RFP Statistics 2024 – Everything You Need to Know

Are you looking to add RFP to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important RFP statistics of 2024.

My team and I scanned the entire web and collected all the most useful RFP stats on this page. You don’t need to check any other resource on the web for any RFP statistics. All are here only 🙂

How much of an impact will RFP have on your day-to-day? or the day-to-day of your business? Should you invest in RFP? We will answer all your RFP related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best RFP Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 116 RFP Statistics on this page 🙂

RFP Benefits Statistics

  • Which makes sense, considering teams surveyed say the top benefits of using RFP software include Content storage improvements (65%) Time savings (63%) Automation of manual tasks (53%). [0]

RFP Software Statistics

  • 69% of companies use an RFP tool or software. [1]
  • Teams that use software have an average 45% proposal win rate. [1]
  • Response teams who use a dedicated RFP response software win 45% of the bids they participate in. [1]
  • On the flip side, teams that don’t use software have an average RFP win rate of 41%. [1]
  • Proposal teams using software report 14% more manageable stress levels. [1]
  • 68% of teams that use proposal software say their stress levels at work are “almost always manageable” in comparison to their peers without dedicated tools—54% of non users report manageable stress levels. [1]
  • In fact, 66% of enterprise companies say they’re using RFP response software to save time and improve their productivity. [0]
  • Which makes sense, considering teams surveyed say the top benefits of using RFP software include Content storage improvements (65%) Time savings (63%) Automation of manual tasks (53%). [0]
  • Additionally, 64% of companies using proposal management software experienced higher business win rates in 2021 over last year, with a median improvement of 59%. [2]
  • The survey found that companies using proposal management software reported Collaboration on RFPs improved by a staggering 56%. [2]
  • 85% of those using proposal management software agree that it’s easy to collaborate when working on request. [2]

RFP Latest Statistics

  • The average RFP win rate is 44%. [1]
  • On average, organizations win 44% of their RFPs. [1]
  • 17% of teams report winning 3039% of RFP bids, while another 15% win 50 59% of their RFPs. [1]
  • A shocking 7% of teams report an 80 100% proposal win rate. [1]
  • Enterprise companies win 48% of the RFPs that they participate in. [1]
  • But Mid Market companies aren’t far behind, with an average 47% win rate. [1]
  • Small companies win 38% of their proposals. [1]
  • Small & midsize companies are the group’s outlier, only winning 38% of bids on average. [1]
  • The average RFP advancement rate is 53%. [1]
  • On average, companies progressed 53% of the time on average, although this varies by company size. [1]
  • Mid Market teams proved most likely to advance (58%). [1]
  • On average, companies source 33% of their sales revenue through deals involving RFPs. [1]
  • The industries that generate the highest percentage of their revenue from RFPs are Advertising, Media & Telecom with 46%, as well as Manufacturing, Supply Chain, Construction & Retail with 40%. [1]
  • The most commonly tracked RFP metrics include number of bids won (57%), and the number of bids submitted (48%). [1]
  • Only a small percentage of teams are tracking employee satisfaction or sentiment (14%). [1]
  • Most organizations (42%). [1]
  • Process satisfaction correlates with an 8% higher win rate. [1]
  • Those who are satisfied with their process have a win rate of 48%, compared to 40% among those who are dissatisfied. [1]
  • A quarter of RFPs (25%). [1]
  • The majority of organizations (44%). [1]
  • The next largest group (25%). [1]
  • Only 10% involve 15 or more people in the creation of every RFP. [1]
  • This increase of contributors likely reflects increased scrutiny during the buying process, which began during COVID. [1]
  • 52% of RFPs are completed in less than two business days. 🤯. [1]
  • On the flip side, 23% of teams take 610 business days to turn around responses, while 15% take 11 20 days , and less than 10% take more than a month to complete and submit responses. [1]
  • They are 23x more likely than mid sized companies to reply within five hours. [1]
  • But they also have the lowest win rates of any company size (37%). [1]
  • But interestingly, more than half of companies surveyed (51%). [1]
  • Top performing teams—who win more than 50% of the RFPs they bid on—submit a higher volume of RFP responses annually. [1]
  • On average, organizations respond to 62% of the RFPs their company receives—meaning most teams deem two thirds of bids to be worth answering. [1]
  • This year, 76% of teams assess if they’re likely to win using a go/no go decision template for RFPs. [1]
  • 43% of RFPs were submitted through an online portal. [1]
  • This year, the number of bids submitted through an online portal increased slightly, up from 41% last year. [1]
  • Interestingly, this number is even higher among top performing teams, who submit 49% of their bids through an online portal. [1]
  • Despite making up a majority of the industry (71% of those surveyed), women were found more likely to fall into the lowtomid pay bands, while the male minority (23% of those surveyed). [1]
  • 27% of proposal professionals were promoted in the last 12 months. [1]
  • Those already earning midtohigh salaries or in the 25 44 age range were the most likely to be promoted this year. [1]
  • Mid Market companies are by far the most likely to use it (80%), followed by Enterprise (67%) and Small & Midsize (58%). [1]
  • The top reasons cited for using an RFP solution are improvements to content storage (61%), closely followed by time savings (57%), and the automation of tedious and manual tasks (48%). [1]
  • They’re also 11% more satisfied with their team’s good proposal win rate. [1]
  • RFP teams report that their top challenges are collaborating with subject matter experts (45%), finding upto date accurate answers (42%), manually formatting responses (36%), and choosing the right answers from a group of potential answers (34%). [1]
  • RFP win rates dropped 9% between 2020 and 2024. [1]
  • In 2019, win rates were 53%. [1]
  • In 2021, they dropped to 44%. [1]
  • RFP influenced revenue dropped 8% between 2020 and 2024. [1]
  • Sales revenue sourced from RFPs dropped from 41% to 35% —which isn’t surprising, considering the turbulence of the buying cycle during the pandemic. [1]
  • In 2021, RFP influenced revenue dropped another 2%, which may still be an indication of delayed economic activity during the pandemic, as many deals with RFPs have long sales cycles. [1]
  • 15% of sales led proposals were lost due to a missed deadline. [1]
  • 0% of proposals led by an RFP manager were lost due to a missed deadline. [1]
  • The top areas for RFP resource investments in 2024 are team training (44%), hiring more staff (41%), and investing in new technology (40%). [1]
  • 57% of organizations intend to submit more RFPs in 2024. [1]
  • More than half of organizations (57%). [1]
  • It’s worth noting, this number is 10% higher than last year’s predictions (47%). [1]
  • This change can likely be attributed to businesses bouncing back after the economic slowdown in 2020. [1]
  • In fact, 14 percent report regularly working more than 50 hours per week. [3]
  • In addition to those hours, 45 percent of respondents have secondary duties. [3]
  • In addition, there’s a correlation between teams with executive involvement in these areas and teams that report a win rate above 50 percent. [3]
  • This proposal statistic is particularly interesting when you consider that 41 percent of APMP members report an impressive win rate of more than 50 percent. [3]
  • In fact, according to a survey conducted by Strategic Proposals, more than 88 percent of proposal professionals have faced a mental health problem related to their work. [3]
  • Interestingly, according to the The Deloitte Global CPO survey 2019, CPOs report that only 32% of suppliers are digitally enabled. [3]
  • Additionally, each of these tools is rated useful or extremely useful by more than 80 percent of respondents. [3]
  • Accordingly, it was named a key area for improvement by 68 percent of CPOs. [3]
  • According to the key takeaways report from Gartner’s CEB Sales and Marketing Summit, only 17 percent of a buyer’s time is spent meeting with potential suppliers. [3]
  • Older Breaking News • Apr 19, 2024 Stocks rebound to close higher Nasdaq gains 2%, Dow jumps 500 points Breaking News. [4]
  • The billionaires cutting huge checks for the midterms News • Apr 18, 2024 Stocks end lower ahead of busy week of earnings Dow drops 40 points, or 0.1% Breaking News. [4]
  • • Apr 18, 2024 Stocks open slightly higher as traders eye earnings Dow gains 100+ points, or 0.4% News. [4]
  • Short Ratio 43.71 Short % of Float 45.72%. [4]
  • Short % of Shares Outstanding. [4]
  • 5 Year Average Dividend Yield 4N/A Payout Ratio 40.00%. [4]
  • Profitability Profit Margin 8.38% Operating Margin. [4]
  • 20.66% Management Effectiveness Return on Assets 13.02% Return on Equity. [4]
  • Quarterly Revenue Growth 8.50% Gross Profit 1.44B. [4]
  • On average companies invest up to 40 hours into every RFP response and the RFP close rate is around 5%. [5]
  • According to Salesforce and McKinsey Global Institute, 40% of tasks within the traditional sales function can now be automated. [5]
  • According to the Standish group, small projects have a 70% higher chance of performing better than large projects. [5]
  • Something is bound to get missed since only 24% of sales emails get opened anyway. [5]
  • Gartner points out that most clients spend 45% of their time searching for possible alternatives, both offline and online, before reaching out to sales. [5]
  • Sales teams that undergo at least three hours of training or coaching every month surpass their targets by 7% and increase their win rate by 70%. [5]
  • Demand Gen revealed that you gain a 20% increase in sales opportunities from cultivated leads. [5]
  • Only 2% of deals are successful during the first meeting. [5]
  • Also, 84% of customers start their RFP process with a referral and peer recommendations influence about 90% of buying decisions. [5]
  • It turns out that 45% of sales teams report excessive administration duties like manual data entry as one of their main challenges. [5]
  • According to Loopio’s 2021 RFP Response Trends & Benchmarks Report, they complete an average of 266 RFPs per year. [0]
  • However, yearover year trends showed a 6% drop in win rates between 2019 and 2020—in spite of overall average submission rates and RFP team resources staying roughly the same. [0]
  • Enterprise companies respond to 35%–50% of the RFPs they receive—which is low in comparison to the average company’s response rate of 65%. [0]
  • This increased scrutiny on incoming bids helps enterprises have an average win rate of 49%—likely because they aren’t spreading themselves too thin answering low. [0]
  • (Average win rates for smaller companies range between 45. [0]
  • Enterprises are more likely to struggle with bandwidth for handling RFP volume (34% identified this as an obstacle). [0]
  • 26% of enterprises surveyed also cited version control as a large problem faced by their team. [0]
  • And research shows that top performers (those who win more than 51% of bids). [0]
  • Our RFP management trends report revealed that top performers (with a win rate of 51% or higher). [0]
  • What’s the estimated users in total will be utilizing the system?6. [6]
  • Such a solution will have 99.999% availability. [6]
  • Amending the sustainability criteria to at least 30% female representation. [6]
  • Please clarify on issue related to server preparation which according to the TOR is not currently online and the need to purchase other related hardware necessary for developing CRVS system.3. [6]
  • PERCENT is currently undergoing the process for IPO and unfortunately pre IPO financing has resulted an increment of its current liability, causing current ratio less than 1. [6]
  • According to the Qualification Criteria in Evaluation Criteria on UNOPS eSourcing website, the average current ratio must be greater than or equal to 1. [6]
  • This means that minorities or women must own 51% of the business, and control the management and daily operations of the business. [7]
  • Sixty four percent of respondents reported an increase in the volume of RFPs received in 2021, compared to 2020, with most experiencing around 30% more requests. [2]
  • As a result, approximately 20% of RFPs are left incomplete by businesses each year, resulting in a median revenue loss of $725,000. [2]
  • threequarters (74%). [2]
  • According to the survey, an average of 28 people are involved in responding to request for documents which can lead to chaotic collaboration and fulfillment bottlenecks. [2]
  • But with the average RFP win rate at less than 5%, they’re not exactly rosy. [8]
  • 50% of RFP responses get kicked out for non. [8]

I know you want to use RFP Software, thus we made this list of best RFP Software. We also wrote about how to learn RFP Software and how to install RFP Software. Recently we wrote how to uninstall RFP Software for newbie users. Don’t forgot to check latest RFP statistics of 2024.

Reference


  1. loopio – https://www.loopio.com/blog/enterprise-rfp-benchmarks-stats/.
  2. loopio – https://loopio.com/blog/rfp-statistics-win-rates/.
  3. qorusdocs – https://www.qorusdocs.com/pressroom/companies-lose-roughly-725000-in-annual-revenue-from-incomplete-rfps.
  4. rfp360 – https://rfp360.com/rfp-statistics/.
  5. yahoo – https://finance.yahoo.com/quote/RFP/key-statistics/.
  6. rfpio – https://www.rfpio.com/blog/rfp-response-automation-stats-rev-up-sales-engine/.
  7. ungm – https://www.ungm.org/Public/Notice/128781.
  8. flyknoxville – https://flyknoxville.com/business-at-tys/.
  9. lucidpress – https://www.lucidpress.com/blog/how-to-respond-request-for-proposal-rfp-examples.

How Useful is Rfp

One of the primary benefits of utilizing an RFP process is the ability to establish clear and specific requirements for a project. By outlining the desired outcomes and expectations upfront, organizations can effectively communicate their needs to potential vendors. This structured approach can help to streamline the decision-making process and ensure that the selected vendor is capable of delivering on the stated objectives.

Additionally, RFPs can be a valuable tool for increasing competition among vendors. By publicly soliciting proposals from multiple parties, organizations can drive vendors to submit their best and most competitive bids. This competitive environment can help to ensure that organizations receive the highest quality solutions at the best possible price.

Furthermore, RFPs can provide organizations with a structured framework for evaluating vendor proposals. By establishing a set of criteria for evaluating proposals, organizations can objectively compare vendor offerings and make informed decisions. This can help to prevent bias and ensure that the selected vendor is the best fit for the project.

Another key benefit of using RFPs is the potential to uncover innovative solutions from vendors. By casting a wide net and soliciting proposals from a diverse range of vendors, organizations can tap into a wealth of expertise and creativity. This can lead to the discovery of new ideas and approaches that may not have been considered otherwise.

Despite these benefits, RFPs are not without their limitations. One common criticism of the RFP process is the significant time and resources required to develop and evaluate proposals. Crafting a detailed RFP can be a time-consuming and resource-intensive process, and reviewing and evaluating multiple proposals can be a daunting task.

Additionally, some argue that the RFP process can stifle innovation and creativity. By defining specific requirements and rigid criteria upfront, organizations may inadvertently limit the potential solutions that vendors can offer. This can hinder collaboration and prevent vendors from thinking outside the box to propose truly innovative ideas.

Furthermore, the competitive nature of the RFP process can sometimes lead to a focus on price rather than value. Organizations may prioritize selecting the lowest-cost solution rather than the best overall fit for the project. This can result in missed opportunities to partner with vendors who could deliver greater long-term value.

In conclusion, while RFPs are undeniably a valuable tool for organizations seeking to procure goods and services, their effectiveness ultimately depends on how they are utilized. By carefully considering the pros and cons of the RFP process and how they align with organizational objectives, organizations can maximize the benefits of RFPs and use them as a strategic tool to drive success.

In Conclusion

Be it RFP benefits statistics, RFP usage statistics, RFP productivity statistics, RFP adoption statistics, RFP roi statistics, RFP market statistics, statistics on use of RFP, RFP analytics statistics, statistics of companies that use RFP, statistics small businesses using RFP, top RFP systems usa statistics, RFP software market statistics, statistics dissatisfied with RFP, statistics of businesses using RFP, RFP key statistics, RFP systems statistics, nonprofit RFP statistics, RFP failure statistics, top RFP statistics, best RFP statistics, RFP statistics small business, RFP statistics 2024, RFP statistics 2021, RFP statistics 2024 you will find all from this page. 🙂

We tried our best to provide all the RFP statistics on this page. Please comment below and share your opinion if we missed any RFP statistics.




Leave a Comment