In today’s environment, corporate treasuries often select product and services provided by banks and third-party processors and technology vendors globally. In many cases, market pressure enables treasury to acquire the right products and services at fair price.
However, the request for proposal (RFP) is an effective tool for the process of acquiring new products and services, and a well-designed RFP will assist an organisation in selecting the best at a reasonable price, as well as ensuring long-term mutually rewarding relationships with providers.
This article examines the various aspects of the request for proposal (RFP) process. A fresh view of the approach and the process of RFPs can help treasurers make better use of their time and resources.