EconArt is at the forefront of innovation in the field, designing the tenders at the forefront of academic and practical knowledge, and constantly stretching the boundaries to improve the results for our clients.
The 5-step process to design an optimal tender
Where do you want to go?
Constraints
Supply Market Analysis
performance appraisal
Support all the way
We build tailor-made tenders to meet the needs of our customers. Therefore, in the first stage, we begin by clarifying the needs of the tender editor and defining the objectives of the tender. In many cases, tenders have many goals, which may even be contradictory. Our experience and tools allow us, together with our clients, to identify and evaluate the tradeoff between the different goals in order to formulate a goal function that reflects the preferences of the tender editor.
With the extensive practical experience we have accumulated in designing tenders, we recognize the constraints resulting from operational limitations, the legal and regulatory environment, and more. Since the tender is also the legal basis for contractual engagement, in the tender design process, we ensure that the rules of the tender meet the legal requirements at the highest standards. We have experience working with all the relevant parties, including those who are supposed to conduct the contract on the day after the tender, in order to ensure an appropriate response to its needs. We have experience working on platforms to execute dynamic tenders and we know how to adapt the design of the tender to the system's capabilities.
In order to adapt the best tender to the market conditions prevailing in the tender, we align the competitive environment with a systematic methodology for carrying out market research. We also compare to similar auctions while making appropriate benchmarking.
At this stage, it is possible to identify several tenders that differ in certain aspects. Analyzing auctions from a game theory perspective helps predict how the bidder will behave and what the outcome of each auction will be. In addition, modeling and testing the selected tender using the bid generator - running a large number of "smart" simulations for various scenarios allows us to analyze the expected results and to identify potential failures and the probability of their occurrence. We sometimes use our expertise in an experimental economy to examine the performance of tenders in laboratory conditions prior to the tender. Also, when it comes to significant government tenders - we also estimate their impact on the market.
During the process we provide our customers with understanding and intuition regarding the issues in the design of the auction, accompanied by many practical examples. Ultimately, the decision makers receive a "navigation system" that provides them with full information about the benefits and risks inherent in selected types of tenders and depends on how different scenarios develop and their likelihood.
- We have extensive experience in conducting the training sessions for the bidders in order to ensure that they understand the rules of the tender and answer the questions of the bidder.
- In dynamic tenders, our experienced and experienced staff can be present in the bidding process to ensure smooth operation and successful implementation of the tender. In envelope tenders, we assist in examining the proposals and comparing them to determining winner / winners.
- We analyze the results obtained and assist with insights regarding the management of the engagement on the day following the tender.