Of course we are the advocates, but once in a while its good to take a contrarian view.
If the following elements don’t impact your business or if you are already doing them successfully, go ahead ignore this post. But otherwise, you should seriously think about having a bid management software.
If You are winning more than 60% of net new deals - There’s a reason why B2B organisations track net new wins. It is the true measure of whether you are winning market share or not. Without a doubt, upgrades at existing accounts are important. Renewals can’t be missed. But winning new business is tough and when you succeed at it, you succeed in the market place. How can a bid management platform support this lead measure? Quite simple by churning out analysis to help you make decisive deal decisions – what happened with similar bids we submitted recently, who is our toughest competitor, what has been our win-loss ratio for the given territory/ business unit, etc.
This requires keeping 2-3 yrs of historical data in adequate detail. And when, it’s there, you don’t have to rely on your gut (or memory) alone. Supplement your gut with data-based analysis from your tender management software. Then there’s nothing stopping you for winning that net new deal.
If You are 100% sure of your governance processes - A bid management platform will enable the relevant stake holders capture their risk and mitigation strategies so that the decision makers can take risky bets with their eyes wide open. Or avoid them. Through proper approval and review mechanisms a bid management software can ensure that none of the red flags are missed, irrespective of the size or volume of bids.
Second reason is posterity. If one needs to know the approvals given, or deviations submitted for historical deals he/she should not have to run around for this vital information. Or worry because the concerned person has changed/left. If the other party has more information about the deal history, he will have an un-fair advantage during the negotiation. Conversely if all the approvals, reviews, deviations are available when required, it can ensure that your renewals are happening as per plan.
Lastly, once the deal is won, finance and delivery teams are eventually asked to figure out a way to make it work. While that possibility cannot be completely eliminated, a bid management platform should enable all stake holders re-align themselves to the final terms and seek re-approvals where required.
If Your bid response teams are on top of every opportunity -Its quite unlikely that as a sales head or a CEO you have ever wandered the bunkers to see how the bid teams are doing. But it’s possible that you have heard that the bid response team members are mostly sandwiched in between the tight deadlines on one side and client expectations on the other. They are always stressed, figuring out how to get more things done with less (resources). And if that’s not all, they end up wasting time in un-productive tasks such as follow-ups, document synchronization/ updation, and scouting for historical information.
This is because most bid teams are still working on old-age, un-synchronized, dis-integrated tools. A bid management platform can automate the mundane tasks, organize the process, and improve productivity of bid teams. Result - more work done with the same resources, minus the stress.
If Your bid processes are too complex – Every organization is unique, whether its culture, technology, innovations or processes. However, the components in a bid development process largely remain the same – solution, proposal, pricing, contribution, reviews, and approvals. Every organization will have specific nuances based on their stage and industry but the elements don’t change much.
The same is true for a bid management software – as long as it captures all the key elements of the bid process, it can be re-arranged quickly to map to your unique processes – review flow, approval hierarchy, user territories, selective access, etc. Don’t let the process complexity stop you from ringing in the benefits of automation.
You do not wish to focus on your most important opportunities - In his book How Google Works, Eric Schmidt famously said that a CEO must give 80% of their time and attention to the existing lines of businesses. The health and progress of their existing lines of businesses will help him/her fuel the new (20%) ones. As head of business, you don’t want to spend yourselves too thin on what’s happening with all the opportunities. CRM can take care of that. You need to focus on the qualified ones, on the important ones. And with those go as deep as you can – how far have we come, where’s the delay, does it require expert oversight, what road-blocks need to be cleared. So that you can increase the chances of your win! That’s precisely what a bid management platform enables you to do. Provide a clear sight of what’s happening with your qualified opportunities – which bids are in what stages, is the value of bids submitted going up, which tasks require expedition, etc. The sales and marketing team will take care of the deals before they get qualified. The delivery team will take care of it once you have won. Your attention has to be in between!
Digitization is not a priority - So this is the bonus one - Digitization. It’s the most talked about topic these days and therefore it’s important to see through the hype and identify which of your processes deserve to be digitized. Most organizations already have some form of ERP. After that, B2B organizations need to evaluate which are the other revenue impacting processes. While one will hear a lot of clamour for CRM, organizations need to weigh-in the benefits of managing the sales people v/s managing the sales opportunities. Do what’s right for your business. Do what gives you a better return on your investment.
Now, if you did not check even one of these 6 reasons - talk to us.
Comments and observations welcome at email@example.com.