How do I use data to compete better in tenders?
At one of our recent webinars, our co-founder Ken Ooi discussed how companies could leverage on data and employ competitive tendering strategies.
Before you determine your tendering strategy, how is your company able to gather insights and define trends through analysing past data? Here are 3 guiding questions to get you started.
1) Is there an incumbent? – Understanding your competition
When searching through past tenders, look for the incumbent and seek to understand the strengths and strategies of the incumbent through the data you can gather. It never hurts to understand your competition, and as the well known military strategist Sun Tzu once said, “Know the enemy and know yourself; in a hundred battles you will never be defeated”.
2) What is the price range of past tenders won? – Employing strategies for optimal pricing
Analysing past bids submitted for similar deals (or better yet, the same buyer), your company would be able to gain insights into the buyer’s budget. This will in turn, enable you to determine a tender bid price that is potentially irresistible to the buyer.
3) What is the purchasing cycle of the buyer? – Using data to predict purchasing cycles
By analysing historical trends and purchasing cycles of a buyer, you may be able to predict when the next tender opportunity would be released. With this prediction, you would be able to reach out and influence the buyer strategically, thereby increasing your chances of winning the tender. Lastly, may Napoleon’s words, “Take time to deliberate, but when the time for action has arrived, stop thinking and go”, bring you forward and success in your future tenders!
For more insights, watch the summary video below. https://www.youtube.com/embed/AaEGc0sI6sw
TenderBoard provides businesses with a peace of mind by facilitating transactions between buyers and suppliers throughout the source-to-settle process. The platform provides real-time data, competitive analysis and business opportunities while ensuring corporate governance.
TenderBoard is trusted by leading players across real estate, finance, hospitality and technology industries in Asia including EM Services, CPG FM, Cushman and Wakefield, United World College, James Cook University, Gardens by the Bay, Singapore Discovery Centre, Ren Ci Hospital, St Luke’s Hospital, Keppel Land, Phillip Securities, and Nippon Express.