To Tender Or Not To Tender?

At the heart of every successful business lies the crucial task of attracting and retaining new clients, a fundamental aspect of maintaining competitiveness in the market. While considerable time and attention are often dedicated to aspects such as business perception, pricing strategies, and operational decisions, it’s essential to extend a similarly thoughtful focus to your third-party suppliers.

These suppliers represent a valuable resource for which you incur costs and upon which you depend, seamlessly integrating them into your operational framework. It’s imperative not to underestimate the significance of ensuring that your partners not only maintain competitiveness within their respective circles but also actively support and align with your company’s strategies and objectives. This alignment is key to gaining a competitive edge in both retaining existing business and acquiring new clients.

How can you guarantee this alignment? It’s a straightforward process—regularly schedule comprehensive reviews and engage in a tendering process. The market is dynamic, and supplier offerings continually evolve. Therefore, it’s crucial to consistently evaluate and choose the best-fit suppliers for your business, ensuring that you are always positioned to thrive in the ever-changing business landscape.

Discovering what you lack only happens when you actively seek it out. At the very least, ensure that you’re getting the most value for your money and that there aren’t superior or innovative tools in the market that your competitors are leveraging. Stay well-informed to stay a step ahead in terms of competitiveness.

• Opening Moves: In chess, the opening moves set the tone for the entire game. Similarly, in selecting a tech partner, the initial stages involve understanding your own organisation’s needs and outlining the strategic goals you aim to achieve through technology.
• Understanding the Board (Business Landscape): Just as a chess player surveys the chessboard to understand the terrain, businesses must assess the tech landscape; understanding current industry trends, potential risks, and the competitive landscape to make informed decisions.
• Evaluating Your Pieces (Current Tech Infrastructure): Before making any moves, you need to assess the strengths and weaknesses of your current setup to determine how a new tech partner can complement or enhance your capabilities.
• Strategic Thinking (Long-Term Planning): Chess requires thinking multiple moves ahead. Similarly, selecting a tech partner involves considering not only immediate needs but also how their solutions align with your long-term business strategy. Look for a partner whose capabilities can grow and adapt as your business evolves.
• Assessing the Opponent (Due Diligence):  In chess, players analyse their opponent’s playing style and strengths. Similarly, businesses conduct thorough due diligence on potential tech partners, examining their track record, reputation, and the fit of their solutions with your unique requirements.
• Risk Management (Defensive Moves): Businesses need to assess the risk mitigation strategies offered by tech partners. This includes cybersecurity measures, disaster recovery plans, and scalability options.
• Seizing Opportunities: Chess masters spot opportunities to gain an advantage. Similarly, a good tech partner should present innovative solutions that can give your business a competitive edge. This might include emerging technologies, streamlined processes, or unique features that set them apart.
• The Endgame: The implementation and integration phase of a tech partnership requires careful execution to ensure a smooth transition and successful integration of new technologies into your business processes.
• Adaptability (Flexibility in Strategy): A tech partner should demonstrate adaptability and flexibility, willing to adjust their approach based on your evolving business needs.
• Victory through Collaboration: A successful tech partnership is one where both parties collaborate effectively, aligning their strategies and working together toward mutual success.

Over a decade ago, we set out to shape the way PropTech works for commercial real estate firms. We’ve been turning that vision into a reality ever since, not just as a tech provider, but as a trusted partner too.