Most companies have RFP cycles , and some instances, the time invested in running a RFPs periodically on the same service doesn't give us tangible results.

In the service industry, should there be a standard RFP cycle? if not what other methods could we adopt in supplier selection? is a combination approach of RFP and price review a better option (annual price review and 5 year RFP cycle on the same service) if its a price review what would be the acceptable frequency of price reviews? What other factors can be included in the price reviews instead of RFP? any other suggestions? appreciate your comments