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Thomas Finke is an asset manager with decades of experience and the chairman and CEO of Barings, LLC. As the head of a leading investment firm, Thomas “Tom” Finke’s responsibilities include overseeing strategic partnerships with service providers from a range of industries.
A crucial first step when outsourcing services is the Request for Proposal (RFP) process. One of the problems is that RFP documents tend to be overwhelmingly long. Some firms use RFP questionnaires that are redundant and inconsistent, extending the RFP process considerably.
Another issue that service providers cite is difficulties in understanding the strategic goals of the requesting firm. Without a clear understanding of what you hope to achieve, your potential partner cannot properly articulate a response to the issue in the RFP document.
Overall, reducing complexity in the RFP process can be a benefit to both sides and it’s a good start towards making it easier to find strategic partners.
