Tendering plays a key role in every enterprise nowadays and this is expected to grow even further in the upcoming years. Tendering is even forcing specialized and well-established enterprises to participate in tendering process. Tendering is all about data. Data is required to accomplish the ideal tendering process, along with persistent learning. Once these data sets are accessible, the tendering process can be taken to a whole new level. Data is the empowering agent of strategic tendering.
Transforming Data into Your Key Tool
One of the key functionalities of tendering is the cyclicality. When compared with other procurement entities, most of the tenders repeat after the completion of the first tender. Stable and effective forecast empower organizations to develop solid sales prediction models and procedures.
Bringing this cyclicality to the business is important. Supply chain integration is one of the focal parts of tendering, regardless of whether you are attempting to improve the productivity or essentially to respond to tender to keep your enterprise usage high, incorporating the supply chain department is an unquestionable requirement. However, both the cyclicality and the integration of supply chain depend on data management.
Ideal demand planning process always depends upon the strong characteristics based on the quality of data. The supply chain can play a key role in bringing the organization to a superior position while reacting to the tenders. Productivity decisions can be made with substantially more leverage because of economies of scale and accuracy efficiencies. For example, if the tender has been accounted amid the budget process, it would prompt diverse decisions on participation. If marginal expenses are distinctive, then fixed costs and the tender incremental to the budget might be more beneficial as marginal expenses would be included.
Data monitoring enable organizations to perform market analyzing. It will be significantly easier to characterize the trends undergoing in every country. Consistent data monitoring help in many ways, for example, the quantity of tenders, the type of processes, the tender authority type, and the duration. You could even go to extend where you can gather information on the individuals served by the tender authority and in addition the switching patterns inscape for the tender. Once the main data are accessible, the next thing to do is to characterize the best possible strategy and the respective working model. The business model is always different in every country. For example, two clients publishing 1 tender a year Vs a market with more than 200 tender authorities distributing up to 2000 tenders. This view is only possible if the organizations have such data accessible. Each section is particular and data is the best approach to bring those criteria with the related winning rate and providing insights on which market to play.
Business Intelligence is the Key
Enhancing the supply chain structure and your working models are two key strategic inquiries and data will support the development of those working models. The best way to show a solid trend is to perform an analysis. Inference can be made just if the history has been legitimately examined. It is important to establish a resource allocation decisions based on facts. All the products cannot be updated to fit the needs of the authority and this is where tendering come in to play.
However, Business Intelligence is empowered with data. If a nation’s perform religiously the tendering services and track the diverse data points accessible, the local and global teams will be all the more effectively ready to characterize the competitors conduct. It’s obviously important to know which contender is looking for the lowest priced tenders. It is also important to know which contenders are looking for quality criteria. In case any tendering process is local, deploy an in-country team to collect data and value it. The procedures should be in place for the global team to provide insights and feedbacks. This is the best way to support a tendering process effectively.
The ultimate objective is to move from an ad hoc tendering process into a proactive and fact-based decision making at each level. From cost to supply and response, every key part of the bids should be taken seriously and should be backed by data. This is the genuine reason for a tendering process thus should it be for your tendering strategy.
If you have any questions regarding tender management solutions, you’re welcome to ask our team.