Because of that, declared a news announcement from the Professional Association for Investment Communications Resources (PAICR), “firms are losing out on a key opportunity to motivate and retain RFP professionals.”
The Princeton Junction, New Jersey-based PACIR said that while one out of five RFP’s gets through the first cut by a hiring company, 25% of managers do not track RFP through rates to measure effectiveness. Just under a third of respondents said their RFP database data is never checked, generally due to aggressive deadlines and limited manpower. Only 25% of managers consistently check databases.
However, the announcement said consultant databases are a key focus for managers, who have been investing capital in enhancing the process to ensure accurate, efficient delivery. The number of managers employing automation is set to double to 20%.
Regarding internal data, compiling a firm’s assets under management is generally the last data point finalized, typically taking 16 days to complete, PACIR found.
More information is available at www.PAICR.com
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