New QorusDocs Report Reveals RFP Software with GenAI can Add Millions in Annual Revenue
9th annual QorusDocs benchmark survey indicates that AI-powered proposal management software is revolutionizing proposal development and RFP responses
BELLEVUE, Wash., Jan. 14, 2025 /PRNewswire/ -- Generative AI powered proposal software can help organizations add an estimated $21M, on average, to their gross income. Larger organizations with more RFP volume, could easily exceed this figure. These are some of the findings in QorusDocs' 9th Annual Proposal Management Benchmark Survey: An industry snapshot to fuel success in 2025. The report revealed that Generative AI-driven productivity is a gamechanger for proposal and business development teams, helping teams achieve 50% plus productivity gains and boost win rates.
Business development teams had a productive 2024
The business landscape in 2024 saw upward momentum. Over half the respondents in the study noted an increase in pitch volume and RFP requests compared to the year prior, with an average RFP opportunity size of under $1M.
Most respondents experienced a bump in new business win rates in 2024 year over year, with a median of 37% reported. The report reveals that proposal professionals work on an average of 7 RFPs per month, with the majority reporting 1-9 in a month. In 2024, half of those surveyed reported 10 or fewer people contributing directly to the response process, with median of eight. Proposal teams are facing increasingly tight turnaround timelines, delivering an RFP response in an average of 9.3 days.
Generative AI is a business-critical capability
GenAI is the key to achieving gains in productivity and revenue by increasing operational efficiency, reducing labor costs and personalizing the client experience to strengthen loyalty and drive repeat business. Organizations report using GenAI for common tasks like: Researching and summarizing (46%), writing copy blocks (36%), executive summaries (36%) and bios (28%), answering questions in an RFP (34%) and quality assurance (14%).
"As RFP volume continues to rise, organizations need a way to scale responses. The survey's findings validate that AI is playing a critical role in streamlining our customers' business processes to improve win rates and drive growth," said Ray Meiring, CEO and co-founder of QorusDocs. "We will continue to expand our GenAI capabilities with QorusDocs QPilot to meet the growing needs of our customers."
Generative AI impact
When asked what AI benefits organizations expect going into 2025, 84% cited quickly drafting and optimizing content, 60% more time for personalizing, 56% better use of staff time, 40% simplifying content management, 36% checking responses and flagging risks, 34% greater response volumes and 32% increased win rates and greater revenue.
Preferred tools for proposal creation
93% of respondents prefer the Microsoft suite, particularly Microsoft Word (54%) followed by PowerPoint (27%) and Excel (12%) to generate responses.
For this year's industry snapshot, QorusDocs surveyed professionals in proposal, IT, business development and C-suite roles, who participate in creating proposals or responding to RFPs. The cohort encompassed companies of varying sizes; the majority with 1000 or more employees and revenue greater than $100M across multiple industries.
For additional insights, download the full report.
ABOUT QORUSDOCS
QorusDocs is a Bellevue, WA-based leader in AI-powered proposal management and RFP response software that automates the creation of personalized pitches, presentations, proposals and RFP responses. QorusDocs enables business development, sales, marketing and proposal teams to collaborate seamlessly, optimizing billable hours and increasing client wins. The company supports enterprise revenue teams from companies like WSP, CDW, DLA Piper, Baker McKenzie, Insight and more. Learn more at qorusdocs.com.
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