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The moment a relevant RFP or invitation to tender (ITT) document arrives in your inbox, you need to act fast. Unfortunately, the bidding process is complex and resource-heavy. Large bid management situations can involve dozens of people across the business. With multi-million-pound tenders and lucrative multi-year contracts in the balance, teams must be able to access bid documents and information at anytime, anywhere. But as many service providers have seen all too frequently, the major road block to this is legacy collaboration technology.

A successful bid is often won on subject matter expertise, which means tapping into many different sources of knowledge - sales, finance, operations, legal counsel, etc - to raise the quality of the bid. However, the bid team is unlikely to be working in a single, stationary location. What is more likely is that the team will be separated by location and time zones, often working from hotels, airport lounges or even at home – throwing another logistical spanner into the works.

On top of battling dispersed teams, many businesses are still unaware of just how costly the inefficiencies during a bid process can be. One of the hidden costs of the bid management process is ensuring staff stay efficient. According to recent research into the UK professional services sector, at least seven people are typically involved in a new business bid, with each senior member of the team dedicating approx. 12.6 hours to the process. This equates to an average of 84 senior hours per bid. A costly endeavour, which can escalate if the team is repeatedly working on the wrong version of a document or spending precious hours trying to catch up with the latest feedback.

With as much risk as potential value to the business, bid management teams must make sure that the process is as efficient as possible. With this in mind, here are the top three ways in which upgrading collaboration technology can deliver savings in both resources and bottom line revenue when pursuing new business:

Controlling ‘versionitis’

Everyone who’s been involved within the bid management process understands it’s inherently a document-intensive process. As such, managers find themselves dealing with many document-related challenges including maintaining audit trails and retaining version control. In fact, when surveyed, 68% of all professional services respondents admitted that, within the last six months, they had spent substantial time working on a document only to discover it wasn’t the latest version.

Without proper document processes in place, mistakes and wasted efforts are more than likely. This may mean spending wasted time on editing content that has already been changed, or worse still, compounding the error by sharing the wrong version of a document for feedback.

To take control of document processes, bid managers must step away from legacy technologies like email and opt for cloud-based collaboration platforms. The Go-Ahead Group, an operator for a significant proportion of UK public transport franchises in the UK, deployed Huddle for exactly this reason. With large teams working on a single bid document, version control problems were common, and proving inefficient and costly, and had the potential to jeopardise bid success.

Being able to track content and version changes, create clear approval and review processes and revert to previous versions if necessary can save the team time and money and dramatically reduce the inefficiency and otherwise wasted time in creating each bid.

Locking down security threats

Security is non-negotiable when it comes to preparing a bid response.

But typical collaboration “work arounds” are often inherently insecure. Email is too uncontrolled; USB sticks are inherently and notoriously easy to lose; consumer-grade file-sharing services are exactly that – consumer-grade.

In many cases, participation in a bid requires signing confidentiality agreements and acknowledgements that your systems and processes comply with the latest in security and access management regulations. Without a cloud-based collaboration platform it can become an uphill struggle to prove your organisation can adhere to the strict security procedure. And yet, fewer than half of our professional services survey respondents (46%) said that they used robust file-sharing systems.

Without central control of the document and its accessibility, Intellectual Property can easily leak to inappropriate third parties, and even to competitors. For many opportunities, data security is mission-critical, especially for the public sector – any leak during the bid phase will be fatal and taken as a sign of likely future non-compliance.

Reinventing the wheel

Many opportunities are won or lost based on the subject matter expertise displayed during the bidding process.

Yet, when surveyed, the largest portion of professional services respondents (33%) confirmed that collecting information and evidence of expertise from within the business was the primary time drain in bid construction – with 24% spending more than five minutes to retrieve every document. It is a cruel irony that the most important part of the bid is the hardest to deliver.

Many tender writers fall into the trap of starting the knowledge gathering process from scratch with every new bid. Within large and diverse organisations, creating repeatable, universal processes and learning from previous projects is simply too difficult – especially where there are multiple teams performing similar roles within different geographies or divisions. What the UK bid team is learning and developing as a consistently successful process may never be seen by the US team, and vice versa.

But if a bid is built within a secure cloud-based collaborative space that maintains a digital audit trail of version changes, comments and approval workflows, then the entire process remains transparent and examinable. This then becomes the start of the creation of a bid library, filled with collateral, graphics, templates and processes, with teams learning from what has worked well before. The organisation-wide availability of this material not only removes the complexity of the bid construction, but it also removes the dangers of duplicating work, brand inconsistencies and the omission of specialist input.

Conclusion

There are many common frustrations felt by bid management teams during the bidding process; access to expertise, duplication of effort, security and managing the division of labour. For most, these frustrations will be traced back to inefficient technology and poor collaboration processes.

Controlling the root causes of potential inefficiency in bid management with secure, cloud-based workspaces will increase efficiency, save costs and ensure data and Intellectual Propert security. Even more importantly, these improvements will do more than remove the burden of the process – they will increase the chances of the bid’s success.

By Morten Brøgger, CEO, Huddle

The MoU is signed between FITIS and SLASSCOM to achieve collaborative efforts in developing the information and communication (ICT), knowledge services and innovation sectors of Sri Lanka recently. This will enable better cooperation between the two organisations that combined represent Sri Lanka’s domestic ICT industry and the export ICT industry. 

The MoU will ensure an environment where sustainable and rapid development of the ICT, knowledge services and innovation will be the primary focus. It is an industry that cuts across traditional industry verticals with the ability to transform businesses models, challenging the productivity, efficiency and margins enjoyed. This has the potential to add tremendous value to the Sri Lankan economy, and become core to Sri Lanka’s economic transformation.

The ICT industry also has the potential to provide the highest employment to youth of Sri Lanka in the coming years with its high growth rate, and is able add up to 95% direct value additions in foreign earnings back to Sri Lanka. This revenue is easily retained in Sri Lanka as the industry itself does not incur material import costs or high capital expenses. It is also one of the key industries that promote entrepreneurship as it provides an opportunity for anyone with a brilliant idea and perseverance to create a solution, and achieve financial success with limited capital.

The economic health of the Eurozone is improving as growth and employment rise. The Eurozone GDP grew by 0.6% in the second quarter and unemployment in the bloc is at its lowest since 2009, indicating a steady and stable current of economic stability in the bloc which has been blighted by the Eurozone crisis. Many of the established Eurozone economies (France, Spain and Germany) have had an upward re-evaluation of future growth from the IMF.

More news from Sourcingfocus here.

The Chancellor of the Exchequer says that there will be no tax breaks after Brexit. After Brexit the UK will not try to undercut European economies with low tax rates and lax regulation as it may start a trade war. Many might see the chancellors announcement in a French newspaper to be conciliatory tones before fresh negotiations however it raises questions as to what the government will offer to incentivise companies to remain in the UK after it leaves the much larger market of the customs union. Labour leader, Jeremy Corbyn, said the move was "an extremely risky strategy" although Labours strategy on Brexit remains undefined.

More recent news from Sourcing Focus.

Deloitte's auditing of outsourcing firm Mitie Group's accounts is to be probed by the UK's accountancy watchdog. The Financial Reporting Council (FRC) said its investigation related to Mitie's financial statements for the years ending 31 March 2015 and 2016. Deloitte said it took the investigation "very seriously" and would co-operate fully. Last month, Mitie reported a full-year loss after being hit by charges stemming from an accounting review. One-off costs of £88.3m meant the company - which provides pest control, cleaning, security and healthcare services - posted an operating loss of £42.9m for the year to March. The accounting review, which was carried out by KPMG, found the company's accounting was "less conservative" than its peers.

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Prime Minister Ranil Wickremesinghe on Friday assured more economic growth was likely next year as against an estimated range of 4.5-5% this year. He said that the original forecast for 2017 was 6% growth but drought, followed by floods, is likely to reduce it to 4.5-5%. He said that as opposed to some individuals’ perceptions, the twin natural disasters experienced are unlikely to cause a major impact as the country was resilient. “The floods and drought should have had a negative impact on the economy. Already our agriculture has suffered and our growth should have come down from the 4.4% we had in 2016. This is not the case. We have stablised, despite all these issues,” the Prime Minister said. To support his view, Wickremesinghe quoted the IMF’s mid-July statement which said: “Macroeconomic and financial conditions have been stable, despite severe weather events and global market volatility.” However, he said Sri Lanka has to get ready if this climate pattern continues impacting the economy. The Prime Minister also reiterated the country has been placed on the “right track.” “We are accumulating reserves to create non-debt inflows, particularly through exports and FDI. We are entering into bilateral economic partnerships,” he added. He said the Government took strong decisions early to reduce fiscal deficit, to rebuild foreign reserves and introduce a more equitable tax system to restore macroeconomic stability. “Fiscal consolidation has been the key macro concern for all of us,” he added. “We are now navigating a period of transformation amidst global turbulence. Our country has enormous potential,” the Prime Minister emphasised.

More news on Sri Lanka.

In between Europe and The Americas, Portugal stands to capture the new wave of tech innovation investments. After being hard hit by the 2008's global financial crisis, the country is showing promising growth signs. At the forefront of the recovery is the Portuguese IT industry, which is gathering the attention of tech companies, multinationals and VC firms.

Portugal is in the same time zone as London, with world-class telecommunications infrastructure and a high-quality education system that makes it 15th out of 72 countries in English proficiency, this sunny country has opportunities until recently left undiscovered by tech firms. Its mature legal and fiscal environment, government incentives to investment, and political stability, among the other characteristics presented above, led Gartner to place it in 5th best country for captive or outsourced IT and business process services in 2015.

Culture is another reason why the country has been gathering such buzz, besides the well-known climate and cuisine, Portugal has a high educational quality with several thousand new IT graduates entering the job market a year with western standards of performance. Indeed, one of the major worries of companies experimenting with outsourcing is the level of culture compatibility between the head office and the team overseas; a challenge that is greatly diminished by the similar business culture between Portugal and the rest of the Western world.

To get ahead, companies need to cut costs while still being able to improve the quality of their end product. This was the conundrum of the 20th century, however, with globalization and the disruption of international markets due to technological innovation, the 21st century's answer to it has but one name: nearshore - the establishment of a dedicated team of developers in a foreign country. Portugal's labour costs are about 50% of the EU average and there are several government financial and tax incentives should you decide to set up a business here; which is also increasingly easy to do so due to bureaucratic reforms in recent years, you can now create a business in 2.5 days (4th fastest country in the world).

Lisbon, Portugal's crown jewel, is increasingly talked about as one of Europe's leading innovation hubs. The capital was the first one to be awarded with the European Entrepreneurial Region of the Year in 2015 by the EU's Committee of Regions and is rated by an Allianz 2016 study as the 5th best performing startup community in Europe. Adding to it, the city also boasts a high quality of life, low cost of living and is listed as one of Europe's safest cities.

At Lisbon Nearshore, we are keen to provide the very best nearshore and staffing services to help your business reach its goals. We are proud to have in our ranks some of the best developers around, a talent which has been recognized by our clients. To work with us is akin to have an extension of your in-house team, a perfect combination of onshore and nearshore teams, but less costly and more flexible. An authentic connection, in the same time zone, you can expect a pragmatic, iterative agile approach to your projects without experiencing global time zone or cultural challenges, with high quality outcomes. Our Nearshore team will be dedicated to your Project for an agreed timeframe alongside your specific requirements, and can be blended to include Technical Coordination, Solution Architecture and Project Management. We provide world-class development capabilities that can be employed at half (or lower) of central Europe costs, high level of English proficiency, modern telecommunications infrastructure, tax incentives and a favourable business environment.

By Lisbon Nearshore, visit their website here and find out more about Portugal as an attractive business destination.

The Government yesterday confirmed that with the support of Harvard University it intends to restructure the Board of Investment (BOI) within the next month. Speaking at the Sri Lanka Economic Summit 2017 organised by the Ceylon Chamber of Commerce, International Trade State Minister Sujeewa Senasinghe said they were in the process of revamping the BOI with an investment of $ 6 million in collaboration with a team from Harvard University in the UK. Agreeing with Justice Minister Dr. Wijeyadasa Rajapakshe, he insisted that the BOI has now become more of a regulator than a facilitator. “I think the attitude has changed from the top to the bottom. With Harvard University we are restructuring the BOI. Thus, it can be a friendly facilitator for investments in the future,” Senasinghe stressed.

Related news: Sri Lanka & Bangladesh Agree on Free Trade, Sri Lanka – The Next Asian Economic Miracle

Lloyds bank has set aside another £1 billion for the repayment of mis-sold PPI and mortgage insurance in what has become one of the most costly actions in banking history. Apparently, despite years of terrible adverts advising people claim money for mis-sold financial products, some are still unaware that they are entitled to claim. Lloyds recently announced a half-year pre-tax profits of £2.5bn, 4% higher than last year. Lloyds alone has now set aside £18bn. In total, UK lenders have been forced to set aside more than £30bn to cover PPI compensation costs.

A new immigration system will be in place by March 2019 when the UK will officially leave the EU and therefore will begin devoting vast resources on stopping people from making the UK a vibrant economy. Immigration Minister Brandon Lewis was speaking as the government commissioned a "detailed assessment" of the costs and benefits of EU migrants. The CBI said businesses "urgently" needed to know what EU migration would look like, both in any "transitional" period after March 2019 and beyond. It's another fantastic leap into the dark which has become all too common since the UK decided to leave the Union which constitutes its biggest trading partner. Speaking on BBC Radio 4's Today programme, Mr Lewis would not confirm details of how the government plans to manage migration after Brexit, saying these would be revealed in a white paper later this year.

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