RFP Pile-Up Spurs System Integration By Jay Cooper Proposal writers at asset management firms are getting a helping hand from two technology companies as Requests for Proposals (RFPs) become increasingly lengthy and complicated. Proposal Software has integrated its proposal writing program with eASE Exchange, a software system that updates product information into consultant databases. Eventually, Proposal Software will also integrate their system with a software company that helps managers create their pitch books for final sales presentations. Proposal Software’s system PMAPS allows managers to store their information when they respond to RFPs and retrieve that information when they write a new proposal. The eASE exchange system was created by eVestment Alliance and allows managers to instantly update product information such as portfolio characteristics, performance and assets under management into consultant and third-party databases. The integration is an effort to help managers give clients the most recent accurate data throughout the sales process. Managers who use both products say integration of information from both systems saves them time and guarantees their staff will not make a mistake during the sales process that would wave a red flag to compliance officers. “A lot of plan sponsors look to consultant databases and issue RFPs at the same time,” says Wayne Zorger, a senior proposal writer for Phoenix Investment Partners. “If the information in those doesn’t match up it shows you don’t have all your eggs in a basket and there’s some validity missing in your data.” The integrated system was tested at Phoenix Investment Partners. Zorger says the integration saves time because the proposal writer does not have to get into different systems to make sure information matches up. That is important to his firm, which has only one person responding to RFPs. “I don’t have to disseminate data from different sheets. It’s already done for me,” he says. Makers of both software systems say integration of the systems will add managers to their system because it is so important to match up data through all parts of the sales process. “Anytime there’s inconsistency in those different phases, [clients] are going to ask you about that. The focus turns to why we should not do business with you,” says Vince Bakshani, v.p. of data automation services at eVestment Alliance. Bakshani did not say whether the eASE Exchange system would link up with other proposal writing systems in the future. “We’ve connected with one that we think has some good market share out there,” he says. The market share is growing for eASE Exchange as well, which has jumped from 45 to 65 managers using their software since December. Integration of the two systems is not increasing cost. The two systems are still sold separately even though they can be integrated together. The PMAPS system sells for about $6,000 if the manager has only one proposal writer. Cost increases based on the number of writers but eventually caps out when a firm has more than 10 writers. Cost of the eASE Exchange system was not available. As managers place greater emphasis on matching data throughout the sales process, Proposal Software intends to integrate their proposal writing system with Accent Technologies, a software company that helps managers design their pitch books. Integration with the Accent Librarian system could reach completion by the fourth quarter of this year. When that happens, someone at an asset management firm can update information into consultant databases, and make sure that same information is instantly updated for the teams responding to RFPs and the sales teams making a final pitch. While managers are interested in the integration mainly because it ensures accuracy, Proposal Software CEO John Laurino says the integration is a big time saver too. After an increased focus on compliance, Laurino says “proposal writers are getting twice as many documents and they’re twice as long.” This means it takes proposal writers longer to sift through information and make sure the data in their proposals matches up with the information a potential client already received from a consultant’s database. Integrating software is cheaper than hiring more proposal writers to handle the excess amount and length of RFPs, Laurino claims. “Throwing more people at the problem won’t help because demand for these people already exceeds the supply,” he says. ### |
