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Choosing a digital asset management (DAM) solution from a sea of vendors can be overwhelming. But it doesn’t have to be. You can clear the mess with a simple Request for Proposal (RFP) process.
To start with, it’s important to distinguish your RFP from an RFI (request for information) or an RFQ (request for quotation). An RFI comes before and forms an RFP, while an RFQ comes after an RFP and deals with pricing options.
Your RFP will focus on tailoring your company’s needs and challenges to how a software solution – in this case DAM – will meet them.
Here is a simple breakdown of an RFP process that can be used with any DAM provider, along with the entry points and expected requirements.
What does the RFP process look like?
An RFP process takes time and resources. To avoid wasting either one, approach your RFP methodically. You don’t need a Lean Six Sigma consultant to shape the process; You just need to make sure that you plan and follow nine key steps:
- Form a stakeholder team
- Define evaluation criteria
- Write your tender
- Create a supplier selection list
- Issue RFP to provider
- Accept questions from vendors
- Receive and evaluate RFP packets
- Schedule demos
- Announce selected provider
If you want a complete look at each of these steps, you can read this in-depth RFP article.
Now that you have a simple process to follow, let’s discuss how to get started and what to expect in the process.
How to start your tender
It’s time to put your fingers on the keys and write. There’s no ideal formula for writing a bid, but you can use some best practices (and this helpful bid template) to make sure you are gathering the information you need to make an informed decision.
As you write, focus on putting together scenarios rather than making a checklist. Create user stories about the problems you need to solve in your company. Think of 3-5 stories highlighting the biggest challenges a DAM system is designed to solve. From there, your vendors can explain how their features suit your needs.
Reach out to in-house partners in marketing, creative, communications, IT, video, and others to make sure your scenarios are holistically and accurately outlined. Chances are, someone has important elements to add – even a whole new use case – that can help in choosing your DAM solution.
Also think about future scenarios: What DAM requirements could you have next year? In five years?
Check out research and reviews from Gartner, Forrester, G2 Crowd, and Capterra to see what systems others rely on for their current and future needs. With your growth plans in mind, your RFP will allow you to scale and thrive as your business evolves.
Once you’ve got a great start creating your RFP, it’s time to put it into action. Here are some general things to expect from the rest of your RFP process.
What to Expect from Your RFP Process and Beyond
At the beginning of an RFP process, someone will inevitably ask, “Do we really have to go through all of this?” And to be fair, it’s actually a good question. If your project is small and you are looking for basic DAM functionality, you might not need to do a full RFP. If you are already familiar with some of the DAM options, there are a few simple vendor meetings, demos, and test sessions that you can take advantage of.
However, as you proceed with your RFP process, make sure you plan on a realistic schedule. You need to meet with stakeholders, wait for responses from vendors, review proposals, and change your own RFP. The entire RFP process takes at least eight weeks – often longer.
In addition, “people often forget one important thing: The end of a successful RFP process comes with another step – change management.
After you have selected your new provider and announced your DAM partner, you need to present the new DAM solution in your company. Allow time for this and communicate the goals thoroughly with the right teams.
DAM evaluation toolkit
Regardless of where you are in the RFP process, it is beneficial to have expert help evaluating your potential DAM solutions. Have you covered all of the challenges a DAM platform should solve? Do you know how a DAM system fits into your technology ecosystem?
Here’s help with answering these questions: Simply download the DAM Evaluation Toolkit to find templates, tips, and exercises to help you build a comprehensive RFP process and find your next DAM platform.
