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Sign into your accountThe New Process for RFPs in Real Estate
April 01 2016
The RFP process has been a practice of companies acquiring technology solutions forever. RFP stands for Request for Proposal. The RFP focuses on drawing out product features and functionality. Although RFPs have always asked questions about the company, that is perhaps the most important component of RFPs in 2016. Today, I would argue that an RFP really is a Request for Partnership.
This change was caused by a quiet revolution. During the Y2K surge that transitioned software from mainframe to browser, there was recognition that the old process of software development was too bureaucratic, slow, and overly regimented. An alternative to traditional project management that emerged in the early 2000s is called Agile software development. They use terms like Scrum, Extreme Programing, Dynamic System Development Method, Feature-Drive Development and many others. The overarching focus of all of these methodologies is to deliver frequent, high quality working software, delivered in "sprints," which are measured in weeks, not months. The result is continuous improvement.
You are experiencing this new methodology routinely on your mobile devices. If you have notices that your iPhone asks you to update your apps all of the time, that's it. DocuSign can illustrate an example in real estate. In the first two months of the year, they have done 18 new feature releases for their transaction management solution. The software that they offered in January has evolved in two short months. It's not just DocuSign; this is the way it's done for most software developers.