My Favourite iTWO cx Feature – Bid Evaluation
For our latest blog series, we will be asking our iTWO cx Consultant team to take us through their favourite iTWO cx feature and explain why it creates value for our clients. This month, we spoke to Brisbane-based Senior Consultant Carl Beetge about the Bid Evaluation feature.
iTWO cx supports many functionalities and outputs for data analysis, and my favourite of these features is available as part of the Tenders module.
Bid Evaluation is built to support Head Contractors who wish to effectively analyse all submitted vendor bid packages on a project. With all data related to a bid easily viewable in the one place, the Head Contractor can make a well-informed decision on the most suitable vendor.
How Does Bid Evaluation Work?
Within the iTWO cx Tenders module, multiple vendors are invited to bid on a project when issued a ‘Bid Package’. From here, vendors can submit their bid via a portal, which would include any supporting documentation, questions or additional inclusions, as well as their overall bid price. Once submitted, these vendor bids are only viewable by the Head Contractor within iTWO cx.
Once all submissions are received, the Head Contractor has many different options available for evaluating bids. By selecting ‘Bid Evaluation Report’ as shown above, it is possible to drill down into the specifics of each bid and compare them side-by-side.
What Are the Benefits of Bid Evaluation?
One of the major advantages of bid evaluation is in comparing internal estimates against vendor-submitted bids. When you open a Bid Evaluation Report, the Price Submissions tab will be selected by default; here, you can see at a glance where each line item from a bidder is above or below the anticipated budget pricing, as indicated by green or red text.
It is also simple to review subtotals and totals to determine suitability, before digging into individual bid details such as quantities and rate.
If a bid is deemed to be financially suitable, the Head Contractor can then move on to reviewing the Schedule of Rates, Scope of Work and more to see any additional comments or proposed changes made by the bidder.
The process of gathering, comparing and managing bids without the Tenders Module and Bid Evaluation tool can be inefficient and frustrating. Thankfully, this feature allows the Head Contractor to manage all necessary processes in the one place.
Once bids have been assessed, it is possible to move on and shortlist bidders, issue an interview checklist and recommend bids within the Tenders module. Click here for more information on these processes; our team will explore the iTWO cx ‘Procure to Pay’ functionality in more detail on a future blog post.