7 Best RFP Software 2023 – Chosen By Real Sales Experts

The future is here when it comes to the best RFP software but if you are short of time, then here is the round-up of the best RFP software available right now.

Some of the best proposal software is getting high-tech with its use of artificial intelligence and machine learning. Imagine having a virtual RFP assistant helping you craft the perfect proposal…..that time is here!

Some RFP software now use machine learning algorithms to analyze past responses and identify patterns that can improve the chances of winning future business. 

Talk about a competitive edge! 

If that all sounds a little far-fetched and you are only wanting to know how to standardize your proposal response process, save some time with the aim to win more RFPs, then keep reading as we have all options covered in this article. 

What are the common RFP features?

All of the contenders on this list have similarities that you would quite frankly expect an RFP software solution to have. 

So to save you the trouble of reading the same things on each product, these are the common features all options offer.

• Customizable templates: Allows users to create and save customizable templates for frequently used RFP responses.

• Library of past responses: Allows users to access and reuse successful responses from past RFPs.

• Advanced search and filtering: Enables users to easily find specific responses within the platform using advanced search and filtering options.

• Analytic tools: Provides insights and analytics on RFP performance, enabling users to track and measure success.

What is the best RFP Software?

We have taken into account each product’s features, benefits, costs, automation capabilities, ability to implement, ease of use and user reviews to bring you our round-up of the best proposal management software.

OK, let’s get to it.

1. PandaDoc

Best Overall

Overview

PandaDoc is a good-looking and hard-hitting proposal management software solution with the best customer reviews and testimonials out there. It’s built to be intuitive, fast, and output high-quality content with minimal fuss. 

If you want to see it first hand then try the demo tour which takes you through the steps of creating documents from templates and sending them for signature. 

It also shows how to build proposals, quotes, and contracts. This is well worth a try to really see what PandaDoc is all about.

Pricing

PandaDoc offers an unbelievable free plan that allows for unlimited upload and E-signing of documents. This truly is a steal but you will have to put up with some ads trying to get you to upgrade to one of their paid versions.

Paid plans, there are 3 – Essentials, Business, and Enterprise. All offer varying features and levels of complexity which can be seen in an easy-to-understand comparison table.

They also offer a 14-day free trial with no credit card sign-up – they are a confident bunch and rightly so!

My take

This is a solid system that has some seriously good reviews and customer testimonials behind it. It is extremely easy to use and speed is at its heart without losing any quality on the output. No matter how much sales experience you have bashing out proposals, you will find this useful, no question!

If you want a proposal management solution to get documents out, signed, and paid with ease then look no further and take a deeper dive into PandaDocs.

2. RFPIO

Best for Enterprise

Overview

RFPIO is a heavy hitter in the RFP software category due to its comprehensive feature set across the board. What really sets it apart is the advanced AI-powered engine that automates ‘standard’ answers with good quality, approved content from the library. 

In the words of one of their clients.

RFPIO Auto Respond is absolutely brilliant. It answers 80% of an 

RFP in a few seconds. 

How can you ignore that stat? Check them out for more case studies like this.

Pricing

Pricing is only available upon request but they do offer a handy ROI calculator if you want to take a look and see what they reckon can save you. 

My take

RFPIO is just about ahead of Loopio in the war of the big guns. Loopio wins on the user interface but RFPIO wins on the content library and AI-enabled tools.

This product is strong in all areas. From templates and project creation, right through to accessing and using the content library and managing the system from an administrative standpoint, you will feel in good hands with RFPIO.

3. Better Proposals

Best for Solopreneurs

Overview

Better Proposals is a nifty little solution and very well suited to solopreneurs and SMEs. It is minimal cost and can considerably speed up the end-to-end proposal process.

If you create fairly generic proposals and want to simply add line items, change customer information and get it out the door then you should definitely check out this solution – it can even integrate with payment options to really close the loop on the deal.

Pricing

There is a 14-day free trial which is well worth checking out as it gives everything you need to truly test it out. After that, there are 3 plans to choose from, starting at $19 per user. Each increase adds additional features so it’s worth checking out to see what features you get.

My take

Better Proposals is great at everything it does. If you want to speed up the time it takes to get a standard proposal out the door then look no further. 

If you have more complex needs that require a question/answer content library and collaboration across multi-disciplined teams then you may need to look at the likes of RFPIO, Loopio, and QorusDocs..

4. Loopio

Best for Large Proposal Teams

Overview

Loopio is a well-rounded, RFP management software solution. From first-hand use on many RFPs, I know how user-friendly this system really is. 

Couple that with the advanced workflows you can build and easily implement along with their automation tooling and role management, Loopio really is one of the top contenders.

Pricing

Pricing is only available upon request. They offer 4 plans; Essentials, Plus, Advanced, and Enterprise. You can explore the plans further if Loopio sounds like a good fit for you.

My take

Loopio is fantastic RFP software that is used by small businesses to global brands with over 1,300 active customers., You won’t go far wrong with Loopio, especially if you manage multiple pursuits with large proposal teams that span sales teams, SMEs, compliance, IT, Legal, and so on.

5. QorusDocs

Best for MS365 Integration

Overview

QorusDocs have an ever-growing customer base which tells you something about the system and how they operate.

With seamless integration with MS365 and Sharepoint, it really does offer the best of both worlds. If you have a proposal management team that works in MS Word already then the uptake and training will be a breeze.

Pricing

No pricing information is available so contact Qorus directly for a deeper dive into your needs to get an estimate or take a tour to get a better feel.

My take

QorusDocs is in hyper-growth and it’s easy to see why when you get under the hood. The MS integration is second to none and will clinch the deal alone for many.

The people at QorusDocs are working for their clients, not against them, which means it will feel like a partner relationship so the implementation is sure to be a success.

6. Expedience Software

Best for use within MS Office

Overview

As Expedience say:

‘Built in MS word. We work where you work’.

There’s something quite refreshing about that as the vast majority of proposal writers and managers work within MS word. So right out the gate, Expedience Software has a familiar look and feel as all the tools are right there in your MS Word environment. 

There is a great video on their site showing the differences between this approach and a standalone proposal management system which is well worth a look to hear Expedience’s take. 

Pricing

This is dependent on how many users will access the system, what feature set you will require and the add-ons needed.

Get in touch for a personalized overview of the ideal solution to gauge the pricing estimate.

My take

The ability to easily pull approved content via a subset of sensible suggestions into MS Office is a great attribute. This along with the template styling options that you can predefine will greatly increase your time to respond and get proposals moving in the right direction.

If you want more complex workflows and governance due to working with larger, dispersed, multi-disciplined teams then you may want to consider some of the other options.

7. Proposify

Best for Start-Ups 

Overview

Proposify is capable of delivering, no matter the size of your business and operation. The fresh-looking UI that is graphically led is a nice change to others on this list.

It is more affordable than some but that does come with a loss of features/functions, such as complex role management, advanced AI capability, and many more features you will find in the likes of RFPIO – however, you probably won’t ever need or use most of them!

Pricing

Proposify offer a no credit card Free Trial which is well worth a look at. If you wanty to move ahead after that then it’s either the Team plan or the Business plan. The business plan offers things such as approval workflows, roles and permissions, and a customer success manager and is considered for 10+ users. 

There is a handy feature comparison chart if you want to know more about their plans.

What is RFP Software?

RFP software is a proposal management software package that is used by vendors and buyers to create, manage, respond, and evaluate an RFP to streamline and automate as much of the RFP response process as possible. 

The intent is to streamline the proposal creation and execution process by holding an approved content library for fast and quality responses, advanced collaboration tools to streamline communication between team members, and reporting and analytic capabilities to learn from what works and what doesn’t to increase win rates. 

Some RFP response software also offers proposal tracking, workflow automation, approval flows, e-signature, and integration into payment systems. 

Things to consider when choosing RFP software

When selecting an RFP response software, there are several factors that you should consider:

1. Feature set: Make sure the software has the features you need to manage the RFP process effectively. Look for features such as document management, collaboration tools, and proposal tracking.

2. Integration: Consider how the software integrates with other systems you use, such as your CRM, project management software, or other enterprise systems.

3. Ease of use: The software should be user-friendly and easy to use for both the RFP issuer and the vendors responding to the RFP.

4. Reporting and analytics: Look for software that offers robust reporting and analytics features so you can track the progress of your RFPs and identify trends that can help you improve your process.

5. Security and data privacy: Ensure it is a cloud-based software and has robust security and data privacy features to keep your RFP data safe.

6. Technical support: Be sure the vendor provides good technical support to help you quickly resolve any issues you may encounter.

7. Scalability: choose software that can adapt to your organization’s growth.

Finally, it may be beneficial to test the software before making a purchase, or, if it is possible to have a trial period to get a sense of how well it meets your needs and how well it aligns with your organization’s workflow.

FAQ

How do I find RFPs?

There are many public sector procurement websites that hold RFPs that buyers publish to engage service providers. Alternatively, there are some paid providers that collate all public and private RFPs and publish them on their websites. These sites typically have far superior ease of use and offer a more streamlined way to access and be alerted to relevant RFPs.

What is RFP Automation

RFP automation is the population of ‘standard’ answers that are held in a pre-created content library that will hold your best RFP answers.

Summary

RFPIO and Loopio are well suited to large and diverse teams across enterprise businesses and are well suited to tackling the most complex of RFPs. The price tag comes with that but you will be sure that the system can adapt and scale to your needs and will have all the bells and whistles.

The next level of proposal management software will suit most and that’s where PandaDoc and Better Proposals come in. They are well-rounded, easy to use, and affordable solutions that will do the job for most needs. You can also now use ChatGPT to assist with your sales efforts and aid in RFP responses if Loopio and RFPIO are too steep a price tag. 

For MS Word enthusiasts, there are 2 solid contenders that will plug right into your existing RFP response process but still offer most of the benefits that a pure proposal management software solution will.