Quality is the major factor in customer satisfaction. It incorporates consistency in producing goods and services. Quality reduces costs, and increase dependability. Hence, a company should inevitably focus on improving on the quality of its goods and services in order to establish customer loyalty and reduce business costs while increasing dependability.
Innovation: To maximize quality, a company need to consistently innovate their products to suit its customers need. Innovation promotes a company to achieve a competitive advantage in the market.
Delivery: Delivery is the ability to accomplish things consistently. Besides having quality innovations, a company should be able to build speed across a variety of its processes in order to have a competitive advantage.
Responsiveness: Change is constant in the contemporary business world. Like other value dimensions, responsiveness has a cross-functional capability that relies on the quality of the products, quality of innovations, and well-designed processes
Cost: Companies are perpetually under a constant cost pressure. Customers’ purchasing professionals are unrelenting in their efforts to reduce costs. Besides, globalization has emboldened customers by increasing factor mobility and market access, thus giving them alternative sourcing systems. Hence, cost is only effective where a company has improved on its quality, innovations, delivery and responsiveness.
Revealing what is important: Also known as the predictive model. It sifts through company’s data, spotting patterns in customers’ behavior and what they might lead to in the future. Hence, they offer the company an opportunity to analyze their products and find ways to improve on them according to their customers need.
Understand why: Once customers’ behavior and their buying trends are identified a company should endeavor to understand the reason causing such trends and behavior. By doing so, a company is able to have insights on places which needs improvements and those that customers are satisfied with.
Act: After identifying patterns and reasons associated with such patterns, it is paramount to act towards realizing the needed improvements or change. In addition, a company should provide self-help resource which gives valuable data in anticipating customers’ needs while saving on time and resources that would be used on the same.
Risk assessment: All potential risk, including those concerned with the company’s profitability should be assessed. Bidding documents should be reviewed and compared with historical data from similar projects to identify potential risks (Service and Solutions, 105).
Long-term strategy: competitive bids should always fit into a company’s long-term strategy and goals. This helps the company to avoid unnecessary cost that may arise due to unplanned for occurrences.
Historical analysis: It is vital for a company to review its historical backgrounds in order to have a clear understanding of what caused previous losses. By analyzing historical data, a company is in a more precise position of avoiding unnecessary costs and losses (Service and Solutions, 105).
Service and Solutions: Public Works and Government Services Canada : Corporate Profile. Ottawa: Public Works and Government Services Canada, 2000. Print. https://buyandsell.gc.ca/policy-and-guidelines/supply-manual/section/5. Accessed 20th Feb 2018