RFP Response Automation
RFP response automation deals with AI-enabled software improving the efficiency of a proposal team’s response to Requests for Proposal (RFP). In both federal government and commercial business contracting, RFPs are published needs or projects. The responses offering to supply the needs or fulfill the projects by potential contractors are the proposals. Automated RFP response software uses artificial intelligence (AI) such as Natural Language Processing (NLP) and Machine Learning (ML) technologies. AI is an advanced level of digital automation where software mimics human intelligence and judgment. Machine Learning (ML) is a part of Artificial Intelligence (AI). ML is the ability of computers to learn by using algorithms, which are like digital flowcharts using rules.
What Is RFP Response Automation?
Traditional responses to RFPs were manually done by proposal teams. These responses were costly and time-consuming. Mistakes were bound to happen. RFP response automation uses AI software technologies to instantly shred an RFP. It rearranges the entire content to be presented in clear segments with keywords highlighted. These itemized segments can then be addressed automatically by matching Subject Matter Experts’ (SME) saved responses to standard questions. The stated requirements are automatically presented as structured data according to RFP section and page. They are easily scannable and thoroughly addressed.
How Do You Automate An RFP Response?
When it comes to responding efficiently to contract RFPs, using AI-empowered software is critical for saving resources and time. The Proposal And Contract Suite, developed by Scion Analytics, is valuable for enhancing RFP responses and ensuring proposal compliance. There are several applications in the CAP to help with these.
Proposal And Contract Suite Capabilities
Compliance Matrix
Quickly generate a starter Compliance Matrix using an Excel Shipley Associates template. Shred a federal government RFP using the Legal parser and keyword group “Required” to help identify requirements.
Analysis Results
Go to the Analysis Results panel to collaborate with your team. Split, combine, annotate notes, and edit individual sections. Export multiple reports, and quickly search the RFP for specific keywords.
Sentence Level
Granularly shred an RFP into individual sentences.
Select Keywords
Generate a compliance matrix and select the keyword group that matters most to you.
X-Ref
Go to cross-reference matrices in the Matrix Builder.
Bid/No Bid Assessment
The Bid/No Bid Assessment (BNBA) provides a decisive assessment of the individual requirements for bidding on a contract.
Benefits Of RFP Automation
Optimize Productivity And Save Time
The significant advantage of automating RFP responses is in the time savings and better collaboration among the proposal team members. The knowledge barrier is siloed departments. Automating RFP responses with the right software technology can centralize the document contents for all members. This barrier is eliminated. Team members can then concentrate on higher-value proposal components.
Consistency And Compliance
All proposal team members can have access to the centralized data of the compliance matrices produced by automating software.
Data Capture And Analytics
The right software platform empowered by AI technologies can produce a structured data matrix that presents all the requirements, keywords, acronyms, and questions to be addressed by the entire proposal team and SMEs.
Conclusion
Many business experts believe data and analytics are the future of successful industries. Going digital with data is a no brainer for any organization. Using a software platform empowered by AI that automates digital data management is a strong start toward success.
