The contractor business is a tough business by any standards. Despite the fact there are more than 2,000 government agencies operational in the United States, the chances of security a government contract is about 12%. Bidding on government contracts is truly challenging. The Request For Proposals (RFP) that governments (as well as private organizations) submit to contractors can get quite complicated and demanding — much like their responses. RFPs often require a copious amount of paperwork, including invoices, quotas, inventory lists, company history, business plans, employee information, insurance policy outlines, etc. As you can imagine, the response to a RFP can be overwhelming.
That is why proposal management software is so valuable for contracting companies. Proposal management software (otherwise known as proposal creation software, proposal pricing software, or simply as proposal software) is a tool that helps contractors prepare a response to a RFP. Gathering the right paperwork is half the battle. The software can collect the required paperwork with ease. Moreover, it can check for duplicates or missing material, a problem contractors often come across when compiling a response (as it is with most businesses that have to organize a lot of paperwork).
Proposal creation software also acts as a kind of cost estimating software. It can help a contractor determine how much a project will cost, which is obviously instrumental in the business. Making a mistake in a response, even a careless or minor one, can lead to serious repercussions. Enforcing legal contracts, for example, can cost up to $7,500 (depending on the state), meaning that even the smallest mistake can cost a contractor big time. By using proposal creation software, contractors can submit their response to a RFP with confidence. Being chosen is an uphill battle no matter what, but it is always better to be prepared.
For more information about this kind of cost estimating software, feel free to leave a comment or question at the bottom.