While it’s difficult to calculate the total cost of responding to an RFP it’s not a stretch to say that a firm can spend between 20 and 250 thousand dollars depending on the complexity of the RFP and cross-practice services being proposed. Most of the costs come in the form of time spent on searching for experience, responding to specific asks of the RFP and managing the process of creating and aggregating information into a polished response. All of this routine work can be dramatically reduced if not eliminated with the right combination of technology and change management.

Without a unified experience platform, BD teams are often contacting fee earners to assist them in earning new business, yet very few firms have a system in place to track ROI on their efforts.

Ikaun gives the business development team the power to work autonomously in creating accurate proposals, while still maintaining high-quality pitches and a higher win rate. Client expectations continue to increase, putting more pressure on business development to respond to RFPs faster.