Tenders are an important revenue stream for medtech and pharmaceutical companies across the world. But tendering processes are rife with challenges:
- Without visibility into available and upcoming tenders, you cannot effectively prepare, prioritize responses, and position your organization for the best shot at winning.
- Tender submissions are complex, often requiring up to six different departments to work together in fewer than 35 days.
- Organizational alignment around proposed pricing is essential to protect margins, avoid supply chain issues, and meet cost structures.
- A quality response is crucial; you don’t want to be disqualified because something is missing.
- To avoid penalties and surprises, you need to be able to effectively track performance of awarded tenders.
In the recent webinar, “Tenders for the Win,” Model N tender experts and I discussed how you can help shape, make, and value tenders in a way that ultimately improves submissions, increases win rates, and achieves greater profitability. We talked about the main strategies we are seeing today, and the shift for cost-based (MEAT) to quality-based scoring methods. We also talked about 4 critical strategies you can employ to improve your tender process:
Identify tender opportunities that are the right fit, early.
With greater visibility into tenders worldwide, you won’t be caught by surprise. You’ll be able to see what’s coming up and when, analyze tender value, and prioritize responses based on what’s right for your business.
Establish plans for prompt responses to tenders.
Set ground rules to determine which tenders are worth responding to. Then establish checklists and leverage automated alerts to foster collaboration and approval, ensuring you submit a complete – and the best possible – offer.
Develop better pricing through historical and competitive data.
Pricing tends to be king with tenders. By collecting data on awarded tenders, you can evaluate your pricing approach, track competitors’ success, and better understand how to optimize your prices.
Leverage win-loss data to better inform future bids.
Tracking the effort that goes into each tender submission, along with your success rate, gives you valuable insight that helps drive consistent win rates and greater value in your tendering processes.
From theory to reality – bringing these strategies to life
Veronica Gil, pricing and tender director at Baxter EMEA, graciously talked about how her team leverages Model N to centralize processes and build winning strategies and processes. She gave concrete advice and experience on how having a seamless solution can effectively position your team for success. We look forward to her continued success and partnership!
Secure bids and increase revenue.
Learn how Model N Global Tender Management can help you improve tender win rates globally. Watch the webinar now.