Improve your competitive bidding results!

Leading a competitive bidding process can be painful. It all starts with you sending your request for proposal (RFP) to your suppliers one by one, and then a lot of information comes in from different channels and formats.

The process, typically managed through numerous email threads with attachments of Microsoft Word and/or Excel format documents, phone calls, face-to-face meetings, and paper notes, makes sorting and organizing all the information a challenge.

In the end, you are the one tediously sorting through all the information and trying to make sense of it all while striving for competitive bidding results.

The bidding process is generally viewed as a formal practice for the acquisition of goods and services by businesses, governments and other organizations. The practice of formal RFP/RFQ/solicitations is a very crucial step to achieve desirable results and maximize return on investment.

In many organizations, senior management is always motivated to invest in improving sales. While they should have a strong focus on increasing sales, they often underinvest in improving procurement performance. This is especially true for small and medium-sized businesses where resources are typically limited.

These procurement teams have to revert to legacy environments, interacting with each supplier individually and then spending hours sorting through the information. While good procurement teams do their best to maintain good discipline in procurement practices; there is much room for improvement.

As much as the business world strives for automation, procurement is still an area where manual processes dominate small and medium-sized businesses. Over-reliance on manual processes exposes the organization to risks such as human error, miscommunication, and incomplete visibility into an organization’s spending, thereby missing cost-saving opportunities.

There is good procurement software on the market that supports competitive bidding initiatives, but they are all expensive. They all claim to support SMEs but often have 6-figure annual prices.

Based on research, the most common reasons companies hesitate to adopt procurement software are as follows:

  1. Lack of resources: After everything has been invested in sales, the team has been equipped with the latest toys and CRM software, there is nothing left to improve on the procurement side.
  2. Lack of Supply Chain Knowledge by Senior Management Team: Instead of viewing supply chain/procurement as a resource for the business, they still view it as a cost center, making them reluctant to allocate resources to improving spending.
  3. Potential system conflict: Management is concerned that a new procurement system will not integrate with the existing ERP and/or accounting system.

The road to optimizing the procurement process can be bumpy, but there is light at the end of the tunnel. This is because the above challenges can be easily addressed by employing Power RFP, a procurement project management tool that offers you an effective and convenient solution to streamline your bidding process.

Power RFP focuses on solving the main challenge of all tendering initiatives – the coordination and organization of project information. It allows users to digitally and centrally coordinate all RFP requests with vendors, manage project updates, track all notes and communications by project, and collect all bids and project information in one place.

Power RFP easily integrates into your existing business practice without conflicting with your existing ERP or accounting system. Power RFP is also very flexible when it comes to user adoption. It will bring immediate value to whoever decides to adopt it, without having to convince the entire team to adopt it.

This means that while other team members on your team may insist on sticking with their outdated methods, as long as you are willing to try Power RFP you can still enjoy the full capabilities of Power RFP.

Best of all, unlike other expensive tools on the market, it’s completely free for buyers with no limit on the number of projects.

Power RFP offers your company the following advantages:

  1. Better coordination and extremely organized

More projects often lead to more proposals and more information to sort through. Power RFP allows you to take on multiple projects while staying organized and maintaining proper sourcing practices. Use Power RFP to centrally distribute, collect and organize all project information to ensure you and your suppliers are always on the same page. All offers and project responses from your suppliers are received centrally and automatically organized for you in one place.

Manual coordination means you are limited to the number of projects you can coordinate before information is lost. Power RFP helps you do more with less. Complete more projects while letting Power RFP help you stay organized.

  • Always a clear conversation

Have you ever mixed up communication between two different projects or sent a message to the wrong provider? Power RFP’s In-Project Messenger feature helps keep all project communication clear and on-topic. No more confusing different project discussions.

Do you have an important announcement to make about a project? The broadcast-to-all feature allows you to notify all advocates at once.

Improved data and better decisions

With a built-in data analysis tool, Power RFP automatically organizes all proposals into a scoring grid for your analysis. Additional decision support tools such as B. an offer scorecard are available to help you make an informed decision.

Have you ever asked your boss out of the blue to send him all the information on a project that was completed years ago? To make things more interesting, he comes to you 5 minutes before the end of the day and you have to provide the information as soon as possible. With Power RFP you never lose track because all completed projects are archived. Past and current projects and review proposals, notes and communications can be easily found on Power RFP’s platform.

Power RFP is simple and elegant. It focuses on solving the main problems of the tendering process. It is created by procurement experts for the procurement community. Power RFP is free for all buyers and procurement professionals to carry out all procurement and sourcing projects.

Your business is a continuously improving and continuous problem-solving path. Power RFP is the most effective tool to take your business to the next level and get competitive bidding results.

Article on competitive bid results and permission to publish here provided by James Liang at PowerRFP. Originally written for Supply Chain Game Changer and published on June 23, 2021.

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