Asset Management RFP Template [Guide and Free Download]

Hernán Aranda July 24, 2023
- 10 min read

An Asset Management Request for Proposal (RFP) template sets out the guidelines to help you compare the multiple alternatives to acquire a tool that fits your expectations and needs.  

When searching for an IT Asset Management (ITAM) solution, each vendor offers particular packages and benefits, and it’s common to get confused as to what everything means. Sometimes, similar capabilities work with different processes or features, or the vendors simply choose to use different names for the same features. 

Designing an RFP will help you first to clearly define what you are looking for (you can’t compare or choose a tool if you don’t know what you want and need). Then, by handing out an RFP template to each one of your options, you will be able to understand which one is closest to your expectations.

With this guide, you can confidently initiate procurement, ensure clarity in your requirements, and effectively evaluate vendor proposals. We will not only give you the Asset Management RFP template, but also provide you with some guidelines for the procurement process!

Keep reading to download the template for free!


Asset Management RFP template download

After years of handling RFPs for organizations worldwide, we have crafted a standardized sample that simplifies the process. Our comprehensive Asset Management RFP template in Excel is the perfect starting point for those who are seeking an ITAM solution.

We've distilled our expertise into a comprehensive sample that covers all the essential RFP components (don’t worry, we will break them down in the following sections). This template will help you save valuable time and effort in defining and categorizing your requirements in order to and selecting the right vendor.

However, do keep in mind that this is a structured framework to get started. You will need to adapt it to your own specific needs and goals.

What is an RFP in Asset Management?

When organizations are in need of software, they can craft an RFP to compile all the information they need from the vendors in a standardized way. Once the RFP template is created, they contact the vendors and invite them to submit an RFP proposal – which is basically filling in the template.

Through this process, the tool analysis is much simpler since the information is submitted according to fixed categories, allowing better comparison.

In this case, an RFP in Asset Management is exactly that, a template to hand over to ITAM vendors. Typically, it outlines the project's requirements, scope, timeline, and evaluation criteria. 

If you need to evaluate and compare ITAM tools or services, an RFP establishes a common ground for assessing vendors, standardizing the variations in their offerings, functionalities, or terminologies. 

Using an RFP also promotes fairness, transparency, and consistency in the evaluation process, ensuring that organizations can make well-informed decisions based on objective criteria.  Basically, it helps organizations mitigate risks, optimize costs, and ensure that the selected solution aligns with their IT environment, workflows, and business processes.

Why is an IT Asset Management RFP important?

Digging a little deeper, an IT Asset Management RFP will help you with the following:

  • Vendor selection - It allows for a competitive bidding process, giving organizations access to a variety of options. You can evaluate the proposals based on predefined criteria, such as functionality, cost, scalability, support, and vendor reputation. This systematic evaluation process helps in selecting the most suitable vendor for the organization's needs. 

  • Standardization and consistency - It ensures that all vendors receive the same set of requirements, evaluation criteria, and guidelines. This promotes fairness and consistency in the evaluation process, enabling organizations to compare proposals on an equal footing.

  • Customization and fit-for-purpose solutions - An RFP provides organizations with the opportunity to specify their unique requirements and preferences. Vendors can then propose customized solutions that align with the organization's needs. This enables you to select a solution that closely fits your IT environment, workflows, and business processes.

  • Compliance and risk mitigation - By evaluating vendors based on their experience, expertise, and certifications, you can mitigate risks associated with selecting an inexperienced or unreliable vendor. You can also include contractual terms and conditions in the RFP to ensure compliance, security, data privacy, and other risk mitigation measures.

The stages of the Asset Management RFP plan

To design an effective Asset Management Request for Proposal, as always, it’s important to have a plan. Here, we outline the different steps involved in it, as well as what and who should be involved in each stage.

1. Internal research

Assemble a dedicated research team, typically composed of technical experts responsible for identifying the internal ITAM needs of the organization and following up the whole process. This team will play a key role in evaluating the existing practices, identifying pain points, and determining the requirements for the new solution.

2. Tool research

The team should conduct a comprehensive search for Asset Management tools and vendors that initially appear to address the identified needs – if you need a little help, try with this ITAM tool comparison! This involves exploring various options, reviewing vendor websites, and seeking recommendations from industry experts or peers. 

Requesting demos is a great way to see the capabilities and functionalities of the tools in action. And that’s exactly why InvGate Insight has one free for 30 days! You can request it at any time. By carefully evaluating the options, the research team can narrow down the alternatives to a shortlist of potential vendors.

3. RFP template creation

Once the shortlist is established, it's time to create the RFP template. It should incorporate both your organization's specific requirements and the available solutions. This includes designing an evaluation criteria (i.e. allocated budget and key technical capacities).

To do so, you can design a scoring system that will help you compare the vendors in an easy way. For instance, add X amount of points if they cover the basics, and Y and Z if they have some extra useful functionalities.

4. Sending the RFP to vendors

The research team is also responsible for distributing the RFP to the identified vendors, providing them with a clear deadline for submitting their proposals. It is crucial to ensure that all vendors receive the same version of the RFP to maintain fairness and consistency. 

Some of them might need to ask you questions to complete the RFP. So, provide a communication channel where they can talk to your team.

5. Evaluation and final decision

Once the vendors submit their proposals, it is time to evaluate each response based on the predefined evaluation criteria. Consider factors like cost-effectiveness, feature alignment, vendor experience, scalability, and Total Cost of Ownership (TCO). It can be helpful to use matrices or scoring systems to rank and compare the proposals objectively. 

For the evaluation process, the research team should collaborate with IT stakeholders and other relevant decision-makers to incorporate their opinions and insights.

Once you make the final decision, you should also communicate to all the vendors that the selection process is closed, whether you’ve decided to buy their solution or not. Use the same communication channel that you set in the previous stage. 

And that’s it! Your buying and implementation processes should soon start after.

What should an ITAM RFP include?

When preparing an RFP for IT Asset Management, it is essential to include specific information to effectively communicate your organization's requirements and expectations. 

Downloading the template that we provided you above will help you to start working on it. It covers the key sections to ensure a comprehensive and detailed document:

  1. Introduction - Provide a brief description of your organization, its objectives, and the purpose of the RFP.

  2. Project overview - Outline the scope, goals, and specific requirements of the ITAM project, including any unique considerations or challenges.

  3. Proposal requirements - This section covers essential information about the vendor, including their company overview, experience, case studies, proposed solution, implementation timeline, and pricing and licensing details.

  4. Technical requirements - Specify technical aspects such as integration capabilities with existing systems (e.g., LDAP, ITSM tools), support for multiple platforms, mobile access, customization options, extensibility, and security and compliance features.

  5. Functional requirements - Clearly state the functional capabilities required from the Asset Management solution, including Hardware and Software Asset Management, License Management, Discovery and inventory features, Asset Lifecycle Management, reporting and analytics, integration with procurement and financial systems, and Cloud and Virtual Environment Management.

  6. Vendor support and services - Outline the expected vendor support and services, including technical support availability and response times, training and documentation offerings, implementation and customization assistance, and regular updates and upgrades.

  7. Evaluation criteria - Define the evaluation criteria that will be used to assess vendor proposals. This may include compliance with technical and functional requirements, vendor experience and reputation, implementation methodology and timeline, and pricing and TCO.

  8. Submission details - Provide clear instructions for vendors, including the submission deadline, contact person for inquiries, preferred proposal format (e.g., PDF, Word), and submission method (e.g., email, online portal).

What should you expect from an RFP?

When you issue an RFP for Asset Management, it's also important to know what type of responses you should be receiving from the vendors. 

Here are some guidelines to help you understand what you should expect from an RFP and what to look for during the analysis process:

  • Clear evaluation - You should receive a document that clearly outlines whether the proposed Asset Management tool meets your organization's needs or not. The response should provide a clear assessment of how well the vendor's solution aligns with your specific requirements and objectives.

  • Partial compliance consideration - In some cases, vendors may indicate that they only partially meet certain requirements. It is crucial to carefully evaluate these instances and assess the significance of the partial compliance. Determine whether the aspects that are not fully met are critical to your Asset Management goals or if they can be addressed through workarounds or customization.

  • Licensing model - The RFP responses should include detailed information about the vendor's licensing model. Understand how the pricing and licensing structure aligns with your organization's budget and requirements. Evaluate whether the proposed model is flexible and scalable to accommodate future growth and changing needs.

  • Evidence of compliance - Assess the vendor's supporting evidence or documentation that demonstrates how their solution fulfills the stated requirements. Look for specific examples, case studies, or testimonials that validate their claims. Requesting references or contacting existing customers can provide additional insights into the vendor's track record of meeting compliance needs.

While there is no specific standard waiting time for receiving RFP responses, it is generally reasonable to provide vendors with sufficient time to prepare and submit their proposals.

The timeframe can vary depending on the complexity of the project and the extent of the RFP requirements. However, it is advisable to set a realistic deadline that allows vendors ample time to respond comprehensively.

In conclusion

An RFP is a valuable tool for comparing and evaluating different Asset Management solutions with the same criteria. When issuing one, it is important to track:

  • Features and requirements that are a must.
  • Features that are useful but you’re willing to resign for other benefits. 
  • Other aspects that you need to consider (support, licensing costs, etc.) 

This will help you to make informed decisions and select a solution that meets your organization’s specific objectives and maximizes the value of its assets. Don’t forget to download our template and use it as your starting point, it will make the process much easier!

To evaluate InvGate Insight as your IT Asset Management solution, book a meeting with our experts and get to know our product!

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