What is PIPELINE and how is it beneficial?
Pipeline is the method to classify or segregate the available opportunities through the process of stages.
Further looking into it we understand that pipelining is very useful to clarify our clogs beforehand and during the business process.
It also gives us an overview of the situation – opportunities in hand to pursue to win a certain amount of business.
As there is no specific standard followed to classify these opportunities, one could use it differently from another.
But to start with, we will calculate targets and also look into the bid win rate.
It is quite simple, calculate the number of bids to be submitted to achieve the amount of new business one aspires.
Next step is to discover the number of leads to pursue to achieve the target.
To achieve this, pipelining is essential.
Pipelines are defined in stages,
Stage 1: Lead Identification
Stage 2: Lead Pursuance
Stage 3: Bidding Leads
Stage 4: Win Leads
Hence, a pipeline helps to determine whether one is pursuing enough leads to achieve the amount of new business required to sustain or grow a company.
It is important to track our leads and chart them to create a pipeline.
Tip: Using a bar graph is always beneficial as it is visual representation.
A prepared bar graph will consist of the total at each stage. What we should see is a large bar for identified leads, and in each stage it follows, the bar should get smaller.
When this method is followed to categorize opportunities, it forms a pipeline that highlights the health of the business development effort