Bid Management Software
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Here's What You'll Learn:
What's Bid Management Software?
Requests for proposals (RFPs) are an important way for large organizations to earn new business. That’s because responding to these RFPs quickly—and securing new contracts is an essential part of their company growth strategy.
However, effectively keeping track of RFP deadlines can be challenging for any sales or proposal team, who often manage competing priorities every day—from communicating with prospects to chasing internal experts for answers. (That’s why bid management software makes your life easier by streamlining the process.)
Bid software helps teams by storing all RFP content in one place and automating responses to save time—and reduce stress. So what advantages can you gain from the best bid management software? Continue reading to find out.
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Centralize
Your ContentOrganize your bid content in one location so coworkers can easily access your best answers in a centralized library. -
Automate
Your AnswersUse intelligent automation to suggest the correct answers—so there's no copying and pasting for each new bid. -
Collaborate
with ColleaguesEasy bid software helps you assign the right team members to answer your questions. (RFPs are a team sport.)
These three features (above) explain the baseline of what you should look for in bid day software. But remember, it’s most important to find an RFP solution that suits your team specifically.
We recommend making a list of what you need from the software to do this. Key features to consider are below.
Example Checklist: Benefits of Bid Management Software
- Auto-fill answers in just a few clicks
- Assign content updates or approvals to team members
- Search for answers in a central content library
- Schedule regular reviews of bid answers
- Set reminders for key bid management milestones
- Auto-detect if your content is up-to-date
- Keep track of project status, contributors, approvals, and deadlines
After you draft your checklist, it’s time to begin the research process. Beyond requesting a traditional demo, it will benefit you to seek out peer reviews, watch product videos, and trial the software to see if it’s a good fit.
Want to learn more? Read this blog on navigating the RFP solution buying process.
What's Construction Bid Management Software?
Commercial construction bidding software has the potential to help your RFP process greatly. Bidding for contracts can be a long, drawn-out process in the construction industry, but it can result in lucrative contracts that last for years.
However, finding and choosing the right construction bidding software can be difficult. There are lots of options available on the market. So with so many options available, how do you decide on which one to choose?
To make a decision, you should consider all of your needs carefully. Like the suggestion above, create a checklist of the problems to solve with this software. Mark tasks as ‘must-have’ and ‘nice-to-have’, clearly communicate priorities with vendors, and make sure your internal stakeholders are all on the same page.
For construction bid management, Loopio’s software offers distinct advantages. This RFP tool’s project management capabilities help teams manage complex workflows easily, so everyone knows how their tasks work together.
Want to spend less time on proposals? Loopio customers spend 35% less time on bids, since using our RFP software solution.
“We've completed nearly 600 RFPs in 10 months and have not missed a single deadline."
What's the Best Construction Bid Management Software?
G2 reviews are a great place to start when researching the best construction bidding software. On G2’s marketplace, you can see many software options available—all with different benefits. There’s a wide array of options from procore bid management to more traditional proposal automation software like Loopio.
However, if you do the proper research and analysis, finding the best option for you will be simple. We recommend going through the steps below to consider the options and narrow down to the best construction bid management software for your team.
Example Checklist: How to Choose the Best Software For Your Team
- Read reviews of RFP software on G2 or Capterra
- Watch videos of your top contenders online
- Ask peers in your industry which software they use (and their opinion of it)
- Request a demo to see the software for yourself
What Other Online Bidding Tools Exist?
The phrase, ‘online bidding tools,’ is just another way of describing bid management software. Like a good bidding software, an online bidding tool helps to better your RFP response process, from start to finish.
Other Names for Online Bidding Tools:
- Auction bidding software
- Bid Pro Software
- Bid Library Software
Whatever name it goes by, online bidding tools help with the objective of:
- Streamlining the RFP process
- Increasing the speed at which you respond to RFPs
- Ultimately helping you win more bids
Loopio’s online bidding tool stands out for the platform’s intelligent response management, which helps you find the best answers faster. It also speeds up the process by auto-filling RFP answers, enabling you to complete bids quicker, and stay ahead of deadlines.
“Since we first started using Loopio, we have never failed to get a project out on time.”
Understanding PPC Bid Management Software
PPC bid management software is another essential online bidding tool that has the potential to help your business—but it differs from RFP software as it solves an alternate problem. PPC bidding software differs from the traditional bid management software as it focuses on bidding for paid ads, not requests for proposals.
What is PPC Software?
PPC software helps you set up, manage, track, and analyze the performance of pay-per-click (PPC) campaigns. PPC can be complex and change rapidly due to new social media tools on the market—which is why many companies use PPC management tools to help achieve success in the realm of paid ads.
Subcontractor Bid Management Software
Subcontractor bid management software is another specific type of bid management software. Similar to PPC software (explained above) this software focuses on a particular area of bidding for subcontractors.
What is Subcontractor Bid Management Software?
Subcontractor bidding software is most common in the construction industry. It is the step that follows an extensive RFP won by a construction company. Once the RFP’s won, the organization will have a big contract to deliver on, which may require additional resources. This is where subcontractor bidding comes in—it’s a contract for more workers to support the project.
As with the other software examples, it’s most important to start by outlining the needs of your team before picking a tool. Subcontractor bid software is for a specific industry (construction). It may not be the right fit for Loopio, which specializes in improving the response process for RFPs, sales proposals, due diligence questionnaires, and security questionnaires for software companies, healthcare companies, and financial services.
“The RFP software your company NEEDS. Loopio's platform is fantastic.”
Next Steps: Tender Bid Management Software
Now you’ve learned about the different types of bid management software, it’s time to plan the next steps for your team.
Tender bid management software can help improve your responses, better your response time, and more. By using technology to help during the process, the software has the potential to make your RFP operation more efficient and successful. Businesses looking to better their tender bids should seriously consider taking advantage of tender bid management software and its offers.
Whether you’re looking for tender bid management software, traditional bid software, or tender management software—they all serve the same purpose of helping your team complete bids more efficiently.
The best starting point? Check out this video example and see bid management software for yourself.
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