Everything You Need to Know About Tender Bid Management
In the modern and competitive business world, numerous potential projects and services are put out to tender. In this process, many companies are given the scope to bid for their work. They provide a thorough explanation on their capabilities of solving a business issue, provide the service required or supply the goods needed. They will also have to give a competitive price for their service. The method of preparing these proposals or tenders which include designing and writing with competitive pricing is known as tender management or bid management.
A tender management system can be either manual or electronic but it both the cases it needs to ensure an effective procedure for
- the buyer who wants to source products and
- seller who wants to bid to supply a company
The art of online tender management
Today in the battle of companies, where each of them is competing with the other that might have the same or superior qualities and lower prices; tender management needs extraordinary skills to become successful.
That is why a tender manager must hold sufficient knowledge on bid writing techniques and must be able to make the tender unique and better than others.
What time does the tender management procedure start?
The tender starts after a proper ITT or Invitation To Tender has been recognized. ITT refers to a formal document that has been issued by a purchasing company for the purpose of informing other companies that bid for a piece of work or project.
The process of bid management is bounded by time which means there is a deadline within which the tenders have to be returned. This clearly shows that the process is dependent on a particular time frame.
Tender management system involves the following steps
- Evaluating the needs within the ITT.
- Framing a solution that fulfills these requirements.
- Handling the staffs that will write the tender.
- Building a compelling proposal that will meet the requirements and stand out from other bids.
- Creating a pricing structure that will win the bid as well as obtaining a profit by the end of the project.
- Meeting the tight deadlines.
- Reducing risk and increasing the impact of the tender.
Features that a tender management software system should possess include-
- The capacity to manage the entire procedure efficiently from issue of the tender to award the contract
- Publishing tender requests online to qualified and registered companies either free of cost or for a charge.
- Having the power to allow for limited procurement persons to manage the tender process with passwords.
- Updating companies automatically about any changes made to the tender or other specifications.
- Ability to save and recover historical tenders.
Tender management is undeniably a time consuming exercise which involves a lot of paper work. Doing this manually definitely has some plus points but it is prone to errors and incapable of dealing with a growing volume of tenders to be managed by both buyers and sellers.