Media houses consistently tussle with bidding challenges for advertising contracts and projects. Today’s media’s competitive landscape comprises fierce competition, price pressures, bid rigging, and complex bidding requirements. All this makes the bidding process quite daunting.
So, what is the solution? – Investing in the right technology.
As popularly said, “Every problem has a solution,” media houses can tackle their bidding struggles, streamline their processes, win more contracts, and drive profitability with tailored bidding management software. As mentioned, here are some whopping figures to support this-
- The average win rate of request for proposal (RFP) is 44%.
- According to a survey, 17% of teams win 30-39% of their RFP bids, 15% win 50-59%, and only 7% win 80-100%.
A bidding management software helps media companies manage their end-to-end bidding process from start to finish, and owning one brings numerous benefits.
However, do you know what a reliable and high-performance bidding management solution must look like? Let’s explore.
So, according to the challenges, how do you expect your tailored solution to work? Let’s create a flow first.
Workflow:
- Your staff logs in to the software.
- Create a new bid aligned to client requirements, pricing, and timelines.
- The software must automatically validate the bid against compliance requirements.
- Once validated, it must generate a proposal for submission.
- These bids must be submitted electronically through the software.
- The software must provide real-time updates on bid status and client communications.
- Your goal is to refine your strategies and improve win rates. So, you must have access to in-depth insights into bidding performance and trends.
Once we know the requirements, let us list what modules we can have for this bidding management software.
Modules:
- Bid creation: This module will help your staff craft bid proposals with pricing, timelines, and deliverables.
- Tracking: This module helps to track the bid status, updates, and communication with clients in real time.
- Compliance management: This module keeps you on your toes regarding regulatory standards and internal policies throughout the bidding process.
- Reporting and analytics: This module will give you in-depth insights into bidding performance, competitor analysis, and pricing trends.
Architecture:
Your architecture must be scalable and secure to ensure steady and top-notch software with all these modules. Therefore, we suggest a three-tier architecture consisting of-
- Presentation layer: Comprise of a user-friendly and highly interactive interface for media staff and aids in accessing and managing bidding-related tasks.
- Application layer: Comprise the business logic and workflow like bid creation, submission, and tracking.
- Data layer: A secure home to your bidding data and helps facilitate real-time reporting and analytics.
Tech stack:
- As your software must have a responsive and highly interactive UI, develop your front end with React.js.
- To improve the overall performance of your system, you must have reduced response time and scalability at its best. So, you develop your backend with Node.js.
- Bidding data has varying structures and requirements. Moreover, your bid management software must accommodate the growing bid data volumes without sacrificing performance. Another important aspect is the data layer facilitates real-time reporting and analytics. It means your software will always require real-time access to bidding data. Therefore, we always suggest opting for MongoDB.
- MongoDB easily integrates with cloud platforms like AWS or Azure. It allows your bidding management software to leverage cloud-based infrastructure for efficiency, scalability, security, cost savings, and reliability.
Is all this looking overwhelming to you? Are you buckling up to build an in-house team to achieve higher win rates? Hold your horses because you have an easy solution- Collaborating with a technology partner.
Partnering with a tech company expert in bid management software development gives you a host of benefits:
- You can access specialized expertise to develop and optimize a tailored bid management solution.
- You can scale resources and infrastructure as per your business requirements.
- Cost-effective, especially for smaller media houses.
- Focus on strategic and core business and leave the development and maintenance to your technology partner.
So, to summarize, media houses can tackle their bid management challenges by investing in the right technology and choosing the right partner. We have over a decade of experience in the market and stand as one of the leading IT consulting firms in the US. We are Microsoft Partners and have got our hands on some top Fortune 500 companies for their projects. So, if you want to learn more about this bidding management software and how it can accommodate your requirements, you can book a consultation with our experts. We will be more than happy to help.
