Press Release (ePRNews.com) - Austin, TX - Apr 06, 2016 - BidPrime, an Austin based company, which provides real-time notification of new government bids and contract data, researched and analyzed their database to report on the number of bids and decreasing timeframes to bid. In the past decade, the average time of these bids has decreased approximately 50%.
Eprocurement has made it easier for governments to issue bids and identify vendors. The agencies can distribute, tabulate, and award the bids much quicker than years ago. With less lead time and more automation, procurement departments are more apt to put something out for bid than complete a purchase order or lock themselves into a long term contract. I anticipate there will be a further increase in the number of bids for a lower average volume per bid in 2016. Leading the way will be a further uptick in the quantity of quick quotes, bids expiring less than five days from issue date.
Key data from the BidPrime Report:
- The window, from release to due date, for Federal, State and Local bids in the USA dropped to 11.7 days in 2015, from 12.1 days in 2014.
- In 2006, the average time to bid was 22.7 days.
- Over the last 5 years, there has been a 36% drop in the average amount of time to bid.
- There are fewer long multi-year Term Contracts being issued in favor of smaller purchase bids that are less binding.
- “Quick Quotes,” bids that expire within 5 days of their issue date, are trending upwards.
- “Quick Quotes” have less vendor distribution, fewer bidders, less quantity per purchase, and lower dollar volumes. Arguably, there is less competition with these purchases.
BidPrime extended their initial assessment of timeframes by looking back at the 2015 data. The graph from the full report: http://www.bidprime.com/news/blog/2016/March/government-bid-timelines-decrease-again.html#6654061613792041165, notes that average bid deadlines continued to trend downward in 2015.
If you would like more information about this topic, or to schedule an interview with Stephen Hetzel, Operations Officer, please call Bill Culhane at 888/808-5356 or email Bill at firstname.lastname@example.org.
About BidPrime: Launched in 2009, BidPrime is a technology company which provides real-time notification of new federal, state, and local government bids and contract opportunities using a streamlined User Interface. BidPrime utilizes modern technology to better collect and consolidate government bids and RFPs and provides a clear and timely window into government purchasing. In addition, subscribers are provided analytic tools designed to follow emerging trends in their industries and for use of historical information for better intelligence on new leads.