Analyzing the Bid Management Process Utilizing Excel, Power BI, and a Consolidated Database
The great significance of the data that is accumulated over time is well known by organizations who participate in regular bidding activities. In the rows and columns of innumerable Excel spreadsheets, there is a treasure wealth of information hiding. This information ranges from historical pricing to win/loss ratios. What’s the issue? The sheer quantity of data can be overpowering, particularly when it is dispersed across thousands of spreadsheets. The strength of consolidation and more advanced analytics comes into play at this point.
Imagine being able to tap into the potential of over a thousand bid spreadsheets that have been painstakingly created over the course of several years. Businesses are able to make sense of this massive ocean of data, uncover compelling insights, and lead important decision-making when they utilize an innovative combination of Excel, Power BI, and smart database consolidation.
The first step is consolidation, which involves constructing a centralized database.
The first step is to collect all of the separate bid spreadsheets and combine them into a one comprehensive database. This is the beginning stage. This step of consolidation is extremely important since it not only helps minimize data duplication or conflicts but also creates a centralized store of information that is simple to access, manage, and analyze.
The subsequent analyses depend heavily on the consolidated database as their starting point. It stores essential information on the different types of bids, the outcomes of those bids, and the price techniques that lie beneath those bids.
Step 2: Connecting Excel While Keeping Its Familiar Look and Feel While Expanding Its Capabilities
The next stage of the procedure involves establishing a connection between the consolidated database and Excel, a program with which the vast majority of companies are already familiar. Teams will be able to continue their work in an atmosphere that is conducive to comfort while also taking use of the expanded functionality.
Users are able to readily extract and update data by virtue of the fact that a direct link has been established between the centralized database and Excel. This facilitates real-time analysis. In addition to this, it provides the path for more advanced capabilities such as the modeling and manipulation of data.
In the final phase, the Excel-connected database is integrated with Power BI, which is the primary business analytics product offered by Microsoft. This takes bid management to the next level. Power BI gives your data a more tangible form because to the powerful data visualization tools it possesses. It does it in a way that is both visually appealing and straightforward, making even the most complicated datasets accessible.
You will have the ability to generate dynamic dashboards and detailed reports when Power BI is connected to your consolidated bid database. You will also be able to evaluate win/loss ratios and spot trends at a glance. In addition, it permits the data to be sliced and diced in order to investigate various parameters and their influence on the outcomes of bids.
Taking Advantage of the Benefits
The combination of Excel’s and Power BI’s robust analytical capabilities, along with the consolidation of bid spreadsheets, presents a one-of-a-kind chance to acquire profound insights into your bidding process.
Businesses are able to track and analyze the success rate of different types of bids over time, discover trends, and fine-tune their tactics in accordance with these findings with the help of this setup. This expanded viewpoint makes it possible to make well-informed decisions, which, in turn, can dramatically increase your win percentages.
In addition to this, it provides light on your pricing methods, allowing you to better understand which strategies are successful and which are not. Are the prices that you’re asking too high or too low? Is there a sweet spot that you have to touch every time in order to be successful? You can help the system assist you in optimizing your bid rates for future bids by answering questions like these.
To summarize, utilizing Excel, Power BI, and a centralized bid database is more than just an update in technology; rather, it is a deliberate step towards data-driven bid management. If firms take this step, they will be able to use the data from their previous bids to inform future decisions, which will provide them a competitive advantage in the market.
If you would like to discuss how you can analyze your bidding data over a long period of time, get in touch with us.