This document discusses the importance of conducting lost business analysis to understand why customers chose competitors over your company. Lost business analysis involves systematically investigating the reasons for lost orders to help prevent future losses and improve competitiveness. Some key benefits include indicating what changes are needed to the products, services, pricing or other areas to win more bids and increase hit rates. The document provides a simple method for conducting lost business analysis by reviewing past quotations and bids to gather useful information like competitor pricing, reasons for losses, which models or sales representatives need improvement, and top competitors.