4 Key Benefits of Tender Management Software
For construction companies working with third parties, tender management can be a complex process. Without the right tools, you may be managing various contracts and proposals at different times; resulting in a lack of control over projects and relationships. Many businesses are however realizing the value of a tender management solution. Let’s take a closer look at four of the key benefits.
1. Simplifying stakeholder management
Imagine that you have issued a large tender to build a new bridge. A project of this nature may require many stakeholders such as government agencies, construction firms, architects and design companies. The stakeholders will need to approve various stages of the project, to progress work onto the next phase. With a good tender management process in place, you see a clear overview of all stakeholders who are involved, their importance, and what part they are playing, providing more control over your project stages.
2. Reducing the risk of duplicates
Along with managing stakeholders, multiple opportunity management can be a challenging part of the tender management process. Construction suppliers often find themselves in competition with several other companies bidding for the same work at the same time. Only one will win, which is where accurate forecasting comes into play. For your Sales Manager, forecasting provides visibility of how many quotes you have for the year and ensures you don’t double count quotations in your pipeline, helping you to identify the one most likely to win the bid. With additional tender management functionality available with Dynamics Tender Management integrated into your Microsoft Dynamics 365 for Customer Engagement environment, you can identify opportunities with individual demand. In that way, you avoid double or triple counting one product or service being sold for the same project.
3. Making calculations more visible to speed up approval
Following the qualification of a tender opportunity, in order to move it to the next phase, many approvals may be required. Most large projects involve complex calculations, which make it challenging for senior management or legal departments to view, understand, and sign-off. This can result in project delays, lost time and money. Specialist software is often used to create quotations, so integrating this part of the tender management process, or making it visible within CRM is, therefore essential. CRM systems such as Microsoft Dynamics 365 for Customer Engagement can manage the connection with such software, ensuring all parties get access to the right information, helping them to make a more informed decision about signing off a quotation.
4. Greater control over documents
Compared to standard sales processes, tender management can require a very different approach with numerous documents from various suppliers and partners to manage. For example, should you want to tender for a large building construction project, you may need third party input from architects and other suppliers to create a proposal. Traditionally this is done via email, or by using file-sharing platforms. With Dynamics Document Manager combined with Dynamics Tender Management as part of your overall tender management process, your sales team can see all the steps in the project. This saves time by avoiding having to switch from one system to another and provides better version control. Microsoft Dynamics 365 Customer Engagement and Dynamics Tender Management enables you to strengthen confidentiality and limit circulation. For example, if various stakeholders need to provide sign-off, your documents can be kept in a secure place with sufficient rights set for the relevant parties.
When integrated with Microsoft Dynamics 365 for Customer Engagement, Dynamics Tender Management can help businesses make better decisions about each contract. The value of which can result in less risk, an increased level of awarded contracts, and ultimately a more customer-centric approach to projects.