RFPs often contain a very large number of questions, occasionally exceeding a thousand. It’s important to seek a thorough assessment when vetting different options, given the significant impact the right choice can have on a credit union’s success.
However, there’s a significant problem with this methodology, which inadvertently hampers the evaluation of innovative solutions. Imagine missing out on groundbreaking product features simply because they weren’t included in the RFP’s question list. These important yet unasked-about innovations will be missed unless the vendor progresses to the demo phase.
It’s those yet-to-be-discovered features – the ones you and your advisors aren’t yet aware of – that could be pivotal in maintaining your cutting-edge position in, for example, the digital banking arena.
There’s a straightforward solution to this problem. Distribute your RFP but also invite respondents to suggest additional questions. Take these into consideration, integrate the relevant ones, and resend the RFP for completion.
Don’t let your RFP process hold back your ability to innovate.
Author: Chris Doner, Founder and CEO, Access Softek