Sample RFP Evaluation Criteria: Find the Best Wealth Data Analytics Solution

Sample RFP Evaluation Criteria: Find the Best Wealth Data Analytics Solution

October 16, 2019
Sharanya Venkatesh

There are many ways to write an RFP.  In fact, it may seem like every organization would need its own type of Request for Proposal.  So, what evaluation criteria can you use to determine that your RFP will help you find the best vendor? Keep reading to find out. We will reveal the top 3 tips for writing an effective RFP.  Such an RFP will help you find a wealth data and analytics solution that will best suit your needs. What’s more, We’ll even provide a detailed sample RFP for you to use. Before we get to the sample, let’s start with the basics.

What is an RFP?

An RFP or Request For Proposal is a document used by organizations that are seeking a vendor or partner. Generally, an organization issues an RFP document outlining the specifics of what they would like to accomplish through the vendor’s services.

An RFP is different from an RFQ. An RFQ or Request For Quote is focused more on the cost estimation of a particular project. It is better to use an RFQ where project requirements and terms are fairly standard. An RFP however, allows nonprofits to describe their needs and goals in detail. If you are unfamiliar with how to get started, you can download our sample RFP.

Our Sample RFP has everything you need to find the best wealth data analytics solution. Simply download the template and edit it to suit your needs.

Why should I write a Request for Proposal?

The alternative of not using an RFP is having an ambiguous discussion with each vendor that may not yield the results you are looking for.  Moreover, there are three clear benefits from using an RFP to find a wealth data vendor:

  1. Well Documented Requirements: Creating an RFP allows you to document all your requirements. This exercise helps you review your needs internally and ensures that you have a consensus on them.
  2. Clear Expectations & Terms: When requirements are clearly documented, it is easy to set vendor expectations. They will know what they will need to fulfill from the get-go.  Clear terms stated in your RFP also enables you to arrive at a mutually satisfactory deal quickly.
  3. Ease of Comparison: When you create a structured RFP for different vendors to fill out, comparing their offering becomes easier. Everyone enters responses to a set of standard questions enabling you to identify key differentiators between them.

Sample RFP Evaluation Criteria: Top 3 Tips for Writing an Effective RFP

When creating a Request for Proposal to find the right vendor, bearing these three sample RFP evaluation criteria in mind will help you streamline your process.

  1. Standardize Your Format: Creating a standard format for RFP allows you to repurpose it for several projects. Over time you can refine your template to ensure that it captures all the right information from you and the vendors you are evaluating.
  2. Include Your Company Vision: Although this is an unconventional tip, it helps your vendors or partners understand your needs beyond the scope of a particular project. When they understand your larger organizational goals, it helps them think more strategically. Additionally, you can evaluate if their vision is in alignment with yours.
  3. Be Specific: When looking for an analytics solution, your RFP should be as specific as possible. There are providers who are able to fulfill various functions such as deliver screening data, insights, and in some cases, even a CRM solution. But, wealth intelligence needs to provide you both breadth and depth of insights. In this regard, not all providers are created equal.

wealth data analytics

We have done all the research and groundwork for you! Use our detailed sample template to ensure that you find the solution that answers all your questions.

Sample RFP

Follow these three steps to find your perfect wealth data analytics provider:

Step 1

Download our sample RFP template.

Step 2

Fill out the template based on your needs.

Step 3

Use the RFP as a filter to find the perfect solutions provider.

Download the Sample RFP Now–>