AUM Growth through RFP Support
The Problem:
A large global asset manager observed that the number of RFPs floated by its clients was increasing. This led to the need for a review of the RFP process and identified the importance of increasing the process’ efficiency.
Aranca's Solution:
A solutions team visited the client’s UK office to understand the process. It received training for the process and began documenting it. Initially, inputs for RFPs were categorized to streamline the less dynamic part of the RFP process. All data responses such as AUM, vital statistics about the company and short biographies could be filled in as long as the data was readily available. The team used the client’s Sharepoint site to collect and automate these inputs. The client had subscribed to the Qvidian database, but the implementation was not successful due to staff bandwidth issues. Aranca’s team got involved in updating the database and managing automation, so that most of the answers for standard questions could be picked from previous relevant RFPs.
Client Benefit:
The client was able to complete more RFPs with better timelines and accuracy. As Aranca’s team was able to take care of the standard questions, the client was able to get more time to think about the specific solutions and strategies for their pitches. This increased the effectiveness of the RFP process and the client was able to win more RFPs. This led to AUM growth. After the success of the UK process, it was implemented in other offices.