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Five Tips for Issuing a No‐fail RFP

As a vendor or a client, we have all, at some point, experienced a situation where the RFP (Request for Proposal) became a tedious process instead of an important tool for finding effective solutions to solve business challenges. Procurement should be the process. So there,s no reason an RFP has to be a laborious, dreaded process.Based on our best practices and expertise, we share our insights for how to determine when issuing an RFP is the right thing to do and how to make it an effective, productive undertaking any organization. 1. Determine the Potential ROI the Purchase would have for the Company RFPs are expensive for both the vendor and the client. Is the problem you`re trying to sol

Second Step for Insurers to Manage No-Fail RFP: Gain Internal Consensus

As we said in our first piece on this topic, the dirty secret of RFP processes is that the game may be more about creating internal consensus than selecting a vendor solution. This is particularly true for core transformation projects where the effort is high and the risk of falling short is equally high.However, from our perspective, if team learning and consensus is going to be more than 20 percent of the effort spent on creating, delivering, and managing an RFP process, then carriers and brokers should step back to complete their development of internal objectives before subjecting themselves and vendors to an elaborate bake‐off.Why do we believe this? Simply stated, creating an RFP as a

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