Maximize Your Bidding Success with Write Way Consulting's RFP Tracker

Strategy Tips
Written By Guest User

Simplify your RFP process with our guide to creating an efficient RFP Tracker. Learn what to include in your tracker and how to use this data to uncover valuable insights, identify trends, and spot opportunities for growth.

In the world of Requests for Proposals (RFPs), one common question we often encounter from both customers and vendors is how to effectively identify which bids to pursue. The dilemma is real: how can you ensure that the time and effort you invest in responding to a bid will be worth it? In the face of the overwhelming amount of data related to public procurement received daily, we propose a simple solution: Create an RFP Tracker.

What is an RFP Tracker?

An RFP Tracker is essentially a tool, typically set up as an Excel or Google Sheets document, that enables you to monitor and manage the RFPs your company is considering or responding to. While the level of detail in your tracker can vary depending on your needs, we suggest starting small and expanding as necessary. If your company receives bids across multiple industries, consider creating a separate page for each industry. This will not only help keep things organized but also facilitate the distribution of tracking tasks among team members.

Key Parameters for Your RFP Tracker

To make your RFP Tracker effective, here are some parameters you might want to include:

  • Status of Solicitation: Open, Closed, Awarded, Cancelled

  • Entity/State of Issuance 

  • Type of Solicitation: RFP, RFQ, ITB

  • Issue Date

  • Questions Due

  • Due Date

  • Anticipated Award Date

  • Type of Submission: Mail, Email, Portal

  • Past Response: Have we responded to this request before?

  • Assigned to: Who in your team will review or respond to the request?

  • Status of Submission: No-go, Will Apply, Applied & Waiting, Finalist, Awarded

Who Should Use the RFP Tracker?

While the immediate answer might be "anyone who responds to RFPs," the truth is, an RFP Tracker can serve as a powerful business development tool. Therefore, it should be accessible to CEOs, CFOs, Product Development teams, and Sales Teams. They can use this data to track spending trends in your industry and identify gaps in services that your organization could potentially fill.

Why Use an RFP Tracker?

The primary purpose of an RFP Tracker is to help you make data-driven decisions. By tracking the RFPs you can and cannot respond to, you get a clearer picture of your organization's strengths and weaknesses. This can shed light on potential new products or services your company could offer. 

For instance, after a year of tracking, you might discover that you've missed 25 opportunities simply because your organization didn't meet the insurance requirements stipulated in most bids. This insight could prompt you to reassess and adjust your business strategy.

In conclusion, don't let the valuable data that you've invested in go to waste. Utilize an RFP Tracker to stay organized, make informed decisions, and ultimately, boost your success rate in winning bids.

Want a ready made RFP tracker? Download the exact one we use at Write Way Consulting.

Guest User
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