Why Do We Still Do RFPs?

Requests for Proposal are outdated, yet 95% of companies still rely on this process to meet new vendors. Though woefully unsuited for modern business operations and the demand for fast solutions, many businesses are at a loss for a better alternative. Project management professionals say that among their strategic initiatives only 60% met the project goals, 42% failed to recoup the allotted project budget, and 28% are deemed outright failures. Traditional RFPs ignore the innovation of startups, despite their creative solutions, by requiring bidders to specify how long they have been in business. Businesses below the threshold are often disqualified…...