4 main Challenges of RFPs in Cybersecurity Purchasing Process
As a rule of thumb, small and large enterprises observe a standard practice to source for essential products and services to run their businesses. One approach involves the use of a request for proposal (RFP), which is a business document about a project and invites bids from vendors to accomplish the project requirements. A business designs an RFP with questions that interested bidders should address. In return, the participating company responds with a proposal detailing their solution and how they will implement it. RFP process has also become common in cybersecurity procurement.
On average, an organization submits 100 RFPs every year. 34% of them submit between 51 and 250 RFPs, while 19% work with more than 250. However, the value-driving RFP process faces challenges that affect the timely procurement of necessary cybersecurity solutions.
- The procurement teams describe the process as antiquated and time-consuming. An average RFP takes 57 days from posting to award in 2018. In some cases, businesses abandoning the process, leading to product mismatch and inaccurate product purchases.
- RFPs feature questions about a product or a project a company wants to procure. In the case of cybersecurity, the process demands appropriate internal expertise to ensure that the sourced security product is a perfect fit. Without a team of skilled cybersecurity experts, an organization can end up establishing irrelevant questions and employing an inappropriate evaluation criterion.
- Communicating and sharing details about the RFP process can be frustrating. It involves numerous emails, video conferencing, and discussion of the same issues repeatedly. A typical RFP submission contains 116 pages on average.
- For SMEs with a low perceived stake for suppliers, it is expected that few vendors will respond with proposals. Sellers prefer replying to established organizations with streamlined and automated RFP procedures. Statistics show that vendors respond to only 69% of RFPs submitted by organizations. They feel that the remaining 31%, mainly from SMEs, are not worth their time and resources.
Cybersecurity buying activities should feature a standard process that assesses vendors and solutions through an integrated strategic path that offers process optimization. The process should focus on all business requirements, including the solution’s capabilities, vendors, resellers, price, and reviews from peers.
With CyberPal, SMEs can smoothen their process of selecting the right cybersecurity solution provider to avoid delays in a field that requires near real-time response to cyberthreats. CyberPal offers a disruptive and automated platform where users can conveniently speed up the search and selection process for cybersecurity solutions and vendors in their location.
Instead of using tedious, time-consuming, and resource-intensive RFP processes to make a purchase, users can confide on the CyberPal platform as their one-stop marketplace for their cybersecurity needs. Using the platform, buyers can effectually search, identify, qualify, validate, contact, and transact with cybersecurity vendors and consultants in the locations within a matter of minutes and at no upfront costs.