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Tenders can function a profitable inroad for brand spanking new enterprise, however the technique of discovering appropriate alternatives and assessing an organization’s possibilities of succeeding with their bid may be an arduous, resource-intensive course of — one which will in the end finish in failure. It is a downside that Cube RM needs to unravel, with an AI-powered tender administration platform that helps enterprises uncover and win tenders globally.
At present, a typical tendering course of entails having to channel into native, country-specific knowledge portals or signing up for e mail notifications, after which manually poring via every potential tender. Constructed on high of the Salesforce platform, Dice RM integrates with myriad tendering portals throughout the globe, delivering new tender alternatives immediately into the shopper’s CRM as a certified prospect.
“Dice RM combines world knowledge and tender administration functionalities into one single system that consolidates info and processes from all international locations,” Dice RM cofounder and CEO Costas Economopoulos instructed VentureBeat.
The general public procurement market — that’s, when governments and different public sector our bodies purchase items and providers from the personal sector — was pegged as an $11 trillion trade in 2018, with some reports placing that determine nearer to $13 trillion as we speak. That equates roughly to round 12% of world GDP, and highlights the dimensions of the market that Dice RM is focusing on.
Dice RM delivers predictive fashions skilled utilizing historic tenders, awards, and pricing knowledge. That is gleaned and prioritized utilizing pure language processing (NLP) methods and is mixed with the corporate’s personal inner advertising and marketing intelligence knowledge.
“Our fashions take into accounts the specifics of every tender primarily based on award standards and different tender particulars, and accuracy is examined utilizing cross-validation methods,” Economopoulos mentioned. “Even when historic knowledge is absent or scarce, the predictive fashions may be skilled with salespeople estimates, and supply preliminary insights which might enhance later as soon as extra knowledge for coaching turn out to be out there.”
This machine studying engine helps Dice RM customers higher consider and predict the chance of profitable a contract, and even presents recommendations for the optimum bidding value. However maybe greater than that, Dice RM transforms unstructured knowledge from previous offers right into a structured database of knowledge related to an organization’s market — this generally is a helpful perennial useful resource, even outdoors tender processes.
“By extracting and systematically storing the knowledge, it permits prospects to save lots of hundreds of hours of guide work looking out web sites and paperwork for details about the tender, but in addition keep a database of structured info [on] their market and competitors,” Economopoulos defined.
Different notable options embedded within the Dice RM platform embrace the flexibility to forecast when new tenders is perhaps about to be revealed; facilitating the bid preparation and submission course of; and monitoring eventual tender winners for competitors evaluation.
Based out of Athens, Greece, in 2018, Dice RM at the moment targets its wares at world pharmaceutical and medical gear firms, with big-name prospects reminiscent of Boston Scientific, Takeda, Kemira, and Bavarian Nordic on its books. The corporate as we speak introduced that it has raised $8 million in a sequence A spherical of funding from Runa Capital and Marathon Enterprise Capital, and it’ll put the funding towards increasing into different markets reminiscent of manufacturing.
“Whereas working with world life sciences prospects, we found that 25% to 60% of their revenues come from public sector tenders, which is slightly important contemplating the trillion-dollar measurement of the market,” Economopoulos mentioned. “Beforehand, there was no software program system to find new tenders which might be being revealed day-after-day; assist these firms handle the processes for getting ready their citation, and discover the most effective value to win the tender with using the most recent AI expertise.”