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Win more business with a better bidding process

Tech-Clarity

Industrial equipment manufacturers can boost profitability without increasing resources. Tech-Clarity shows that this can be achieved with faster and more accurate bids.

Technology Trends

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.