Get to know what are the challenges and speed-breakers for the bid management community. And of course, what will ensure them a good night's sleep.
Well, apparently, it is – “I will have to do one more revision of the pricing just to check all dependencies have been taken care of”. Pricebid invited representatives from B2B turn-key solution providers to identify key challenges in the “Bid Pricing & Approval” processes.
And what did we find …
1. The second most common factor which keeps Bid professionals awake is – “Hope no one revises their pricing before the bid review tomorrow.” Literally!
2. Developing the multiple pricing/margin scenarios topped the list when asked, “Which is the most time-consuming part of developing the pricing bid?” with 69% of the respondents voting for this option.
3. Synchronizing the pricing received from internal/external teams received 73% votes when asked, “which is the most labour intensive part of the bid pricing process?”
4. When asked, “which is the least productive part of pricing analysis?”, there was a tie between – No comprehensive repository of bid documents and Limited analysis of previous bids.
5. Over 81% responded that bid approvals in their organisations are still done over voice calls and/or emails.
Top-5 things which would make their life simpler .. give them a good night’s sleep
• Pricing simulation
• Excel integration
• Bid related analysis
• Version control
• Cash-flow preparation
The respondents varied from industries such as EPC, IT/ITES, Professional Services, Chemicals, and Healthcare.
Comments and observations welcome at firstname.lastname@example.org.