So what is tender management? In today’s competitive business world, many potential projects and services are put out to tender. That is numerous potential companies are provided with the opportunity to bid for the work.
In their bids, they will describe how their company will solve a business problem, provide the service required or supply the goods requested. They will also need to provide a competitive price for this work.
The process of designing and writing these proposals or tenders, complete with the competitive pricing, is called tender management, proposal management or bid management.
When does Tender Management Start?
The tender starts when an appropriate Invitation to Tender (ITT) has been identified. The ITT is a formal document that is published by a purchasing company in order to notify other companies that bids for a piece of work, project or service is required. Continue reading