By Bob Steller, Industry Principal – Life Sciences
Discover the secret of success for planning, executing and winning profitable offers
Did you know that 85% of revenue in the medtech market is generated through bidding and bidding? For life sciences companies like yours, one key to building and growing your business lies in mastering the art and science of supply management.
Quoting takes time and resources, and with so much dependent on results, it’s important to get it right. An effective process and the right tools will ensure you get the results you want.
The 6 key steps in an integrated, end-to-end approach to managing bids and offers.
What’s your strategy? Whether you want to enter new markets, build market share, or just protect your position, you need to collect all the basic data about your offerings and understand your entire landscape.
Study the commandments and choose those for the answer. Use Pricing Advice to understand your minimum, maximum, and target prices. Perform real-time what-if analysis for pricing and forecast scenarios and use data science to determine your optimal bid price.
After appropriate planning and evaluation, prepare your response and send it to the customer. Store all documents with the offer and develop a suitable workflow.
The accepted bids are converted into execution orders. Automate all key processes for accuracy and efficiency.
Monitor and maintain the executed offer. Did the customer buy what was expected? Use sales data to calculate any discounts defined in the quote.
From start to finish, you need good analytics. From the pre-bid phase to execution, analytics provide better insight into your process and help you win the best deals.
Learn more about how to create an integrated, end-to-end approach to bid management when you download the eBook. 6 Steps to Winning in Life Sciences Bid Management.
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