You can grow your business exponentially with tendering. You just have to know how to leverage the process effectively. Tendering helps a lot of small businesses a chance to work with the government or big private players. They get the exposure which they can’t anywhere else. It has transformed many businesses till date. One of the important factors in the process of tender bidding is competitive bidding. It is important to understand it if you want to win tenders.
Competitive bidding is a type of solicitation in tendering which is used in the procurement of goods and services. It is widely used by private companies and government departmentswhich want the delivery of their goods or services on a large scale. A company issues a form of solicitation which is known as a Request for Proposal. This RFP has the details of the products or services which are required from the sellers. Whoever shows their interest in this RFP, go through the process of competitive bidding.
What happens in Competitive Bidding
The companies or government departments issuing RFP specify a certain time period for the offer. Interested sellers need to send their bids within that specified time period only. It wouldn’t be considered otherwise. The bids submitted by the different sellers are sealed to maintain the confidentiality of the bids. This is done without fail to ensure a neutral approach in the process. The proposals are kept sealed till the bid is open. When the bid submission period expires, the recipients i.e. companies or government departments select the bid which has the lowest price or which suits the RFP properly. It is at their discretion.
The selection is done in an open or closed Bidding Process depending upon the buyer. This bidding process is implemented to increase the competitiveness of the bids and to get the best deal out of the process. It also helps in removing any preferential treatments.
It is upto the vendor to provide a competitive bid in order to win the tender. They are usually good at providing products and/or services. But when it comes to bidding, many of the sellers fail. This is where a bidding partner comes in. We help sellers give a bid that wins them tenders. We have a very high success ratio in competitive bidding and we provide a dedicated bid manager as well. Contact us for competitive bidding now.
19 Jan, 2023
05 Jan, 2023