Procurement Disruption Continues
The disruption in traditional procurement continues around the world, with many countries moving towards digitising their government procurement processes. E-procurement platforms are being implemented to streamline the purchasing process, reduce paperwork, and enhance transparency. This transformation aims to make procurement more efficient and accessible for both suppliers and government agencies.
So too, artificial intelligence and automation are on the rise, being integrated into procurement processes to improve efficiency, reduce manual work, and enhance decision-making. AI tools are increasingly being used for data analysis, contract management, and supplier evaluation.
It’s no surprise that a string of start-ups are honing in on this area, including London startup, AutogenAI which has secured $22.3 million (USD) to further develop its AI based software, created to to assist in writing bids, proposals and tenders . The new technology boast a 70% reduction in drafting time, 50% reduction in bid writing costs, 30% increase in win rate and 70% increase in ROI.
The company is lead by Sean Williams, who founded the company in 2022 from career roles from bid writing through to major Government suppliers. The company employed procurement specialists, bid writing and machine learning experts in the development of the solution and has now secured backing from European investor, Blossom Capital, who will bringing large scale language modelling and generative artificial intelligence to tender writing. Other projects supported by Blossom Capital include Checkout.com and api.video.
This announcement comes not long after Silicon Valley startup, GLASS, launched a revolutionary new tech, Glass Commerce. This e-commerce marketplace enables compliant transactions between government buyers and verified vendors, including small businesses, without the need for bids or paperwork.
Spend Network holds government procurement data for more than 150 countries globally. We take the hard work out of collecting, organising and analysing procurement data at scale. Our analysis can predict poor performance, bad tendering and new savings opportunities. We can monitor market efficiency and look for new suppliers to increase competition. Get in touch to find out how our data can help you.
