4castplus Blog

4castplus Blog

03 3, 2017

Key Strategies for a successful Competitive Bid Analysis When Awarding an RFQ

Analyzing Vendor Bids

The final stage of any Request for Quote (RFQ) or Request for Proposal (RFP), is the process of awarding the contract to the successful bidder. A key part of this stage is when the buyers collect all the information together to compare the various bids, along with the technical & commercial details of each.  This can be a challenging and time-consuming process if your buyer team doesn’t have the right tools to help perform that task.

What is a Commercial Bid Analysis?

The purpose of the Competitive, or Commercial Bid Analysis (CBA) undertaken by the procurement team is as follows:

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24 24, 2015

That Crucial Bond between Project Controls and Project Procurement

On any major project there will be strong ties between Project Controls and Procurement to ensure there is sufficient budget to cover the requisitioned and committed costs issued onto purchase orders. The importance of this relationship can't be understated!

Keeping a project on plan requires careful monitoring to make certain that the project's expenses are kept within budget. 4castplus provides the intrinsic links between procurement and project controls to enable a close bond between these two groups. This connection is described briefly in the explainer presentation below. If you have any thoughts on this, please feel free to leave a comment below and let us know what you think.

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