By Bob Steller, Industry Principal – Life Sciences
Discover the secret to success for planning, executing—and winning—profitable bids
Did you know that 85% of revenue in the medical technology market comes through bids and tenders? For Life Sciences companies like yours, one key to building and expanding your business is mastering the art and science of bid management.
Bid preparation takes time and resources, and with so much riding on the results, it’s important to get it right. Having an effective process, as well as the right tools, ensures you get the results you want.
The 6 key steps in an end-to-end integrated approach to managing bids and offers.
Plan
What’s your strategy? Whether you want to penetrate new markets, build market share or just protect your position, you need to gather all the basic data about your bids and understand your full landscape.
Evaluate
Study the bids and select the ones for response. Use price guidance to understand your floor, ceiling, and target prices. Run real-time what-if analyses for pricing and forecast scenarios, leveraging data science to determine your optimal bid price.
Respond
After appropriate planning and evaluation, prepare your response and submit to the customer. Store all documentation with the bid and develop an appropriate workflow.
Execute
The awarded bids are converted to contracts for execution. Automate all key processes for accuracy and efficiency.
Track
Monitor and maintain the executed bid. Did the customer purchase what was expected? Use sales data to calculate any rebates defined in the bid.
Analyze
From start to finish you need good analytics. From the pre-bid stage all the way through execution, analytics provide greater insight into your process and help you win the best bids.
Learn more about how to create an end-to-end integrated approach to bid management when you download the eBook, 6 Steps for Winning at Life Sciences Bid Management.
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