The tender starts when an appropriate Invitation To Tender (ITT) has been identified. The ITT is a formal document that is published by a purchasing company in order to notify other companies that bids for a piece of work, project or service is required.
There is always a fixed deadline that the tenders must be returned by and this makes bid management very time dependent.
What does tender management include?
- Analyzing the requirements within the ITT.
- Designing a solution that meets these requirements.
- Managing the staff that will write the tender.
- Developing a compelling proposal that will meet the requirements and stand out from other bids.
- Producing a pricing structure that will win the bid as well as produce a profit by the end of the project.
- Minimizing risk and maximizing the impact of the tender.
- Sticking to tight deadlines.