Objectively Evaluating Your Bids to Identify the True Best and Lowest
We have all heard about nightmares of costly delays, poor quality, lack of service, and devastating effects on businesses who chose the lowest bid only to find out that the bidder was unable to deliver or perform as promised. Sometimes, the lowest bid isn’t the best.
So, how do you know whether a bidder is likely to meet your needs when you’re counting on them the most? One way to identify such risk is to pull a credit report on the bidder. A good credit report will tell you if the bidding company pays its bills on time, which could impact its ability to access the resources it needs to deliver to you. It will also point out any slow payments or derogatory events that have been recorded against the company as well as other derogatory events that could impact your business relationship.
It’s easy to know the lowest bid, but how do you know the best? You need to objectively evaluate the financial stability and viability of a company. BCR offers Supplier Risk Reports that enable you to efficiently, concisely, and objectively quantify the financial stability and viability of all bidders. View how your bidders pay their creditors, check for collections, public records, tax liens, lawsuits, judgments, UCC's, bankruptcy, corporation information and corporate linkage.
You can get supplier and credit risk reports for free by using BCR’s new report sharing program, BCR ShareBack System. With this innovative program, you provide the bidder with a link to order reports on their company, which are then automatically shared with you. You choose which reports you want the bidder to purchase and since they are delivered directly to you by BCR, you know they are authentic. If you don’t like free, you can order the reports yourself instantly online with no minimums.
Either way you choose, you can have confidence that you will be receiving an accurate assessment of the bidder’s viability because BCR’s supplier reports are built with data from the top business credit information sources.
Before you decide on the lowest bidder, verify their ability to perform by reviewing their Supplier Risk Report from BCR. To learn more, visit the Supplier Management page on BusinessCreditReports.com.