Hear from CIOs, CTOs, and different C-level and senior execs on information and AI methods on the Way forward for Work Summit this January 12, 2022. Learn more
Tenders can function a profitable inroad for brand new enterprise, however the strategy of discovering appropriate alternatives and assessing an organization’s possibilities of succeeding with their bid might be an arduous, resource-intensive course of — one that will finally finish in failure. This can be a downside that Cube RM desires to resolve, with an AI-powered tender administration platform that helps enterprises uncover and win tenders globally.
At the moment, a typical tendering course of entails having to channel into native, country-specific information portals or signing up for e-mail notifications, after which manually poring by means of every potential tender. Constructed on prime of the Salesforce platform, Dice RM integrates with myriad tendering portals throughout the globe, delivering new tender alternatives instantly into the shopper’s CRM as a professional prospect.
“Dice RM combines international information and tender administration functionalities into one single system that consolidates data and processes from all international locations,” Dice RM cofounder and CEO Costas Economopoulos advised VentureBeat.
The general public procurement market — that’s, when governments and different public sector our bodies purchase items and companies from the non-public sector — was pegged as an $11 trillion business in 2018, with some reports placing that determine nearer to $13 trillion immediately. That equates roughly to round 12% of worldwide GDP, and highlights the scale of the market that Dice RM is concentrating on.
Dice RM delivers predictive fashions skilled utilizing historic tenders, awards, and pricing information. That is gleaned and prioritized utilizing pure language processing (NLP) strategies and is mixed with the corporate’s personal inside advertising and marketing intelligence information.
“Our fashions think about the specifics of every tender based mostly on award standards and different tender particulars, and accuracy is examined utilizing cross-validation strategies,” Economopoulos mentioned. “Even when historic information is absent or scarce, the predictive fashions might be skilled with salespeople estimates, and supply preliminary insights which might enhance later as soon as further information for coaching turn out to be out there.”
This machine studying engine helps Dice RM customers higher consider and predict the probability of profitable a contract, and even affords recommendations for the optimum bidding value. However maybe greater than that, Dice RM transforms unstructured information from previous offers right into a structured database of knowledge related to an organization’s market — this could be a helpful perennial useful resource, even exterior tender processes.
“By extracting and systematically storing the data, it permits clients to avoid wasting 1000’s of hours of guide work looking web sites and paperwork for details about the tender, but in addition keep a database of structured data [on] their market and competitors,” Economopoulos defined.
Different notable options embedded within the Dice RM platform embrace the flexibility to forecast when new tenders could be 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 international pharmaceutical and medical tools firms, with big-name clients comparable to Boston Scientific, Takeda, Kemira, and Bavarian Nordic on its books. The corporate immediately 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 comparable to manufacturing.
“Whereas working with international life sciences clients, we found that 25% to 60% of their revenues come from public sector tenders, which is reasonably important contemplating the trillion-dollar dimension of the market,” Economopoulos mentioned. “Beforehand, there was no software program system to find new tenders which can be being revealed each day; assist these firms handle the processes for making ready their citation, and discover one of the best value to win the tender with using the most recent AI expertise.”
VentureBeat’s mission is to be a digital city sq. for technical decision-makers to realize data about transformative expertise and transact.
Our website delivers important data on information applied sciences and methods to information you as you lead your organizations. We invite you to turn out to be a member of our neighborhood, to entry:
- up-to-date data on the topics of curiosity to you
- our newsletters
- gated thought-leader content material and discounted entry to our prized occasions, comparable to Transform 2021: Learn More
- networking options, and extra