Your subscription to Bid Board Pro gives you access to your company’s analytics and leaderboard. These are tools which provide you with important information about your company’s performance. Both analytics and leaderboard allow you to customize how your company’s Hit Rate is calculated. This functionality is important to allow you to track and evaluate your company’s performance as well as the performance of individual estimators at your company.
Continue reading to learn about Hit Rate and how you can modify this calculation. Click here for more information on the analytics included with your Bid Board Pro subscription. Additionally, you can learn more about your company’s leaderboard here.
If you would like to learn more about the features included in Bid Board Pro, please contact our sales team.
Hit Rate FAQs
- What is Hit Rate?
- How is Hit Rate calculated?
- How do I modify the Hit Rate calculation from the Analytics tab?
- How do I modify the Hit Rate calculation from the Leaderboard tab?
What is Hit Rate?
Hit Rate refers to the number of times that you submit a bid and how many times you win bids. These calculations are not automatically applied and are based only on the bids that you have marked as won, lost, other etc.
How is Hit Rate calculated?
The default calculation for Hit Rate is:
Depending on the time period you are analyzing, the hit rate will include any opportunities with an Outcome Date in that period and are marked "Won, Lost, Submitted, or Other" as applicable.
This calculation can be adjusted.
How do I modify the Hit Rate calculation from the Analytics tab?
Start from your Bid Board’s Analytics tab and find the calculation you wish to modify. You’ll notice that the Analytics tab shows information for the past year and the current year-to-date. Within the information for each year, you have the ability to modify the calculation for “Hit Rate by Count” and for “Hit Rate by Dollar Value.” Both “Hit Rate by Count” and “Hit Rate by Dollar Value” calculations use the formula listed above.
Click on the “Edit” button located beneath the Hit Rate whose calculation you wish to update.
You can choose whether to include bids in the "Submitted" or "Other" statuses into the calculation by selecting "Other" or "Submitted" at the bottom. Click "Save".
Note: “Other” status can only be applied to a bid after the bid has been submitted. As a result, it is not possible to update the Hit Rate calculation to include bids with an “Other” status without having the “Submitted” box selected. Additionally, “Submitted” bids that have been “Archived” are included in the Analytics tab.
How do I modify the Hit Rate calculation from the Leaderboard tab?
Start from your Bid Board’s Leaderboard tab. Click on “Assignee,” “Client” or “Competitor,” depending on what information you wish to modify. You’ll notice that under each of the three categories, you have the ability to modify the calculation for “Hit Rate by Count” and for “Hit Rate by Dollar Value.” Both “Hit Rate by Count” and “Hit Rate by Dollar Value” calculations use the formula listed above.
Click on the “Edit” button located next to the Hit Rate whose calculation you wish to update.
You can choose whether to include bids in the "Submitted" or "Other" statuses into the calculation by selecting "Other" or "Submitted" at the bottom. Click "Save".
Note: “Other” status can only be applied to a bid after the bid has been submitted. Therefore, it is not possible to update the Hit Rate calculation to include bids with an “Other” status without having the “Submitted” box selected.
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