In Mind Cloud Blog

The Key to Successfully Managing Manufacturing RFQs and Tenders

Posted by Sabine Kempe on May 8, 2020 9:19:16 PM
Sabine Kempe
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Managing complex RFQ processes is a common challenge across all manufacturing verticals. For many engineering businesses the time and resources invested into proposals are a significant cost factor that contributes vastly to the business profitability. Besides, the necessity to maintain a high win rate is an important factor in a competitive business environment. 

The complexities of the RFQ & Tender process

The Request for Quote by a prospect or customer is the starting point for an often lengthy and complicated sales process. It often stretches across various stages and involves multiple stakeholders from sales or tender managers, to engineering, purchasing or finance. Under a strict timeline, a multitude of data and documents need to be prepared and collated by a virtual team. Flawless execution and process monitoring are vital to win the deal. 


Learn how a Manufacturing Sales Platform can help you manage your RFQ and Tender processes in a personal demo!


Difficulties in RFQ and tender processes

RFQ coordinators need to track and align results across different engagements, while contributors need to understand task dependencies and statuses to plan and execute their part carefully. If tasks are blocked or not executed on-time the quality of the offer and therewith win rates suffer. Managers need to keep the oversight over many tenders at the same time and contributors need to know when they need to deliver their input and when dependent tasks are scheduled and completed.

RFQ & Tender Process Management via the Manufacturing X Sales Platform:

Manufacturing X - the Sales Platform, specialized for Manufacturing industries includes valuable RFQ Management features, such as planning RFQ timelines, including:

  • Organize, present and manage all RFQ tasks in a Gantt Chart

  • Visualize milestones and deadlines

  • Maintain and assign tasks

  • Deliver high transparency via status updates on progress/completion 

  • Alert on task completion and overdue tasks

What are your benefits?

As an RFQ coordinator, you gain the capability to plan the RFQ preparation in detail and execute it on one collaborative platform that is directly built into your sales and quotation system.

As an RFQ contributor, you have direct access to all required information. You will be informed when contributions are due, receive feedback on what is missing or if dependent tasks are not on track.

As a manager, you are empowered to keep the complete overview. What is the status for each and every single RFQ? Which tasks are currently on-going? Where are deviations and risks that require your intervention to guarantee a successful proposal submission? With maximum transparency and a powerful collaboration platform you can manage all RFQs and tenders with ease.

Summary

RFQs and tender processes are often lengthy with a high cost of sales due to their nature of involving multiple stakeholders and the handling of complex information. They require a comprehensive project management approach to increase the probability of winning deals under a favorable use of resources.

A specialized all-in-one platform empowers you to execute RFQ and tender processes most efficiently. Deliver flawless proposals in time to increase your win rate and lower your cost of sales. 

 


Discover how Manufacturing X Sales Platform is different from conventional sales solutions. Purpose-built for discrete manufacturing it embeds industry best-practice for you to kick-start your business growth and competitiveness.

Explore the growth potential for your business in a personal demo!

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Sabine Kempe

Written by Sabine Kempe

Sabine is responsible for In Mind Cloud´s marketing. A cloud enthusiast at heart, she is dedicated to matching the challenges of manufacturing businesses with the opportunities of a digitalized world.

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