How a Bid Tracking System Can Improve Your Success

Bidding on a construction project can be a complex process. A bid tracking system is a good idea for companies of any size that are interested in expanding their business through more effective and efficient bidding. Here are some ways you can use a bid tracking system to improve your business development processes.

• Track all bids: The simplest use of a bid tracking system is to keep track of all the bids your company has submitted. If your company submits a large volume of bids, this feature will be extremely valuable in letting you monitor bid status, deadlines, and milestone dates.
• Track relevant data: Bid tracking systems give you a convenient archive for storing important data, such as bid or RFP details, important contact information, bid amounts, and project schedules.
• Track bid outcomes: Reports generated by your bid tracking software can give you immediate and detailed feedback on the results of the bids you’ve submitted. This can help you understand how many bids you are winning and losing, how many bids are being made, and what conditions contribute to a winning or losing bid.
• Track estimator, sales staff, and other personnel contributions: With a bid tracking system, you can easily keep track of the contributions made to the bid by various staff members or contractors. You can more easily assign personnel to work on bids where their knowledge, skills, and strengths will be of the greatest benefit.
• Track project details: Bid trackers give you immediate access to project details such as distance and travel times, equipment and supply needs, and budgets. You can use this information to determine, for example, if you should have a branch office in a more distant location where you are winning a lot of bids, or if you should refocus your attention on geographical areas where your specialties are in high demand.

Companies that want to improve their efficiency at submitting and winning bids can rely on Construction Monitor for the best and most current industry information. Contact us today for more information on successful bidding on a construction project using a bid tracking system.