From ICIHelp7.15
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With the App, Icertis has devised an opportunity to introduce out-of-the-box entities, drive the lifecycle and entire business process that begins with the inputs from an RFx, qualifies them, plans and reverts with a proposal, and finally facilitates the completion of the proposal. In addition, Icertis gives the flexibility to configure the Proposal Management App as per the customer requirement, making it a truly enterprise App. | With the App, Icertis has devised an opportunity to introduce out-of-the-box entities, drive the lifecycle and entire business process that begins with the inputs from an RFx, qualifies them, plans and reverts with a proposal, and finally facilitates the completion of the proposal. In addition, Icertis gives the flexibility to configure the Proposal Management App as per the customer requirement, making it a truly enterprise App. | ||
| − | <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 01.png|720px]]</div> | + | <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 01.png|720px|7.15 PM App Release Notes Screenshot 01.png]]</div> |
These release notes provide an overview of the ICI Proposal Management App. | These release notes provide an overview of the ICI Proposal Management App. | ||
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Here are some terms that will help you better understand the Proposal Management process: | Here are some terms that will help you better understand the Proposal Management process: | ||
| − | <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 02.PNG|720px]]</div> <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 03.PNG|720px]]</div> <div class="image-green-border"> </div> | + | <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 02.PNG|720px|7.15 PM App Release Notes Screenshot 02.PNG]]</div> <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 03.PNG|720px|7.15 PM App Release Notes Screenshot 03.PNG]]</div> <div class="image-green-border"> </div> |
== The Challenge == | == The Challenge == | ||
<div class="image-green-border">Some key challenges to overcome in order to set and mature your sell side practice include:</div> <div class="image-green-border"> </div> | <div class="image-green-border">Some key challenges to overcome in order to set and mature your sell side practice include:</div> <div class="image-green-border"> </div> | ||
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*Cumbersome content and knowledge management | *Cumbersome content and knowledge management | ||
**Reviewing, managing and reusing content is time consuming in addition to the challenges of quality and compliance that are critical for the business. Content and knowledge management repository is not present. For example, the organization receives multiple RFPs of similar nature. If a library of similar, reusable content is maintained, then it will save time by utilizing the same answers and using a qualitative template. Due to the lack of such a repository, the user has to give the same responses repetitively and recreate new proposals each time using non-standard or non-qualitative templates, which is time-consuming and results in duplication of efforts. | **Reviewing, managing and reusing content is time consuming in addition to the challenges of quality and compliance that are critical for the business. Content and knowledge management repository is not present. For example, the organization receives multiple RFPs of similar nature. If a library of similar, reusable content is maintained, then it will save time by utilizing the same answers and using a qualitative template. Due to the lack of such a repository, the user has to give the same responses repetitively and recreate new proposals each time using non-standard or non-qualitative templates, which is time-consuming and results in duplication of efforts. | ||
| − | <div class="image-green-border"><br/> These challenges help shape the solution framework for the ICI Proposal Management App.</div> <div class="image-green-border"> </div> | + | <div class="image-green-border"><br/> These challenges help shape the solution framework for the ICI Proposal Management App.</div> <div class="image-green-border"> </div> |
| + | == The Opportunity == | ||
| + | <div class="image-green-border"> </div> <div class="image-green-border">For businesses, responding to Requests for Proposals (RFPs) is a regular process. However, each RFP is a sales opportunity which contributes to growth. It is, thus, imperative for the RFP to be successful as its execution will have a significant impact on the final outcome. </div> <div class="image-green-border"> </div> <div class="image-green-border">Keeping this in mind, Icertis introduces the Proposal Management App, which is built on the ICI platform that presents out-of-the-box entities to drive the entire business process. This essentially consists of creating and qualifying RFx, and responding to the buyers with the bid proposal. </div> <div class="image-green-border"> </div> <div class="image-green-border">The App provides the ability to track KPI metrics such as Win Rate, Value Capture Ratio, etc. that help in executing incoming solicitation types efficiently and improving response processes paving the way for a mature proposal management team over time. </div> <div class="image-green-border"> </div> <div class="image-green-border">ICI allows creating a contract-centric proposal process connected with Sourcing and Obligation Management to flexibly drive the end-to-end business process for enterprise needs.</div> <div class="image-green-border"> </div> <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 04.png|720px]]</div> <div class="image-green-border"> </div> | ||
| + | == The Solution Framework == | ||
| + | <div class="image-green-border"> </div> <div class="image-green-border">The functional decomposition of how the overall solution framework from capturing the Sell Side RFx to initiating a contract followed by knowledge management through configuration, integration, and usage of entities includes the following:</div> <div class="image-green-border"> </div> | ||
| + | *Sell Side RFx Capture Management | ||
| + | **Capture Sell Side RFx | ||
| + | **Sign an NDA to participate in the RFx event | ||
| + | **Capture RFx schedule, line items, key requirements, and terms | ||
| + | **Qualify RFx and perform go/no-go decision to bid | ||
| + | *Proposal Management | ||
| + | **Develop solution and proposal strategy | ||
| + | **Plan a bid schedule | ||
| + | **Enrich proposal line items with quotes | ||
| + | **Assemble proposal package | ||
| + | **Approve proposal and submit | ||
| + | *Post-Win Management | ||
| + | **Negotiate proposal with customer | ||
| + | **Record proposal outcome | ||
| + | **Obligation extraction and tracking | ||
| + | **Initiate customer and supplier contracts post win | ||
| + | *Knowledge Management | ||
| + | **Update content | ||
| + | **Tagged content for search and reuse | ||
| + | **Historical proposals search | ||
| + | <div class="image-green-border"><br/> Based on this framework, the solution includes:</div> <div class="image-green-border">[[File:7.15 PM App Release Notes Screenshot 05.png|720px]]</div> <div class="image-green-border"> </div> <div class="image-green-border"> | ||
| + | == The Benefits == | ||
| + | |||
| + | Icertis’ end-to-end solution connected with the ICI contract-led proposal management has several benefits including: | ||
| + | |||
| + | *Increased speed-to-market and proposal quality by using strengths of the ICI platform to create proposals quickly and effectively using templates based on the nature of products and services in a proposal | ||
| + | *Improved deal quality and profitability by building the right proposal with the right products, prices, and terms and conditions | ||
| + | *Standard and customizable KPI tracking (win rate, capture ratio analysis), post-win contract and obligation tracking | ||
| + | *Seamlessly connected experience with Sourcing, Contracting and Obligation Management | ||
| + | *Increased ROI by realizing revenue and margins through proper governance on deal approvals | ||
| + | |||
| + | == The Users == | ||
| + | |||
| + | ICI Proposal Management typically involves the following set of users: | ||
| + | |||
| + | *'''Capture Management Team:''' Includes members from the sales, business development, pre-sales teams, who would be involved in the process of capture management. This team will quickly capture the RFx, ensure right fidelity of the input to make a bid/ no-bid decision, get the downstream proposal qualification process as quickly as possible, and improve the quality of the proposal. | ||
| + | *'''Proposal Management Team:''' Includes members from the delivery, IT, legal, or product teams, who would be involved in the process of proposal management. This team will take a qualified RFx, plan and create a proposal with a winning strategy that covers all the requirements of the incoming RFx. | ||
| + | *'''Sourcing/Procurement Team:''' Includes members who would be involved in the overall view of the inventory, state of vendor deliverables, etc. They are a common function which can plan for any procurement that might need to be planned for the case that bid proposal converts into actual contract and the entity needs to engage with vendors for respective deliverables. | ||
| + | *'''Contracting (Legal) Team:''' Includes the standard legal function in an organization that helps qualify the RFx, convert the won proposal to appropriate customer/ supplier contracts. | ||
| + | *'''Knowledge Management Team:''' Includes members from the senior leadership within the sales and proposal teams who would be involved in the planning, curation, and baseline content reuse across bid proposal. | ||
| + | </div> | ||
Revision as of 07:25, 18 February 2021
Contents
Business Apps Update – ICI Proposal Management App
Overview of Release 7.15
In the 7.15 Release (PM7.15.1.4), Icertis is expanding its market coverage by introducing the Proposal Management application and increasing the value to the sales and marketing functions in the enterprise set up.
With the App, Icertis has devised an opportunity to introduce out-of-the-box entities, drive the lifecycle and entire business process that begins with the inputs from an RFx, qualifies them, plans and reverts with a proposal, and finally facilitates the completion of the proposal. In addition, Icertis gives the flexibility to configure the Proposal Management App as per the customer requirement, making it a truly enterprise App.
These release notes provide an overview of the ICI Proposal Management App.
The Terminology
Here are some terms that will help you better understand the Proposal Management process:
The Challenge
Some key challenges to overcome in order to set and mature your sell side practice include:
- Absence of a mature proposal management setup
- The proposal management process is not structured and is run ad-hoc. Dashboards to get an insight to metrics such as win rate or capture ratio are not available. Also, as organizations mature, they need insights to devise their strategy (for example, if win rate has decreased over time) and the tools to enforce business processes.
- No single platform for seamless collaboration
- Enterprises rely on system of systems and expect seamless interplay of data across systems. As a result of disparate systems, data is fragmented across systems or entities which does not let leadership have insights on win rate, capture ratio, etc.
- Nightmare to manage, track and compile tasks
- Identifying and managing tasks between cross-functional stakeholder teams and completing proposals on stringent timelines are arduous.
- Cumbersome content and knowledge management
- Reviewing, managing and reusing content is time consuming in addition to the challenges of quality and compliance that are critical for the business. Content and knowledge management repository is not present. For example, the organization receives multiple RFPs of similar nature. If a library of similar, reusable content is maintained, then it will save time by utilizing the same answers and using a qualitative template. Due to the lack of such a repository, the user has to give the same responses repetitively and recreate new proposals each time using non-standard or non-qualitative templates, which is time-consuming and results in duplication of efforts.
These challenges help shape the solution framework for the ICI Proposal Management App.
The Opportunity
For businesses, responding to Requests for Proposals (RFPs) is a regular process. However, each RFP is a sales opportunity which contributes to growth. It is, thus, imperative for the RFP to be successful as its execution will have a significant impact on the final outcome.
Keeping this in mind, Icertis introduces the Proposal Management App, which is built on the ICI platform that presents out-of-the-box entities to drive the entire business process. This essentially consists of creating and qualifying RFx, and responding to the buyers with the bid proposal.
The App provides the ability to track KPI metrics such as Win Rate, Value Capture Ratio, etc. that help in executing incoming solicitation types efficiently and improving response processes paving the way for a mature proposal management team over time.
ICI allows creating a contract-centric proposal process connected with Sourcing and Obligation Management to flexibly drive the end-to-end business process for enterprise needs.
The Solution Framework
The functional decomposition of how the overall solution framework from capturing the Sell Side RFx to initiating a contract followed by knowledge management through configuration, integration, and usage of entities includes the following:
- Sell Side RFx Capture Management
- Capture Sell Side RFx
- Sign an NDA to participate in the RFx event
- Capture RFx schedule, line items, key requirements, and terms
- Qualify RFx and perform go/no-go decision to bid
- Proposal Management
- Develop solution and proposal strategy
- Plan a bid schedule
- Enrich proposal line items with quotes
- Assemble proposal package
- Approve proposal and submit
- Post-Win Management
- Negotiate proposal with customer
- Record proposal outcome
- Obligation extraction and tracking
- Initiate customer and supplier contracts post win
- Knowledge Management
- Update content
- Tagged content for search and reuse
- Historical proposals search
Based on this framework, the solution includes:
The Benefits
Icertis’ end-to-end solution connected with the ICI contract-led proposal management has several benefits including:
- Increased speed-to-market and proposal quality by using strengths of the ICI platform to create proposals quickly and effectively using templates based on the nature of products and services in a proposal
- Improved deal quality and profitability by building the right proposal with the right products, prices, and terms and conditions
- Standard and customizable KPI tracking (win rate, capture ratio analysis), post-win contract and obligation tracking
- Seamlessly connected experience with Sourcing, Contracting and Obligation Management
- Increased ROI by realizing revenue and margins through proper governance on deal approvals
The Users
ICI Proposal Management typically involves the following set of users:
- Capture Management Team: Includes members from the sales, business development, pre-sales teams, who would be involved in the process of capture management. This team will quickly capture the RFx, ensure right fidelity of the input to make a bid/ no-bid decision, get the downstream proposal qualification process as quickly as possible, and improve the quality of the proposal.
- Proposal Management Team: Includes members from the delivery, IT, legal, or product teams, who would be involved in the process of proposal management. This team will take a qualified RFx, plan and create a proposal with a winning strategy that covers all the requirements of the incoming RFx.
- Sourcing/Procurement Team: Includes members who would be involved in the overall view of the inventory, state of vendor deliverables, etc. They are a common function which can plan for any procurement that might need to be planned for the case that bid proposal converts into actual contract and the entity needs to engage with vendors for respective deliverables.
- Contracting (Legal) Team: Includes the standard legal function in an organization that helps qualify the RFx, convert the won proposal to appropriate customer/ supplier contracts.
- Knowledge Management Team: Includes members from the senior leadership within the sales and proposal teams who would be involved in the planning, curation, and baseline content reuse across bid proposal.
