Project acquisition and management tools are designed to streamline and simplify an entire project lifecycle, from start to finish. These specialty tools allow businesses to more efficiently manage a project, keep track of progress (and challenges), supervise budgets, and collaborate with team members. They also can provide real-time feedback and data analysis, helping managers to make informed decisions more quickly and thus reduce the risk of delays or cost overruns.
Indeed, it is by centralizing all project-related data and activity in one platform that project acquisition and management tools such as BidNexus help teams to work together more efficiently and cohesively, leading to better project outcomes, improved productivity, and, of course, increased profitability for the businesses that use them.
The BidNexus app is encrypted, runs in the cloud, and offers everything project managers need at the click of a button. BidNexus was built from the ground up to work with DevelopmentAid’s services to instantly import, sort, and manage experts and consultants, track budgets and expenses, foster team collaborations, and securely store documents and project-related files. Simply put, for any business working in the field of international development, there is no better project acquisition and management tool than BidNexus.
Let’s dive into the app’s possibilities and see why managers prefer it over traditional instruments for project monitoring.
Project Acquisition
🔹 Sourcing Projects
Sourcing or discovering projects is the first fundamental element of the project acquisition process, which starts by identifying potential projects that align with your company’s business goals and objectives.
Project acquisition managers and team can use a wide spectrum of methods to source potential projects, including by analyzing industry trends, staying abreast of what competitors are doing, and networking with fellow professionals and/or potential clients.
Since BidNexus was built to seamlessly integrate with the largest database of funding opportunities (tenders and grants) in the development sector – www.developmentaid.org, and uses DevelopmentAid’s tools and services, it makes project acquisition quite easy as the app lets you easily filter and search for published tenders, grants, and requests for proposals from donor agencies and development organizations from around the world.
See also: The fastest way to identify and track a donor’s project and tender award history
Thus, by effectively sourcing projects using tools such as BidNexus, companies can be confident that they have access to upcoming opportunities for profitable projects. Additionally, using project acquisition tools such as BidNexus allows companies to stay one step ahead of the competition by identifying and pursuing opportunities and industry trends before other players in the market.
🔹 Evaluating Projects
Once you’ve identified a potentially profitable project, the next step in the project lifecycle is to assess and evaluate the project.
The evaluation of a project includes analyzing its viability and feasibility, including its projected costs, possible benefits, and potential risks. Therefore, project acquisition teams need to have a method of determining whether or not a potential project will align with the company’s goals and objectives, fit within available time, resources, and budgets, and has a high likelihood of success.
The evaluation process can encompass a number of different actions, including conducting market research, analyzing industry trends and financial data, and accurately assessing the company’s capability to complete the project.
Of course, the BidNexus app cannot directly help a company evaluate its ability to take on a project, but its streamlined design that includes published budgetary information and expert fees, makes the whole process a lot simpler for businesses working in the field of international development.
🔹 Selecting Projects
Selecting or deciding to embark upon a project is the final stage of the project acquisition process. After identifying potential projects and then evaluating them, project acquisition teams must then prioritize potential projects based on their assessed ability to deliver a return on investment, minimize risk to the company, and how well they align with the company’s goals and objectives while still fitting within their available human resources and budget.
Once the selection process has been enacted, the company can then begin to move into the active phase of the project, including developing a strategic plan to implement the project, setting milestones, and forecasting a realistic timeline. And once a project has been selected, the BidNexus app allows project teams to more effectively begin deploying their resources and formulate a plan to ensure the plan’s successful completion.
See also: Three ways to keep track of all your projects in one app
Although the selection process for projects is often overlooked in the bigger picture of project acquisition and management, successful businesses know that the right evaluation criteria are critical for identifying and then committing to projects that have the highest potential for success and best align with the company’s resources, capabilities, and business strategy.
Thanks to all of these great features, BidNexusis undoubtedly one of the most powerful and efficient apps on the market for project acquisition and evaluation. BidNexus’s advanced algorithms and intuitive interface gives project managers the ability to determine a project’s viability, potential risks, and estimated returns, making it the go-to app for anyone looking to acquire and evaluate projects quickly and efficiently.
Request a BidNexus demo at https://www.bidnexus.ai/