Tender contact: Dice RM brings automation to trillion-dollar public procurement market

Tenders can function a profitable inroad for brand spanking new enterprise, however the technique of discovering appropriate alternatives and assessing an organization’s probabilities of succeeding with their bid may be an arduous, useful resource intensive course of — one that will in the end finish in failure. This can be a drawback that Dice RM desires to resolve, with an AI-powered tender administration platform that helps enterprises uncover and win tenders globally.

At present, a typical tendering course of includes having to channel into native, country-specific knowledge portals or signing up for e mail notifications, after which manually poring by every potential tender. Constructed on high of the Salesforce platform, Dice RM integrates with myriad tendering portals throughout the globe, delivering new tender alternatives straight into the shopper’s CRM as a professional 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 informed VentureBeat.

Above: Tender “configure, value, quote” (CPQ) in Dice RM

Trillion-dollar alternative

The general public procurement market — that’s, when governments and different public sector our bodies purchase items and companies kind the personal sector — was pegged as a $11 trillion business in 2018, with some studies placing that determine at nearer to $13 trillion immediately. That equates roughly to round 12 p.c of worldwide GDP, and highlights the scale 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 intelligence knowledge.

“Our fashions think about 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 grow to be obtainable.”

This machine studying engine helps Dice RM customers higher consider and predict the chance of profitable a contract, and even provides 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 data related to an organization’s market — this generally is a helpful perennial useful resource, even outdoors of tender processes.

“By extracting and systematically storing the data, it permits prospects to avoid wasting 1000’s of hours of handbook work looking web pages and paperwork for details about the tender, but in addition keep a database of structured info for his or her market and competitors,” Economopoulos defined.

Different notable options embedded within the Dice RM platform embody the flexibility to forecast when new tenders could be about to be printed; 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 present targets its wares at world pharmaceutical and medical tools corporations, with big-name prospects comparable to Boston Scientific, Takeda, Kemira, and Bavarian Nordic on its books. However to broaden into different markets comparable to manufacturing, the corporate immediately introduced that it has raised $8 million in a collection A spherical of funding from Runa Capital and Marathon Enterprise Capital.

“Whereas working with world life sciences prospects, we found that 25% to 60% of their revenues comes from public sector tenders, which is reasonably important contemplating the trillion-dollar measurement of the market,” Economopoulos mentioned. “Beforehand, there was no software program system to find new tenders which are being printed each day; assist these corporations handle the processes for making ready their citation; and discover the most effective value to win the tender with the usage of the most recent AI know-how.”