Bid management critical for company success, expert says

Non-compliance in competitive tendering and bidding could cost businesses time and resources and create larger issues throughout the economy, warns Nyree McKenzie — CEO and co-founder of bid management platform Bidhive. 

“Competitive tendering and bidding is a multitrillion-dollar industry that crosses every sector and virtually every service type; each year there are more than 18.5 million public bids released globally,” McKenzie said.

Currently, businesses spend up to 2% of a total contract’s value on the bidding process, according to Bidhive.

Beyond costing extra time and resources, non-compliance could also cause “a ripple effect right along the supply chain and deep into the economy, with delays to the evaluation process, as well as to technical assessment of contractors, to contract award and project commencement”, McKenzie said.  

“Companies depend on successful bid management for survival and there is no prize for second place in the bidding industry,” she said.

Image courtesy Bidhive