Business acquisitions and building strong partnerships with other organisations rely heavily on winning contracts.
Effective and timely bid management is crucial in today’s fiercely competitive marketplace, which is why more organisations are choosing to hire Bid Managers and also invest in bid management software.
The Bid Management Process
From end to end, a variety of individuals will be involved in the bid management process.
- The Bid Manager is responsible for coordinating everyone within the organisation in order to have the bid be a success
- Individuals who are the head of a business unit play an important role in the decision-making process as well as recruiting necessary resources such as SMEs and IT analysts
- Financial analysts help determine appropriate bid pricing and restructuring so that the bid is profitable
Bid management requires the help of several people within an organisation in order to create a winning bid or proposal. The problem is trying to organise the information coming in from each of the above stakeholders while also keeping everyone up to date on the latest developments regarding the bid.
How Bid Management Software Is a Solution to Your Problem
There are a number of ways in which bid management software can help your entire project management process from end to end:
Preventing Communication Gaps
A lot of communication is done through email. Other decisions or ideas may be discussed in the break room or with only one or two members of the project management team.
Bid management software can be updated with the latest communications and strategy ideas so that everyone on the team is aware of what is happening and has a chance to share their opinion.
Improving Your Decisions
The bid management process is incredibly dynamic and can change in an instant. Many crucial decisions will need to be made immediately and without consulting everyone on the project management team.
Bid management software keeps everyone in the loop and contains the latest and most relevant information about the bid or proposal.
Project management team members can quickly access the most accurate information relating to the bid and, therefore, make the best decisions at that time.
Not Leaving Your Bid to Chance
Information is key when it comes to winning a bid and that information must be presented in an accessible and reliable format.
Rather than attempting to commit fine details to memory, you can use software to capture those details and to save them for present and future reference.
Choosing the Best Software for Your Business
There are a number of bid management software programs available on the market today, with the most valuable being bespoke software programs such as those offered by Executive Compass (visit www.executivecompass.co.uk for more information).
Your software program should:
- Provide you with full control over the software. You should be able to designate authorisation levels to those who are a part of your project management team;
- Have email alerts;
- Allow for remote access to all documents;
- Feature state-of-the-art security;
- Provide real-time progress updates.
Take the time to consider the needs of your business prior to purchasing an “out of the box” solution.
For the best results, strongly consider choosing bespoke bid management software.