Procurement strategy pointers: Bidder registration and secure file sharing

Developing a procurement strategy for a high stakes, major infrastructure project is a multi-step process. Deciding on how the following will be carried out is part of this process: (1) Releasing the RFT/RFP to market, (2) Registering prospective bidders, and (3) Sharing details about the project.

Given the large sums of taxpayer money at stake – today, it’s not uncommon for major infrastructure initiatives to run as high as 10 figures – managing the registration and information exchange processes in strict accordance with the relevant government regulations is critical.

So is being able to prove you’ve done so. Government projects can be subject to intense scrutiny and public servants who are involved in decision making need to implement processes and actions that are consistent, transparent and auditable. 

Keeping detailed, accurate records and maintaining the security and confidentiality of information is essential. This helps bidders have confidence that their bids will compete on their merits and shows the public that funds are being properly spent. 

For project teams that don’t take advantage of digital technology, demonstrating they’ve adhered to the highest standards of compliance and fair competition can be challenging.

Struggling to share data efficiently and securely

That’s because using legacy communication platforms and processes to register bidders and disseminate commercially sensitive documents is inherently risky.

It can be all too easy for paper-based registration forms to be lost, stolen or accessed by unauthorised parties, while bidder and project information shared via email can be accidentally or deliberately copied or forwarded.

There’s also the very real risk of data being improperly accessed while it’s in electronic transit. Today, business email compromise is increasingly commonplace, as scammers and cyber-criminals employ ever more sophisticated strategies to trick email account owners into disclosing their log-in credentials.

Regardless of how a data breach occurs, the repercussions are significant. Failure to safeguard sensitive and confidential documentation is a bad look, for project teams, and for the stakeholders who have ultimate responsibility for the successful delivery of the project. 

Maintaining an audit trail manually can be challenging and time consuming too, particularly if a call for expressions of interest attracts multiple bidders. And if project staff are required to manually enter bidders’ details into a spreadsheet or database, not only is this time consuming and inefficient, there’s an ever-present possibility of human error.

Tools to make the task easy

That’s where technology comes into its own; allowing project teams to do things smarter, faster and safer.

Using a single, secure online repository makes it easier to collect and collate relevant data and disseminate project documents quickly and securely.

Requiring bidders to self-register their interest and enter their own details can save project teams time and eliminate the possibility of human error on their part.

Adopting this ‘self service’ registration model gives them up-to-the-minute visibility over the registration process and can make managing bid acceptance simpler.

By harnessing the power of automation, maintaining comprehensive audit trails can become a much more straightforward matter too. Having a detailed digital record of when documents were shared, and with whom, helps project teams demonstrate that their procurement strategy and processes are consistent, transparent and ethical.

Drawing on the power of data rooms

Given these obvious benefits, it’s little surprise a growing number of state and federal government agencies are investing in virtual data rooms to help them run the planning, preparation and procurement of major infrastructure projects.

Virtual data rooms are a secure online space where confidential documents are stored and shared with authorized parties.

It’s enabling technology that helps government agencies implement efficient, secure, auditable procurement processes, from project conception to conclusion.

Complementing state portals, e-procurement platforms, and project delivery solutions, purpose-built technology like virtual data rooms minimize risk and makes it easier for project teams to run the procurement process for their major infrastructure project.

Smarter procurement starts here

Progressing a procurement strategy for a high stakes, major infrastructure project is easier with the right tools. Deploying a virtual data room solution will enable your team to collate, store, share and track documents, and collect and store bidders’ data efficiently and securely. It’s a smart way to streamline and de-risk this stage of the process and ensure probity and integrity are maintained to the highest standards.

Deploy a solution that’s been developed by professionals with firsthand experience planning, preparing and procuring major infrastructure initiatives and you’ll stand the best chance of capitalizing on the benefits this transformative technology can deliver.

If you’d like to learn more about how digital data room technology is helping government agencies optimize their procurement process for major projects around the world, Ansarada is happy to help.