CIBC Private Wealth’s Endowments and Foundations division saw a swift uptick in their volume of RFPs (requests for proposals). Although a good problem to have, they didn’t have the writing or RFP process management resources to meet deadlines for good opportunities. This time crunch created more problems – in particular, it became nearly impossible to update existing RFP database content as answers were edited or improved. Rather quickly, their go-to RFP content started to become out of date or inconsistent, requiring even more resources that CIBC didn’t have.
Compounding the problems was the fact that the volume of RFPs coming in varied greatly from quarter to quarter. As a result, CIBC couldn’t properly allocate resources in anticipation of what to expect.
We found an experienced RFP specialist who was able to work part time and remotely. Her role was to update and maintain CIBC’s RFP database, as well as develop the initial drafts for live ones. Over time, she took on a larger role in RFP process management by building relationships with subject matter experts (SMEs) and tracking and scheduling needed updates.
During slower periods, she edited and updated RFP database content, using her experience to recommend changes that would streamline approvals or better answer prospect questions. As she developed a better sense of the firm’s core messages and voice, she was increasingly able to generate drafts of live RFPs that needed minimal additional editing or input from internal reviewers.
RFP process management is an ideal candidate for outsourcing. CIBC was able to utilize our resource as needed to ensure the RFPs were sent, while also easing the process of managing the database. Streamlining and delegating those tasks allowed CIBC to refocus their internal resources on the work that really matters: engaging with the prospect.