The Hidden Costs of Manual RFQs and How to Eliminate Them

There are certain hidden costs behind manual Request for Quotation (RFQ). First of all, delayed responses create missed revenue opportunities. Following are the high risks prone to disqualification, inefficient risk allocation preventing strategic work and employee burnout of elaborate tasks. It is to eliminate these hidden costs that businesses are required to adopt RFQ with proposal automation software. As a result, content is centralized, workflows are streamlined, accuracy is improved and real-time insights are obtained. Therefore, value is derived out of better outcomes.

Manual Error with Delays Leads to Lost Business Impacting Revenue

You can find hidden costs in manual RFQ until they are removed through automation. These costs lie in lost deals and missed revenue. On the other hand, manual error with delays while submitting quotes can lead to lost business with impacting revenue directly. Then, costs are hidden in non-compliance and high error risks due to manual processes with consequences in regulated industries. Similarly, time consuming and repetitive manual tasks cause employee burnout leading to an inconsequential less engaged workforce with higher turnover.

Time Spent on Administrative Tasks Shifts Focus from Strategic Goals

Also, most of the employee time is spent on administrative tasks to shift focus from strategic goals. It is because you are searching information, reformatting content and coordinating feedback. When manual processes obstruct easily scaled economic growth, handling of increasing RFQ volume becomes difficult. The efficient management of complex projects meets the same fate. Then, extracting valuable insights is challenging out of scattered manual data when trends are analyzed for future bidding decisions.

Eliminate Costs for Necessary RFQ

So, the impact of work precision lies in eliminating these costs. Then, implementing the RFQ automation software becomes necessary. Therefore, use of specialized platforms for automating the distribution of RFQs minimizes human error and manual effort both. Hence, it is critical to centralize data and content. Consequently, product, pricing and compliance information is stored in a content library ensuring easy access and consistency for future references.

Automation for Streamlined Collaboration with Workflows

In addition, streamlined collaboration with workflows utilize software in real-time to automate approval processes. Automation means to enable team collaboration through speeding the entire cycle. Henceforth, analytical capabilities of the automation tools are leveraged. It is necessary in order to gain real-time insights in tracking performance and identifying the gaps for better informed feedback.

Add Value to Processes for Eliminating Manual Activities with Time and Effort

The goal is value addition to the processes through eliminating manual activities. The time left can be utilized for other miscellaneous purposes that could become critical in the future. Here, the focus is on dedicating time and effort for strategic initiatives, winning new business and customer engagement as a gift from automation. It is because as the RFQ software is implemented, automation reduces errors, streamlines the process and reduces time dramatically. Despite that, take a first step on your part to assess the current workflow and figure out gaps, before making a selection of an automation tool. According to needs, an automation tool is selected and used to train the team on the implied processes and oversee performance.