Pwin (Probability of Win) is an important tool for assessing the chances a company has for winning a business opportunity. Contractors want to win, or capture, the contract they go after. Pwin indicates a probability rather than a guarantee of victory because the winning factors vary with each new opportunity.
What Is Pwin?
Pwin is a method for contractors to assess the chances of winning a particular Request for Proposal (RFP) opportunity by looking at several factors, or where they stand with the probabilities at any given point of time. It is a way to evaluate the preparedness of a proposal for confident submission, or for discerning needed adjustments. Using Pwin, the company gets a number indicator for the preparedness evaluation of their proposal. It is used for two distinct purposes. It is used for financial decision-making and for the capture process regarding a business opportunity. It defines bid decision criteria for making bids. These criteria are then reviewed against the capture status and proposal achievements.
Pwin Must Be Tracked With The Four Cs In mind:
The cost, or value, of the proposition must be analyzed.
Are the contractor’s capabilities competent? Does the company stand out from the competitors?
The competitors must be known and assessed. What is the vendor’s positioning in relation to theirs?
The customer must be known. Do they know the contractor?
Why Is Pwin Important?
Pwin is an important way to assess the probabilities of winning an opportunity because of the critical factors it considers. These components are:
The team that can build a winning proposal.
The capabilities, technologies, and skills to accomplish the business opportunity.
Any previous work experience, or successful relationship with this customer, or location experience.
The ability to present a better contract price compared to the leading competitor.
Is the client well known or not? Is the contractor well know or not? Is there an established relationship?
The best assembled team and program manager.
The best pricing to win the bid. What is the customer’s pricing strategy?
How To Improve Pwin
The best way to improve your Pwin is to employ software technology that uses artificial intelligence (AI) such as Natural Language Processing (NLP). This type of tool can analyze the RFP to position the company to fully address all requirements and questions. It can provide Bid/No Bid evaluations of the weighed elements of the project requirements The components contributing to the Pwin tool do not produce a sure winning number alone. These evaluations are subjective. So, the number obtained is only suggestive and not solid ground. Rather, the number suggested should provoke discussion about how to improve the proposal for greater chances of winning the bid.
Pwin is the evaluating concept that will help position the contractor into a more probable win for the bid. The best help toward gaining the good Pwin number for confident bidding is using AI-empowered software, such as Scion Analytics’ Content Analytics Platform (CAP), that can provide comprehensive Bid/No Bid analysis of an RFP quickly