Industrial equipment manufacturers can boost profitability without increasing resources. Tech-Clarity shows that this can be achieved with faster and more accurate bids.
Industrial equipment manufacturers know that an effective bidding process is critical to the success of the business. But it can be very difficult to ensure that bids are both fast, to create a competitive advantage, and accurate, to maintain profitability.
Tech-Clarity has surveyed a range of companies that have optimized their bidding process and has found that the top performers have:
Grown revenue 2.2 times more than lesser performers
Increased profit margins 2.4 times more than average performers
This report discusses how to optimize the bidding process to help industrial equipment manufacturers win more business while at the same time improving profitability. It recommends a rules-based approach to bidding and covers:
Reviewing the bidding process to ensure responsiveness and bid accuracy
Win more business by implementing software automation to ensure high value engineering resources are not consumed with repetitive tasks
Build customer loyalty by responding more quickly and meeting delivery schedules
Prepare for the future by capturing the knowledge of valuable employees before they leave or retire
Create more detailed bids with engineering information or visualizations through a more integrated bidding process
Enable collaboration between engineering, procurement and manufacturing to ensure the right product is delivered and contractural requirements are met
Select the right software vendor by evaluating tools that are compatible with those already used in-house
An optimized bid process helps companies with more competitive bids and as a result, they win more business. Read the report to find out more.