Conveyor Leverages AI to Streamline Vendor Security Reviews and RFP Processes

The Time-Consuming Challenge of Selling Software

Selling software to enterprises often feels like navigating a labyrinthine process. Even after potential customers are persuaded that a solution is the right fit for their organization, they still face the daunting task of ensuring the software aligns with their security standards. This often leads to delays and frustrations that can derail even the most promising sales.

Chas Ballew’s Revelation

Chas Ballew, who co-founded Aptible in 2013—a hosting platform aimed at healthcare companies—experienced this firsthand. During his tenure there, he observed the painstaking nature of vendor security and compliance reviews. “What we saw was that every time one of our customers was trying to close a deal, they would have to explain all of their security and compliance practices over and over again,” Ballew recounted in an interview with TechCrunch. Such redundancy makes the sales process unbearably slow and often awkward.

The Burden of Questionnaires

For software vendors, the task of filling out lengthy security questionnaires could take weeks—a timeframe that often stalls the sales cycle and hinders contract renewals. Ballew recognized that this inefficiency needed addressing and, in 2021, transitioned from Aptible to launch Conveyor, a startup designed to automate the tortuous customer security approval processes.

The Advent of AI in Automation

At the dawn of Conveyor’s operations, OpenAI unveiled ChatGPT. Seizing this opportunity, Conveyor integrated AI to streamline its offerings. While many enterprises remain cautious about utilizing AI, those using Conveyor’s tool have quickly embraced it as a way to relieve themselves from the monotony of manual compliance tasks.

“It’s very redundant and repetitive,” Ballew noted regarding the security reviews. The conventional methods simply didn’t create any substantial value for companies, leaving them more than willing to let AI take the lead in completing compliance forms.

Success Stories and Groundbreaking AI Adoption

Conveyor’s early adoption of AI has proven fruitful; it became the first AI vendor fully deployed in production environments at respected firms such as Zendesk, Atlassian, and Qualtrics. Not stopping there, Conveyor’s customer roster now includes industry giants like Carta, Netflix, and Zapier, as well as over 400 additional companies. It’s reported that Conveyor’s AI can autonomously and accurately fill out over 90% of customer security queries, saving extensive hours and accelerating the sales process remarkably.

Expanding Horizons: RFP Automation

Building upon its initial success in automating security reviews, Conveyor announced its venture into AI-powered automation for requests for proposals (RFPs). These requests, often essential in the sales cycle, present another tedious hurdle that many companies face. The introduction of this feature positions Conveyor to attract a broader range of clients beyond the tech sector, increasing its appeal to potential investors.

Financial Backing and Future Prospects

Conveyor’s latest innovations have garnered attention, culminating in a $20 million Series B funding round led by SignalFire, alongside participation from the Oregon Venture Fund and Cervin Ventures. This influx of capital underscores the demand for solutions that simplify complex processes.

Prioritizing Security and Data Isolation

In the race toward comprehensive AI automation, Ballew emphasizes the importance of maintaining security and confidentiality. “We keep everything very secure, very isolated for each customer, which is very important,” he stated. Companies rightfully want assurances that their sensitive data is not mingled with that of others, reinforcing the necessity of stringent guardrails in the automation process.

Navigating a Competitive Landscape

Conveyor is not navigating this intricate territory alone. Several other startups, such as Loopio, Responsive, and Rohirrim, are emerging to tackle the issues of RFPs and security compliance as well. Together, they are redefining how organizations approach the often cumbersome administrative tasks involved in securing sales, enabling sales teams to focus on what truly matters: building relationships and delivering value to their clients.

In an evolving landscape, Conveyor and its contemporaries are paving the way for a more efficient and smooth sales process. Their innovative approaches are shaking up traditional systems, making them more efficient, automated, and ultimately more valuable for software vendors and customers alike.