Real-time Business Review

Overview

Real-time Business Review provide in-house teams with invaluable data and analytics on any firm that they work with in PERSUIT. These analytics improve relationships with firms and make the review processes with firms more efficient and transparent.

For each firm you work with on PERSUIT, there are three main sections:

• Activity Breakdown - Overview of the firm’s activity, including an RFP performance funnel and how they compete across individual practice areas
• Competitive Intelligence - Benchmarking data to help firms see how they stack up against peers, both in terms of win rates and proposal pricing
• Proposal Feedback - Summary of all proposal feedback, showing each firm's average scorecard rating and comments on how they could have improved

Let's take a look at each page and what to know about the specific charts on each. 

Activity Breakdown

You can toggle your firm selection at the top of the Real-time Business Reviews page. 

Once a firm is selected, users will see an overview of that firm’s activity for the given time period.

What to Know

• Toggle between # of RFPs and Value of RFPs in the top right.
• RFPs invited to: this is the total amount for the selected firm in the selected time frame
• RFPs participated in: firms sometimes do not to participate in RFPs they were invited to (this can be for a number of reasons, including conflicts of interest or bandwidth or missing the invitation). The resulting number here is those they do choose to accept.
• RFP win rate: how many RFPs the firm won out of those participated in.
  • Note: this rate will likely differ between # of RFPs and value of RFPs.
    • Ex: If a firm wins 5 out of 10 RFP participations, that’s a 50% win rate by count.  Even if a firm was invited to 15 RFPs, the denominator is 10 (the number that they participated in).
    • If those same 5 RFPs won account for $30M in value, and all 10 RFPs participated in total $40M, that’s a 75% win rate by value.

What to Know

• This overall RFP performance funnel shows the breakdown of the selected firm's performeance across all RFPs in the given time period.
• This chart will change to value when you toggle between # of RFPs and value of RFPs at the top right of the page

What to Know

• • The performance breakdown of RFPs by practice area at the bottom of the page is especially helpful for identifying practice areas where this firm might have more opportunities to win, or where they should scale back resources on competing if it’s likely not going to be fruitful for them. This data helps to inform future outcomes for firms.
  • Practice Area is defined by the combination of Area of Law and Service Categories defined by SALI.

Competitive Intelligence

What to Know

• • Average # of Firms Participating: is across all RFPs that this firm is invited to.
  • Expected % of RFPs won: the win probability that, all else equal, this firm should achieve, based on the average number of firms they compete with.
    
    • Ex: As there are on average 2.2 total firms participating, the probability for this firm to win is 1 out of every 2.2 RFPs that they are invited to, or 45% of the time.
  • Actual % of RFPs won: calculated as the number of RFPs won, out of those the firm participated in.
  • Lowest price win rate: how often the lowest value RFP wins out all of the RFPs in which this firm has participated. This is helpful to show how often low prices factor into selection when this firm competes

What to Know

• • This chart displays actual win rate for this firm compared to other firms in its Global Rank cohort.
  • Provides an inside scoop on how firms stand against their peers.

What to Know

• Winning Proposal Variance (left chart): when this firm wins, how does their final proposal price compare to the average final price of other proposals? And further, how does that variance compare to other firms they’ve competed with, including those in their Global Rank cohort?
  • Ex above: This firm is 25% less expensive than the final average price when they win. Most other competing firms aren’t dropping their prices as much.
• Losing Proposal Variance (right chart): when this firm loses, how does their final proposal price compare to the average final price of other proposals? And further, how does that variance compare to other firms they’ve competed with, including those in their Global Rank cohort?
  • Ex above: This firm is 3% more expensive than the average final price when they lose. Some competing firms are well above them, some are well below them in final price.

Proposal Feedback

What to Know

• Left: This is the average rating for the selected firm across all of their scorecards for the quarter. This includes only when a scorecard has been provided on a firm’s proposal.
• Right: This is the average rating for this firm for each of the four scorecard categories. Again, a firm’s ratings will only change here when quantitative proposal feedback is provided.

What to Know

• This shows the rate of providing proposal feedback for the firm during this period by the in-house team. Additionally, you’ll see the quantity of qualitative feedback comments provided, and by whom.
  • You can export the qualitative feedback data on a per firm basis.
• % proposals reviewed: as a proportion of all submitted proposals. In the example above, this firm has had 2 proposals submitted and both of them (100%) have been scored and reviewed.
• Additional Comments Provided: Great way for firms to uncover more detail about the review of their proposals, including nuggets of information as to why they won or lost. This efficiently arms in-house teams with strategic advice for firms across each proposal.

FAQ

How is Real-time Business Review different from Insights?

• Insights provides clients with a broad range of data on their activity on PERSUIT, including the volume, value and savings of RFPs, as well as other adoption trends. This information can be used by clients to analyze their external legal spend and make informed decisions about their outside counsel PERSUIT program strategy. All data can be exported to a spreadsheet.
• Real-time Business Review is for maintaining a strong relationship between clients and providers. It facilitates data-driven conversations and two-way feedback, exploring the providers' performance and areas where they might improve and win more business.

How can I access Real-time Business Review?

• This is located in the expandable left sidebar menu.
• Users with the Insights and Manager roles will have access.  If you would like access, please reach out to support@persuit.com.

I want to export this data and use it somewhere else. Is that ok? How do I do that?

• The contents of Real-time Business Review can be exported as a PowerPoint deck directly from the app, by clicking the “Export PPT” button in the upper right corner of the page. Regardless of which section you are viewing, this button will export the data from all three.
• The “Additional Comments Provided” table can be exported in Excel format by clicking the “Export Excel” button located next to the table.

I want to present these charts in Excel. What can I do?

• Currently, only the “Additional Comments Provided” table can be exported in Excel format directly from the PERSUIT app.
• This article explains which data can be exported from Insights, which may cover your reporting needs.
• Please contact support@persuit.com or your customer success manager with any queries or requests relating to data or analysis.