Bid Management Services: Complete Overview
Tender and bidding are terms that are familiar to most of the people in India and across the world. People use these terms on a daily basis, especially those who are run a business. Primarily, these terms are used while applying for the government tenders in India. When an organization needs service from another organization, it creates an open Request For Proposal (RFP) with the details of the services expected and invites bids on it. Organizations seeking to offer their services bids on the project with their cost, project deadline and other details. After receiving all the bids, the organization which is asking for the services decides whom to allocate the project based on their criteria.
What is Bid Management?
Bid management, which is also referred to as tender management or proposal management, is the process followed by suppliers in order to provide bids and tenders to buyers. A proper bid management is essential in order to successfully respond to requests from buyers. The process of bid management goes on from the receipt of Request For Tenders (RFT) straight through to the submission of prepared bids and tenders.
Making strategic bids choices
Terms such as Request for Information (RFI), Invitation to Tender (ITT), Request for Tender (RFT), or Request for Proposal (RFP) is used by buyers when engaging the market. Having said that, the first thing that a supplier must do is decide whether or not to respond as every bid opportunity may not be a good fit for your business. Hence, it is best to think strategically. You must ensure that the bids and tenders that you submit are as per your strategic business objectives. Making strategic bid decisions will help in improving your chances of winning the contract and ensure that you get the work that you actually want to take on.
If your business is seeking to increase sales via bids and tenders, then you need to invest time, commitment and the correct bid management approach to achieve success. It all starts with the receipt of an invitation from the buyer. When you decide to make a bid or tender, you must identify your bid manager. They will coordinate and shape a proposal. Your bid will help your business stand out from others, and outline your understanding of the requirements of the buyer, and provide how your company will fulfill those requirements. Additionally, good project management skills are necessary to ensure timely submission of the bids. Moreover, you need to take out time to ensure that the final bid is reviewed and updated if needed.
How does Enterslice help?
Enterslice assists in the preparation of high-quality bids that are tailored, insightful and focused on the buyer’s needs. We highlight the unique benefits offered by the supplier to the buyer. We also ensure that all legal, insurance and other essential compliance requirements are identified and dealt with before the submission of the bid. Our expert consultants understand the level of preparation and focus required in the bid management process. So, as part of our bid management services, we will help you to increase your chances of winning the tender by making sure your bids are compelling, tailored and professional.