New QorusDocs survey indicates that proposal management software and AI will revolutionize proposal development and RFP responses
QorusDocs, an AI-powered proposal development software provider, today released findings from its latest annual report revealing that 61% of respondents saw an increase in the volume of pitching and 56% of respondents reported an increase in request for proposal (RFP) volume. Additionally, 59% of those surveyed indicated generative AI is important as a key capability of proposal management software. With growing pitch and RFP volume, the adoption of proposal management software and use of AI will play a critical role in streamlining the proposal and RFP development process.
Proposal management software impacted win rates
Despite continued economic uncertainty in 2023, both RFP and pitch volume grew, though pitch volume increased at a higher rate, with companies proactively seeking new opportunities and building on existing business. Professional services organizations, including law firms, led the charge, with 100% of respondents noting growth in pitch volume.
Additionally, the majority of respondents indicated that it takes up to 10 days to complete each request, up from last year’s average of six business days. So, it’s no surprise that most respondents said that proposal management software had positive impacts on the time required to complete requests, the quality of responses and win rates.
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Generative AI will be an essential capability
With organizations tasked to increase efficiency to keep up with growing pitch and RFP volume, AI will play a pivotal role in business success.
In 2024, AI will undoubtedly support the development of proposals and RFP responses and is already making an impact. Most organizations surveyed have used generative AI for the proposal management process, whether for writing copy (25.6%), researching and summarizing content (18.6%), drafting bios (11.6%) or answering RFP questions (7%).
“The survey’s findings validate the need for proposal management software and the critical role generative AI will play in helping proposal teams streamline development processes,” said Ray Meiring, CEO and co-founder of QorusDocs. “This year, we expect to see the effective application of AI across the sales process. Recognizing the value of automation, we are continuing to expand our generative AI capabilities to meet our customers’ most pressing needs.”
Microsoft is still the crowd favorite
Selecting a software application to create response documents can affect the efficiency of the development and quality of the response. When asked which software application was used to generate responses, 75% of companies surveyed used Microsoft Word, up from last year’s 50%. Microsoft also dominated the pitch process in 2023 with 86% of respondents using Microsoft Office to create proposals.
