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What is Bid Software?
Bid software helps to manage, effectively write, and track responses to requests for proposals (RFPs). Managing many complex proposals a year can be challenging—especially if you handle them manually.
Many companies are now turning to bid software (also known as RFP software) to write better proposals, collaborate more efficiently, and benefit from a smoother, less-stressful proposal bid process. So what advantages do the best estimating software hold? Keep reading to find out.
The Ideal Bid & RFX Team Structure
It takes a lot of time and effort to build the ideal RFX team structure. But with the right bid managers in place, RFPs can become your team’s competitive advantage.
According to industry research, it takes 24 hours to answer a single bid for the average team. So next to choosing a good bid tool, thoughtfully structuring your proposal team is essential to your success. Here are some of the most essential roles to include in your RFX team:
This person leads your bid process. They are responsible for creating high-quality proposals that win valuable company contracts. To succeed in this role, they need to be masters of time management and triaging between internal experts across various fields to create the best possible bid.
This person thoughtfully transforms a document from a basic bid to one with a clear story. They use words to convince the potential customer of their company’s unique value and articulate why they’re best suited to win this contract.
The librarian of the group, a content manager is constantly maintaining and optimizing the company’s database of answers for RFPs. This role tends to be more common at larger companies, which may even have multiple content managers.
Want to learn more proposal roles and responsibilities? Read this blog on bid team structure.
How Bid Management Software Works
Bid management can be complex and time-consuming, even for the best bid teams. That’s why utilizing the right bid management tools can often be the difference between winning bids—versus struggling to advance. If you can equip your proposal manager with the right resources, your company will reap the rewards.
The best bid management software can improve several different elements of the response process. For example, it’ll keep things organized through a customizable RFP answer library. Having bid library software means you’ll have a database of RFP answers available at your fingertips, so starting the first draft of each bid is easy.
Loopio offers bid management software that helps companies spend 35% less time answering RFP answers (see below for more success statistics from customers).
With this kind of software, you can make your RFP response process faster and more efficient. So any company that is looking to create high-quality responses at scale would benefit from bid management software.
What’s Tender Bid Management Software For?
The top estimating software can help make the tender management process easier and more efficient. Why? Because there’s a lot of benefits to software that can help you improve your company’s bid response process—and look like a hero by doing so.
While it’s challenging to create quality bids at scale, this is where tender bid management software can help. Easy bid software like Loopio simplifies the bidding process for sales and proposal teams in a few different ways:
Bid software helps you:
- Simplify collaboration across your full team through a centralized content library
- Leverage multi-language capabilities, customized categories, and tags to keep your answers organized
- Iterate on competitive messaging in one central location (more on this below)
Fun fact: companies most commonly lose RFPs to a competitor with a better product fit. That’s why clearly articulating your company’s unique positioning is crucial in the bid process.
Using tools like bid leveling software or tender bid management software is one of the best ways to improve this process. By automating the tedious tasks—like searching for answers, or formatting documents—you’ll have more time for strategic work, like developing strong messaging and positioning.
How to Use Healthcare Bidding Software
One industry that finds Loopio’s software particularly impactful is healthcare bid management. A powerful example of this is seen through Aspen Medical, an innovative Australian healthcare solution seeking a more efficient way of doing proactive proposals. Previously, they’d spend hours tracking down content that lived on various people’s desktop computers or hunting through past RFPs.
Aspen Medical looked for a healthcare bidding software they could use as a single source of truth to solve this issue. They wanted an easy way for their team to access high-quality proposal responses, in less time.
They chose Loopio for its helpful healthcare bid solutions. They love the platform because its easier to keep content updated and accurate through a streamlined approval process.
Case Study: Aspen Medical Results
- Faster bid writing: Proposals that used to take hours to put together can now be complete in 30 minutes or less. (Speed is a big impact of healthcare estimating software.)
- Consistent bidding: With less time required for manual tasks like formatting, the team can spend more crafting and submitting bids. They now submit around 180 proposals annually.
Using Financial Services Bidding Software
Bid software for financial services cuts down the amount of time spent on repetitive tasks. Documents like RFPs or due diligence questionnaires (DDQs) can be extremely repetitive and time-consuming. But with a solid financial services bidding software, your team can gather all the information they need in minutes—instead of hours.
This type of software presents great value to companies that regularly respond to RFPs. During periods when your organization is receiving a high volume of RFPs, bid software makes it possible for different departments to work together efficiently for a high-quality bid. Take HedgeServ for example.
Case Study: HedgeServ Results
- Faster DDQs: Reduced due diligence questionnaire (DDQ) response times from three days to four hours.
- Eliminated version control issues: Collaboration is easier with content stored in one central location.
With a better financial services bid management system, you can also streamline approvals. This is particularly important for companies who handle a high-volume of DDQs (like asset management organizations and insurance companies) because these usually require a thorough legal review.
Overall, financial services companies say that software speeds up the process, largely thanks to its automation tools that auto-fill the first draft of answers.