(InHub Quoted) RFP Automation Tools Set to Alleviate Search Headaches
March 23, 2016. By Michael Shagrin.
The formal request for proposal (RFP) has long provoked the ire of institutional investors and asset managers alike due to the labor intensive and often repetitive nature of the process. But technology firms are trying to upend the way searches are conducted to relieve the frustration of both end-investors and product providers….
InHub has just rolled out one such product—an eRFP platform for institutions and their consultants to conduct manager searches.
The original crop of InHub clients was mostly small plan sponsors, but in the past few months the firm has made inroads with larger institutions including an $8 billion plan searching for a combined DB/DC consultant and another hybrid plan looking for a consultant to advise on $14 billion in assets.
At this point, only one manager search has been issued through the InHub platform.
“The RFP process has gotten a bad rap over the past 10 plus years, but some groups will never be able to make a hire based entirely on a dataset,” says InHub co-founder Ariana Amplo. “A database like eVestment provides a strong resume, a great starting point that gets your foot in the door, but there [are] still a handful of more customized responses that need to happen before you can be comfortable with a hire.”
Based on the investor’s preferences, an eRFP can either limit the search to invited respondents or open up the search to anybody who wants to give it a shot.
There’s hope at InHub that the platform won’t just be seen as a way to accelerate the search process around more efficient RFPs, but that repeat users will be able to use their prior experience to inform future searches.
“The program improves transparency because the information is right there in front of you. It’s not archived in some warehouse,” Amplo says. “Clients could pull up an RFP they did a year ago just as easily as one they did the previous week.”
This is InHub’s second such product. The first was a tool for lay investment committees to identify consultants and was launched at the firm’s founding in 2013.
While there is competition amongst those offering technological solutions to RFP issues, there is a general sense among executives in the space that a rising tide will lift all boats. Indeed, Amplo says that InHub is exploring ways to partner with product databases in order to further ease the RFP process for its customers.
The full article can be found at www.fundire.com.