Discover, exploration, bid-mining, RFP file scouting- the list can go on forever. These are all names for the process of finding RFPs and determining viability. However, the capture process is much more complex than just finding bids or having a searchable database of PDF files at your disposal. Submitting questions, following pre-qualification procedures, determining viability, determining reasonability of the scope timeline(s), and outside research on the incumbent are just some of the other components that go into the capture process.
While there are various common terms for this process, we know it as the capture process. You may hear it defined as the discovery phase, exploration, RFP sourcing, etc., yet none of these terms truly encompass the entirety of the process and the intricacies that go into sourcing bids. Essentially, the capture process is the guiding hand of everything pre-contract and is a massive determinant of the bid outcome and whether you’ll make something that resembles margin. We are using every resource in order to capture the best opportunities possible, and ensure profit is baked in as well.
While other descriptors for this process may be sufficient for some, the term ‘capture’ best describes the process in which we source our bids. It goes beyond simply exploring options. Rather, the capture process is a repeated and deliberate method that refuses to take something at surface value; reading between the lines and extracting useful bits and pieces from exclusions or avoidances will increase your chances of success. You’ll essentially be capturing more data than your competitors and making better decisions in the process.
While some have a go-to method of capturing their bids, we recommend having a diverse sourcing portfolio with a variety of methods included. Similar to having a diverse financial portfolio, this ensures that all of your eggs are not metaphorically put in one basket. Our capture process is rounded out by our careful selection of viable pursuits from a variety of sources.
While those who are more unfamiliar with the capture process will swear up and down on one method, we emphasize the importance of maintaining diverse searches. With viable bids found in each category, truly capturing all of the available opportunities requires a well thought out strategy.
Some relevant examples of how we uniquely source our bids is through social media. Many don’t realize that federal purchasers oftentime advertise their available bids on social channels in order to generate more visibility. We take this unique avenue into consideration and use it to find bids that others might otherwise not find. We estimate that without exploring multiple capture sources, you can only capitalize on 30% of the bids available.
Benefits of the Capture Process
The Capture Process is a multifaceted process that goes deeper than the average sourcing process. While there are countless benefits to this way of finding viable bids, using a variety of sources will consistently produce better results. One of the biggest benefits of the capture process is how much it can broaden and strengthen your RFP pipeline, driving increased revenue over the long term. Capture Management involves a high level of expertise and coordination before the RFP is even released. This includes finding diverse sources of information, consulting with SMEs, and ultimately ensuring that your company is positioned as strongly as possible to win bids.
Another major benefit of capture management is the organizational excellence associated with the process. By creating a regularly executed capture method, there is an assurance that RFPs that continue through the pipeline are truly viable and have the possibility to lead to a win.
TKS Capture Expertise
The capture process differs significantly from simply sourcing RFPs, discovering a bid, etc. Rather the capture process:
- Covers pre-bid considerations and work that can result in higher favorability
- Involves highly thought out methods of finding viable pursuits that goes beyond the basic scope
- Has many benefits including a strengthen pipeline and saved time/resources
At TKS, we are focused on constantly improving our methods of capturing the best possible bids for our clients. With years of experience and demonstrated expertise in capture management, we are dedicated to helping our clients capture the best possible opportunities. For more information, check out www.trytks.com!