Case Study
How The GreenRFP Became a Game Changer for Invitation Homes
It’s a common misconception that every process in a publicly-traded company has been dialed in to perfection. Sometimes, the larger you get, the more challenging it becomes to keep any given process in check. Here’s a look at how The GreenRFP helped Invitation Homes take their RFP process from “tedious and complex” to “streamlined and efficient.”
THE CLIENT: INVITATION HOMES
Invitation Homes (NYSE: INVH) is a leading owner and operator of single-family rental homes in the United States. The company has a portfolio of over 82,000 high-quality homes across 16 major markets, primarily in the Western United States and Florida. They target neighborhoods that provide proximity to major employment centers, good schools, and transportation corridors, offering economies of scale to efficiently and effectively serve their residents.
THE CHALLENGE: A CUMBERSOME RFP PROCESS
Like many other companies, Invitation Homes was grappling with a tedious and complex RFP (Request for Proposal) process that was primarily manual, making it time-consuming. Their previous system was scattered across various spreadsheets, emails, and documents, which created an organizational nightmare. Reporting capabilities on RFP assessment and outcomes were challenging due to the system's lack of structured data management and automation.
Furthermore, the prior system was insufficient in managing and tracking the progress of each RFP, with important details often falling through the cracks. The company tried other solutions to streamline the process, but these fell short due to the ongoing reliance on manual spreadsheets and processes.
THE SOLUTION: THE GREENRFP SOFTWARE PLATFORM
Invitation Homes discovered The GreenRFP (GRFP) software platform through a business referral. Intrigued by its simplicity and advanced reporting capabilities, they decided to implement it, hoping for a transformation in their RFP process. The team was particularly drawn to GRFP because it
- is a centralized source of truth
- reduces manual effort and enables automations
- is user-friendly for non-procurement personnel
- puts focus on decision-making over administration
IMPLEMENTATION EXPERIENCE AND INITIAL REACTION
According to Elizabeth Galloway, CHRO, “the implementation process was smooth, thanks to the phenomenal customer service provided by The GreenRFP team. They offered a comprehensive orientation of the technology, explaining its features and capabilities. And they were readily available to answer any questions and provide support, especially during the initial stages of launching the first RFP into the system.
Once implemented, our team found the platform to be user-friendly, which was a relief, particularly for HR professionals who are not accustomed to releasing RFPs often.”
TANGIBLE BENEFITS AND IMPROVED EFFICIENCY
The GreenRFP streamlined and centralized the RFP process, eliminating the need for manual documentation and multiple email threads. By having all stakeholders collaborate and manage the entire RFP process in a centralized location, it reduced administrative overhead and ensured that everyone worked with the most up-to-date information.
Moreover, the automation of manual tasks and repetitive processes saved significant time and reduced errors. The platform automated approval tasks, document collection, Q&A with respondents, deadline reminders. This allowed their team to focus more on analysis and decision-making rather than administrative tasks.
Said Galloway, "The GreenRFP platform provided us analytics and reporting that were valuable to the decision-making process and for sharing findings with executive leadership. This has been a game changer for us as we did not have any tools of this magnitude before utilizing The GreenRFP platform."
FUTURE PLANS
With a successful implementation that led to promising results, Invitation Homes plans to continue using The GreenRFP on an as-needed basis for their RFPs. They particularly appreciate the vendor evaluation function, which has allowed them to create a centralized vendor database for evaluating vendor responses and comparing them based on their criteria. This feature simplifies the vendor selection process for future projects.
The decision to add a new software solution into an already complex business process is never easy. Potential efficiencies have to more than make up for the time and effort required to change a familiar way of doing things. At The GreenRFP, we understand this, which is why we built our platform to provide an order of magnitude improvement over standard RFP practices. For Invitation Homes, it’s been “a game changer.”
