools are no longer a nice to have.

Lauren noted that the willingness to invest in the technology that enables success in a particular role is really a sign of respect for that employee.

Ray zoomed in on the fact that modern organizations use proposal tech to do things more efficiently and win more business, and this is key to attracting the best talent in the market. Companies simply can’t anticipate that they’ll win over employees without the right applications in place.

The future of bid management looks bright thanks to the influence of tech

According to Josh, the industry is changing in a number of ways and technology is the catalyst for the integration of go-to-market teams at companies. He believes that technology is allowing for the breakdown of walls between departments, enabling teams to aggregate content and win together. The need for companies to create a ‘winning culture’ is also something that Lisa noted.

She went on to say, with Lauren in agreement, that as AI continues to improve, there will be more room for teams to focus their human input on strategy.

Ray agreed that collaboration and a culture of winning are important components of the future of bid management. He also echoed that AI and NLP will continue to be key disruptors in the proposal space. We can expect that a lot less human ‘mapping’ will be required for the best and most compelling answers to be generated.

He further touched on the point that thanks to tech and the metrics that show their impact, proposals undoubtedly play a key part of savings to the bottom line.

Catch the full discussion here.

Check out how Qorus is helping companies shape the future of their work, helping them easily create winning sales proposals.

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