Securing lucrative contracts through tenders is a highly competitive activity. But one fraught with challenges, especially in securing high-quality content for submitted responses.
Having a comprehensive Bid Library is a game-changer in resolving content issues. In this blog, we’ll explore the benefits of implementing a Bid Library for use by your Bid Team, Subject Matter Experts and Approvers. Benefits that deliver better quality responses, secure higher evaluation scores and win you more business!
Bid Library Technology Platform
Before we delve into the benefits of a Bid Library, it is worth considering the platform or technology being used to build and manage your content assets. The solution chosen will significantly impact how effectively and efficiently you are able to create, interact and use your content.
Options include:
- Simple Database Solution: A central location on your server with a structured directory of content. This is possibly a version of what you are currently doing and has its limitations! Without data management tools and reliant on manual input from multiple sources, the database can easily become disorganised and out of date. Thus reducing its value and long-term engagement.
- Content Management Solution: Designed specifically for building document libraries with varying levels of functionality and tools. This will provide an improvement on the above option and help better manage your tender content. But being a stand-alone solution, integration with other tools and your wider tender activities may be limited. A lack of integration may result in further working inefficiencies and user frustrations.
- Dynamic Bid Library: This entails the adoption of a dedicated Bid Management Solution that incorporates a Bid Library. This ensures easy access to content across a seamless workflow for the whole bid journey from opportunity to submission, to win and contract delivery. The inclusion of powerful tools ensures consistent creation, improvement and use of your foundational content. Allowing you to build a comprehensive, valuable Bid Library.
Top Bid Library Benefits
The following benefits are those realised by implementing a dedicated Bid Management solution, such as TenderEyes, which incorporates a fully integrated Bid Library, as part of the wider process.
1. Centralised Knowledge Repository
A properly working Bid Library serves as a centralised repository that houses all essential information, documentation, templates, and past tender materials. This single source of truth ensures that your Bid Team and Subject Matter Experts can easily access the latest information for review, update and use. This eliminates the need to repeatedly reinvent the wheel with every new tender.
As the Bid Library is an integral part of the entire tender process and bid management solution, its day-to-day value is easily demonstrated and understood by users. This helps increase Bid Library adoption and content use.
2. Rapid Content Search & Use
Time is of the essence in the competitive world of tender management. Bid Teams can spend countless hours searching for information that is unstructured and sits within multiple data silos. Tight deadlines will often force them to recreate content from scratch.
“Nearly 80% of companies estimate that 50%-90% of their data is unstructured.” Deloitte
A well-maintained Bid Library drastically reduces this effort, enabling teams to respond faster to new opportunities. With streamlined access to pre-approved content, first drafts of bids can be assembled swiftly, minimising errors and delays.
Tools available within the Bid Management solution can significantly accelerate the process and maximise the value of your Bid Library. This includes:
- Cognitive AI enhanced search and return
- Access to content from your Bid Library directly within Microsoft Apps
- Auto-population of content with one ‘SwiftClick’ AI technology.
This will save valuable time, that can be better spent testing and improving individual tender responses. Leading to more compelling tender submissions, higher evaluation scores and improved win rates.
3. Improved Content Quality
Consistency is key to establishing a professional and reliable image in the eyes of clients. A properly working Bid Library ensures that your Bid Team adheres to established branding guidelines, industry standards, and legal requirements. Moreover, the availability of high-quality, vetted content in the Bid Library will help elevate the overall standard of responses. Thus, increasing the chances of winning tenders.
Processes and tools within the Bid Management solution and Bid Library will make content review and updating easier. Continuous content improvements can be proactively planned and undertaken at any time, reducing the pressure of having to react to tight tender deadlines. This gives your Subject Matter Experts more control and time to contribute better quality content.
Visibility to content metadata within the Bid Management Solution and Bid Library ensure consistent content quality and standard are maintained. This includes:
- Document versioning
- Content ownership
- Current status & approvals
- Validity and expiry dates.
4. Enhanced Collaboration
A big challenge for many businesses when compiling tender submissions, is the collaboration needed between individuals within different teams, divisions, locations and even time zones.
The Bid Library serves as a bridge, fostering collaboration and knowledge sharing between the Bid Team and Subject Matter Experts. Team members can more easily contribute, review, and update content, creating a dynamic pool of knowledge that grows with each tender.
The Bid Management Solution offers easy access to all content within both the Bid Library and individual tender projects. This will include additional information such as key facts, risks, evaluation criteria, scores and timelines.
This provides Subject Matter Experts with better insight into response requirements and nuances. This allows them to deliver more in-depth, compelling answers. Software functionality provides easy:
- Automated project notifications
- Rapid information requests and task setting
- Captured feedback and updating
- Progress monitoring and reminders.
5. Quality Tender Responses
Without a comprehensive Bid Library, Bid Teams are often scrambling to compile tender responses and at times forced to re-use previous responses to meet tight deadlines. These re-used responses may have received low evaluation scores and be out of date or inaccurate. Not only does this result in lower win probabilities but also increases business and reputational risks.
The Bid Library becomes the single source of quality content. A living repository that evolves and improves over time. Subject Matter Experts can continuously update the content with the latest industry trends, statistical data, case studies, and success stories. Changing business policies, products and pricing lists can be kept updated and current.
The Bid Management solution allows for historic tender results and scores to be captured and analysed. Standard questions within the Bid Library can be regularly assessed and information gaps or poor content easily identified and improved. The solution allows for:
- Wide scope of content and formats to be centrally managed
- Easy content improvement assessment and task setting
- Historic tender and response analysis.
6. Reduced Business Risks
Tender responses often require strict adherence to specific guidelines and compliance standards. However, when content is difficult to secure and deadlines are looming, some elements of a tender submission may inadvertently be inaccurate or not formally approved.
The Bid Management solution and Bid Library incorporate compliance checks and approval workflows to ensure that tender responses meet all the necessary requirements. Regular reviews can be undertaken to ensure approvals are undertaken and Intellectual Property is protected.
Consequently, your Bid Team can be confident in always having access to the most accurate and up-to-date information to compile bids. This minimises the risk of submitting non-compliant bids, safeguarding the organisation’s reputation and eligibility for future opportunities.
- Automated workflows for formal approvals process
- Approvers notifications and reminders
- Governance and security audits.
“87% of executives rate reputation risk as more important than other strategic risks.” Deloitte
Bid Library Benefits Conclusion
In conclusion, a properly working, dynamic Bid Library hosted and managed as part of a wider Bid Management solution offers the highest degree of value and benefits.
By centralising knowledge, streamlining processes, fostering collaboration, and ensuring compliance, organisations can position themselves as strong contenders in the competitive world of tenders.
Investing in a robust Bid Library not only streamlines the bidding process but empowers Bid Teams and Subject Matter Experts to improve content, finesse tender responses and secure higher evaluation scores.
