New Study Reveals Loopio Provides 415% Return on Investment
Research reveals business benefits of $5.88M within three years of implementation and payback in less than six months.
TORONTO, March 7, 2023 (Newswire.com) - Loopio, the leading response management software company, yields a three-year return on investment (ROI) of 415% and $5.88M in total business benefits, according to a study released today. The commissioned study, "The Total Economic Impact™ Of Loopio's Response Management Platform," was conducted by Forrester Consulting.
To evaluate cost savings and business benefits organizations may realize by investing in Loopio, Forrester interviewed customers at six organizations using Loopio and identified the benefits, risks, and outcomes those customers experience when using the platform. The results were then aggregated into a single composite organization. Key findings include quantified and unquantified benefits such as:
- $2.5M in increased profit. Without adding additional headcount, Loopio's ability to automate and streamline the response process increases the number of RFPs completed, amounting to nearly $2.5M in increased profit.
- 50% decrease in time spent on bids. By centralizing information and facilitating collaboration, Loopio provides time savings of up to 50% for bid team members, contributing to $3.1M for the business via employee efficiency gains.
- Reduced business risks. Loopio's accessible, reliable content library reduces the risk that a proposal might include outdated or inaccurate information.
- Improved employee experience. Efficiencies created by Loopio allow the team to produce higher-quality output without working extra hours, and improve morale and retention rates by making the response process less tedious.
Additional benefits of using Loopio reported by companies in the study include an improved ability to meet deadlines with less stress, faster employee onboarding, and improved quality responses.
"Forrester's findings clearly validate for us that investing in response management technology can deliver significant ROI for a business," says Zak Hemraj, CEO and Co-founder of Loopio. "Quickly and effectively responding to requests for proposals, or any kind of sales request, is critical for success, especially during challenging economic times. I'm so proud that we can help organizations drive business results while improving the employee experience."
Forrester found that before using Loopio, representatives at the companies interviewed were "...working overtime on unneeded manual effort, and even lost business."
After using Loopio, the interviewees found positive qualifiable differences. A Vice President (VP) of a financial services organization who participated in the study shared that "Loopio helps us answer the questions more efficiently and be able to meet all those intense deadlines." Meanwhile, a Director of Global Proposal Development at an HR software organization felt that using Loopio made the RFP process "...faster because the source of information is better, and people aren't looking all over the place for the best answer."
For more information on the Total Economic Impact of Loopio and to download the study, visit Loopio.com.
Loopio's response management platform helps companies streamline their response process for RFPs, DDQs, Security Questionnaires, and any sales request that comes their way. Currently serving over 1,400 companies globally, Loopio enables sales and proposal teams to respond faster, improve response accuracy, and win more business.
Founded in 2014, Loopio is one of Canada's fastest-growing technology scale-ups. It has been listed as one of the fastest-growing companies on the Deloitte Technology Fast 50™ list for four consecutive years, and it has consistently been named one of Canada's Top Small & Medium Employers. In 2021, Loopio raised a $200M strategic investment from Sumeru Equity Partners to fuel its next stage of growth.