Look Out for these Details in Company's Proposals

Look Out for these Details in Company's Proposals

By CFO Tech Outlook | Wednesday, July 17, 2019

For a successful bid management, the team needs to follow certain steps that not only enhance the quality of the process but also allows for smooth approvals of the proposals.

FREMONT, CA: As simple as it sounds, responding to a tender document is not a cakewalk. It involves an extensive intra/inter-organizational coordination of multifaceted departments. With many challenges served in the process, the issues to look out for are:

1. Stringent Deadlines:

Short duration bids need an efficient leader to organize all the processes until ground zero and a well-equipped team, as it is essential to submit before the deadline.

2. Decisions of Bid/No Bid:

The decision process of bid/no involves analysis of numerable factors related to eligibility criteria, the technical scope of work, commercial terms, availability of resources, risks involved with project execution, legal terms, payment terms, financial factors, geographical & socio-economical conditions, and other relevant feasibility aspects. The bid/no-bid decisions are taken based on qualitative or quantitative kinds of analysis by experts or by high-level management.

3. Technology Partnership or Teaming:

When a company lacks in terms of technology, it searches for an organization to fulfill the gaps by partnering with a suitable company and an agreement. These agreements lapse once the project is closed; hence, it is crucial to keep an eye on the contract before it is signed.

4. Vendor Coordination and Documents Sourcing:

Bid management is all about sourcing and sending out documentation from various departments to a plethora of vendors in a timely fashion. Utmost attention needs to be provided for coordination and communication among departments while preparation of documents. Finding and finalizing the vendors, negotiating deals, and prices along with follow-ups are the most challenging task, which requires an experienced professional for safe and smooth working.

5. Restrictions on the Proposal:

Bids are disqualified due to non-submission of certain mandatory documents. Delivery of proposals should be planned according to national and local holidays; keeping in check the political, geographical, and climatic conditions; or any other factors that may affect the delivery of the proposal.

Check this Out:Top financial reporting companies

Many a time, the proposal may be restricted to only a certain number of pages by the client’s request. The Bid Manager has to oversee that the entire content fits appropriately as per instructions without compromising on the integrity of the bid. Pictorial representations, such as suitable images/diagrams/graphs, flow charts, configuration diagrams can be used. Online e-Bids need to be verified if the file size of bids complies with limits allowed by e-tendering web sites. File Compression tools can be incorporated to handle the task.

Few Financial reporting companies:AST , Entertainment Partners , Lucanet

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