Benefits of Business Intelligence Analysis for Government Contract BiddingAssociation of Business Training
July 19, 2013 — 824 views
Information is required to make any business successful. Without the right kind of information, your business has no edge on your competition – and having an edge is the ace that everyone’s looking for. Many corporations all over the world are taking stock, and increasing their investment in gathering information to help them predict future business environments and competition.
Agency Intelligence Analysis
Government contracting is a sensitive business – while also being extremely profitable. Research and getting to know everything you can about a contract is tantamount to, not only helping you bid for it, but also being successful. There are a few things you will want to go over before getting into agency intelligence analysis, such as:
- Do you know anybody from within the agency?
- In what light does the agency see your company?
- What kind of projects does this agency usually undertake?
- Who from within the agency will be evaluating your proposal?
Dig up as much information on the agency as well. Find out any old files or case studies that the agency has been involved in that have any kind of similarity to the current situation. Remember, understanding the people that are behind accepting and approving the bid is essential to help you get it. Make sure you do as much research as possible on the proposal as well, because it is of prime importance that snaring this contract is beneficial to your company rather than draining it of all its resources.
Competitive Intelligence Analysis
Competitive intelligence is the other side of the sword and requires the same amount of deliberation and knowledge. The backbone of competitive intelligence lies in knowing exactly what your competition is and what tactics they use most often. Understanding the mentalities you are up against when bidding for an agency contract will help you determine the best strategy for your firm.
Make sure your competitive research covers aspects of your competitors including who works for them, the kind of tactics they use, their personal track records, how the agency you are bidding to views those competitors and its staff, as well as quoted prices on similar projects in relation to the prices you would or have quoted for the same job.
Also try to find out if any of your competitors have any new equipment or skills that make them an obvious choice for the agency to pick than any of their competitors – including you.
Formulating a Bidding Strategy
Business is always about strategy and the firm with a flexible strategy will usually win the bid. The essence of any bid strategy will grow from trusting your team and their individual as well as culminated skills. Make sure that you know everything essential about your team and delegate any tasks regarding the bid and the overall project appropriately. Also, make sure that you brainstorm with your team to get the best take on how to deal with the project from different viewpoints.
When performing Agency Intelligence Analysis and Competitive Intelligence Analysis, you will have come up with a few areas where certain other firms seem to be stronger than yours. However, making sure that you form the right team within your organization will ensure that your firm will make up for those deficiencies.
As with any bid, there needs to be value for money. Every team that has to select the winning bid has to make sure that it also stays within an allocated budget. The presentation of your bid needs to prioritize this and ensure that any selection committee sees how your bid, at the quoted price, makes the most sense for them.