A Guide to Tender Management
What is a tender?
When an organisation, public sector or private sector, requires outsourced work, services or goods, they can advertise this need through a tendering platform or invite businesses to bid for the contract to fulfil the requirement. When this tender is put out and businesses are allowed to bid, this is referred to as an Invitation to Tender (ITT).This invitation will detail the job in full, whether it be a supply of goods or providing services to complete a particular project. If you want more details on tender writing and responding to tender requests, check out our Service Offering page.
What is bid management?
Having the right systems and procedures to maximise win rates is crucial when a business deals with lots of bids and tenders or high value, strategic, must-win opportunities. Having some form of tender management means that your whole tendering process will be overseen, and current and new tenders will be effectively managed and tracked.
Having your tendering process specifically managed means that not only will current tenders be monitored, but the process of finding new tenders and contracts that would be appropriate for your company to bid on is much easier. This leaves your team with more time to focus on lengthy and important bid writing and responding to tender documents.
Why is bid management important?
Are you a company that deals with a high volume of bid opportunities or relies on securing tenders in order to maintain your business? In these instances, bid management is indispensable to success.
One of the most common reasons that businesses lose tenders is due to mismanagement of the opportunity, therefore not investing enough time into preparing a response, or conversely spending too much time on a tender in which they had little chance of securing, thus impacting other prospects and potentially missing deadlines. If you often deal with bids and tenders, you will most likely have to deal with the following:
You are working on multiple tenders, therefore have a large amount of tender documents and files to manage and most importantly, differing deadlines.
You have a team of people working on many different elements of a tender, from searching for opportunities, to gathering necessary information and writing, reviewing and submitting the bid.
- You are working on multiple tenders, therefore have a large amount of tender documents and files to manage and most importantly, differing deadlines.
- You have a team of people working on many different elements of a tender, from searching for opportunities, to gathering necessary information and writing, reviewing and submitting the bid.
- You have to manage which tenders are a priority, keep track of their progress in line with the submission date and put pressure on the right team members to meet deadlines.
- You have to either write each tender response from scratch, or search through previous responses to find an appropriate base template that can be utilised to support a new tender.
- You need to factor in time to review lost tenders, understand the feedback you were given (if this was provided) and take the time to better understand what elements of the bid were successful and what needs improving.
Each of these important elements of the tender process are difficult to maintain without proper tender management. This is where having a comprehensive and unique system in place can support your business, monitor deadlines and team members and easily house all necessary files. Our systems Tender Pipeline and Tender Library, detailed below, are the perfect tools for effective tender management
Bid management process
The bid management process involves finding the right bid for your company by narrowing selections down, tracking the progress of the tender, passing it on to the bid writing team and monitoring their deadlines.The bid management process mainly focuses on the work done before a bid is sent off to the business looking for the service or goods, and monitors the complete tender process. Effective management ensures that this process is streamlined, monitored and sent off at its best, with added focus on it being sent out on time.
Do I need bid management?
If your business is:
- Not finding the right opportunities
- Missing out on opportunities
- Missing deadlines
- Losing bids
- Spending time on unrealistic tenders
… then a bid management system could be beneficial to you.
Having effective bid management will ensure that your chosen tenders follow your budget, location restrictions, industry sectors and availability which will all increase your likelihood of success. This is important to focus on as a business before time, money and effort is spent on ineffective bid writing.
Get in touch with us today if you have any questions about bid management and the systems that we offer, and see how we can help to streamline your bid management processes.