In partnership with
Friends of Branded:
Happy Saturday and I hope you had a great week.
My first job out of college was as an analyst for a New York City based investment bank. This was a 2-year analyst program that despite the grueling hours, I have very fond memories of my experience thanks to some amazing people, a steep learning curve, and the countless times when meeting rooms emptied, and platters of food were left behind.
One of my first assignments for the Government Agency Finance group was to run the RFP process for the many service providers that would be needed for a series of transactions for the Department of Veteran Affairs.
RFP stands for “Request for Proposal” and it’s a formal document issued by a company (or organization) to solicit proposals from potential vendors or service providers. The RFP describes the project or problem, it outlines the requirements and asks vendors to submit detailed proposals on how they would deliver a solution (the deliverable would typically include scope, methodology, a timeline, pricing, and the responders’ qualifications).
An RFP is like holding up a banner that says, “we need some help, show us what you got” and is used primarily by organizations that need to have a structured, competitive, and transparent decision-making process.
The hospitality industry is experiencing a heightened level of RFP activity and its a clear signal that the ResTech market is entering the next phase of this digital transformation that is underway.
