In 2023, the ERP market size is valued at $96.04 billion. ERP market share in North America is well over $10 billion.
In order to get your share of this growing industry, you need to be able to procure services of the best ERP providers. A specific RFP document is the best way to ensure that.
This article takes a look into finer points of writing an ERP RFP, focusing specifically on what to include in this document.
We also provide a completely free ERP RFP template that you can download and customize to your own company’s needs.
Table of Contents
What is ERP RFP?
A request for proposal (RFP) for ERP is an official document that a procurement organization creates to find an ERP vendor that can satisfy their unique project criteria and business objectives.
It contains every facet of a forthcoming enterprise resource planning project, such as precise demands, timeframes and deliverables, contact information, and more (you will find the essential components of RFP for ERP, including the template, below).
In response to the RFP, potential ERP service providers can submit bids and planned scope of services. Based on their replies to the project's criteria, the buying business may objectively review and evaluate each agency's capabilities and competence.
What Should an RFP For ERP Contain?
ERP RFP should contain the following essential elements, that could vary from business to business (other, specific aspects, can also be included in this document)
Company Information and Project Overview
In the opening stages of your ERP RFP, give a concise overview of your complete business. Think about the following:
- A brief corporate history
- Values and mission
- List of competitors broken down by market and vertical
- Current business worth
- The size of your company/the number of employees
- Principal stakeholders
- Links to websites and social media platforms
In this first part, provide information about your firm as well as a high-level description of your ERP initiative.
Audience and Competitors
In the project overview, describe the precise project objectives and outline the short-term and long-term goals you aim to achieve with your ERP project. These objectives should be in line with your entire business growth plan.
In this area, you should also include information on your target audience and their basic qualities, such as:
- Demographic data (gender, age, location, income, etc.)
- Psychographic information (expectations, pain points, online behavior, etc.)
- Customer persona
It is also where you may introduce your competitors, including who they are, their strengths and limitations, market share, public relations initiatives, and so on.
KPIs and Goals
Set your KPIs and explain them in your RFP so that potential suppliers know what to aim for with their solutions.
The importance of defining precise ERP goals and quantifiable KPIs in an ERP strategy cannot be emphasized. These should be in line with your company objectives, therefore strive to underline this link when outlining your aims in the RFP.
Make your goals SMART, which stands for Specific, Measurable, Attainable, Realistic, and Time-bound. Invest in resources to ensure that project goals and outcomes are well-defined, reasonable, and attainable.
Sharing your budget constraints and availability will help you evaluate the RFP responses submitted by various vendors more effectively. Transparency can assist them in providing realistic outlines of what they can do with your budget.
Deadlines and Timelines
One of the most critical parts of a good RFP ERP document is expressing the overall project deadline as well as detailed timetables for each stage of the process.
Dates and deadlines may include the following:
- The date the RFP document was delivered to prospective providers
- The period during which you will accept RFP answers
- The deadline for selecting the most competent agencies
- The deadline for contacting the winning vendor
- The ERP project's and IT integration's launch date
- Specific project milestone dates
It is critical to indicate when certain events and deliverables are expected to occur so that vendors can plan their responses.
Criteria for Selection
Finding information regarding RFP distribution in your request for proposal document might be quite valuable to potential IT service providers.
You can provide information such as how many vendors you have contacted. When vendors have this information, they know who they are competing against, which aids in their development of RFP answers.
It's also a good idea to explain your selecting process and criteria to them. A point-based system, for example, can be used to assign points to relevant experience, track record, cost of services, cultural fit, skills, and other factors.
ERP RFP Template
The ERP RFP template helps create your request for proposal from scratch because it already contains all the essential fields and questions that just need filling out by the agency.
You can also download your copy of a free ERP RFP template to the right on this page.
Here is an example of what a well-rounded RFP ERP template should contain:
Introduce your company and give a brief background on your business type, market, competitors, key areas of expertise and your unique value proposition.
•Mission statement and vision:
•Target audience/customer types:
•Main drivers for ERP needs:
PROJECT SUMMARY & OVERVIEW
Deliver an overview of your current ERP capacities (if any), why you are looking to implement ERP in your strategy, what you hope to gain from this and your ideal project timeline.
Define what challenges your business currently faces that ERP should solve. Be as broad or as concise as needed.
Determine the short-term and long-term goals (SMART - specific, measurable, attainable, relevant and time-sensitive) you wish to achieve with your ERP efforts.
All bidding vendors must [list the criteria that must be met in order for a proposal to be considered, for example their experience and client case studies, team size info, organizational charts, etc.]
1.Provide a resume or online portfolio for each individual who will be assigned to provide the services and designate the individual who would have primary responsibility for overseeing the services.
2. Work Examples: Provide a description of relevant past projects and examples of prior work.
3. References: Provide 2-4 client references including short description of the project and contact information.
All bidding vendors must [list the requirements that each proposal must address, such as budget, timelines, and submission due date
[Outline information about the timeline for the RFP process as well as the project itself— deadlines, milestones, and potential roadblocks.]
Specify the budget you have allocated for this project. Also, have the proposer submit an appropriate and realistic cost.
List other documents agency and service providers should submit along with their application. If you have additional questions you'd like them to answer, list them here.
•Notable Client Work:
The company will review submitted proposals for qualifications. The choice for a contract will be made based on the following criteria:
1. Expertise and experience of the agency in our niche
2. Quality of ERP services
3. Range of services
RFP Sent Date:
Proposals Due Date:
Winner Selected By Date:
Benefits of Making an ERP RFP
A request for proposal for ERP is the first stage in choosing the best vendor for a successful project including any form and application of ERP within your company.
Aside from being a useful tool for removing suppliers that do not fit the criteria, generating an ERP RFP has the following advantages:
Obtain the best pricing available for your project: By sending your RFP to numerous ERP firms, you will obtain more competitive quotes and, as a consequence, the best pricing for your next project.
Compare potential ERP providers carefully: Using this well-structured document, you may compare costs, services, portfolio, knowledge, capabilities, outcomes, team size, and other factors to choose the finest ERP firm.
Top Agencies to Send an ERP RFP to
- Location: E-15, 1st Floor, Yadupati Bastion, Opposite Asopa Hospital, Ajmer Road Jaipur
- Average Hourly Rate: Inquire.
- Expertise: Web Development, Fantasy Sports Development, e-Commerce Development, Classified Website Development, Mobile App Development, Doctor Appointment App Development, and Taxi App Development
Enkonix LLC is a consulting organization that connects strategy, design, and engineering services into a seamless workflow devised to support clients every step of the way.
The team is passionate about creating valuable products and helping other businesses climb the ladder of technological development.
They have designed and built a diverse range of high-quality products from scratch. Their specialists have expertise in a wide variety of spheres including e-learning, healthcare, e-commerce, advertising, augmented reality, finance, sharing economy, and many more.
2. Kaz Software
- Location: 35/5 Shantinagar, Dhaka, 1217, Bangladesh
- Average Hourly Rate: $20
- Expertise: Windows App Development, Software Development, Enterprise Software Development, Node.js Development...
Kaz Software brings together a team of talented professionals to help companies build better software faster. They have technical expertise in a broad range of fields, starting from web and mobile applications to hardware device drivers. The agency values the professionalism of team members and put special emphasis on assembling the best available resources.
Over the past 15+ years they have helped 100+ companies, from startups to Fortune500, build and launch 120+ software applications.
Request for Proposal ERP Takeaways
An ERP RFP can help you collect valuable responses from different vendors. It also allows you objectively choose the provider that best fits your goals.
This RFP checklist can be reproduced for essentially any other desired service or industry, such as:
- RFP for Software Development
- Digital Marketing RFP
- Website development RFP
- Mobile App development RFP
- SEO RFP
- Social Media RFP
- Website Design RFP
- eCommerce RFP
- Video production RFP
- Branding RFP
- Cybersecurity RFP
- Graphic Design RFP
- RFP for IT services
- Email Marketing RFP