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Choosing the Best-Fit Business Cash Flow Software Vendor

What you’ll learn


  • Understand the purpose of different stages of the RFP process.
  • Learn the steps in the RFP process and how they impact business.

After narrowing down the vendor’s list to around 4-5, the client needs to select the most suitable vendor from that list who meets the requirements. The RFP process helps the client choose the best-fit cash flow planning software.

The RFP Process

A Request For Proposal (RFP) is a business document that: 

  • announces a project
  • defines the project
  • invites eligible contractors to submit bids to finish it

They are preferred by most corporations globally and are best utilized to objectively compare answers and select the most suitable solution vendor while choosing a business software.  

What is an RFP and how is it used in vendor selection?

A Request for Proposal (RFP) document’s primary objective is to assist clients in selecting the best-fit vendor to source the required business cash flow software. When a project is anticipated to take months or years, an RFP is crucial in choosing a good long-term cash flow planning software partner.

What are RFP steps?

The Request For Proposal process consists of four sections: Documentation, Analytics, On-sight demo, and Final Selection Process. Each section entails some steps, which are described below:
What is an RFP and how is it used in vendor selection?

  1. Documentation: Documentation is the first step in initiating the RFP process while choosing treasury software solutions. The required steps for sending out the documentation to the corporate treasury software solutions vendors are: 
    • Draft a well-structured document that is dependent on the needs of the company.
    • Questions should be unique to business type and business goals to ensure that responses are tailored to the requirements only.
    • Sort the questions into categories and align them to the scorecard.
    • Include the pricing scheme for the solution in the documentation.
    • Compile all the data that could be useful for the vendors and send it out along with the RFP to avoid frequent back and forth.
    • Mention the deadline in the email and the front page of RFPs.
  2. Analytics: Analysis of vendors can be done with the help of a vendor evaluation scorecard. The following are a few things to consider while creating a scorecard for a business cash flow software:
    • Create the scorecard in a spreadsheet to save time
    • Align the scorecard to the questionnaire that is sent out
    • Assign weights to the features to help with the decision making
    • Include pricing as a weighted category

    The followings things should be considered after getting back responses from the treasury software solutions vendors:

    • Score the documents on a scale of 1 to 5 for each question:
      1. the requirement cannot be met
      2. the requirement can be met by partnering with 3rd party solution
      3. the requirement can be met with a future release of the software
      4. the requirement can be met via customization
      5. the requirement is readily met
    • Read questions across instead of down
    • Take notes while evaluating the vendors
    • Keep a list of follow-up questions for the vendors based on their responses
    • Filter vendors based on the preferences and functionality fit
  3. On-Site Demo: An on-site or extended demo is helpful to give detailed insight into the treasury department. For a cash flow planning software on-site demo, the following steps need to be ensured:
    • Tailor the demonstration to the specific requirements of the user 
    • Record the sessions
    • Invite all the stakeholders involved in the process, including the IT and procurement team
  4. Final Selection Process: The final stage for corporate treasury software solutions vendor selection is the contracting and negotiating phase. This stage is where the vendors and the users agree upon the terms to ensure a successful treasury software solutions buy-in.

Understand the nitty-gritty of the request for proposal process when selecting a vendor for business cash flow software through this webinar

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