Tendium's AI-Powered Tender Process Solution
Tendium is a Swedish startup that works to democratize the possibility of responding to tenders in public procurement.
Client:
Tendium
Industry:
Research Company
Services:
Dual-function Portal
Team:
-
Background
The public sector accounts for around 17% of Sweden’s GDP. Public procurement work is time-consuming – manual processing and administration takes a lot of time and money. Through each tender goes between 5-50 documents and it can cost up to half a million to prepare a bid for a large tender. As a result, many companies never get the chance to compete in any of the 18,000 tenders issued each year. According to a survey conducted by the Confederation of Swedish Enterprises, 96% of suppliers are dissatisfied with the procurement process. Tendium works to open up the market for public documents and democratize procurement. This will reduce the waste of taxpayers’ money caused by inefficient procurement procedures.
Challenge
Tendium’s goal is to use AI to automate document flow and ultimately simplify the procurement process. Lacking the experience and knowledge required to build AI, they decided to look for the right IT providers to bring their idea to life.
Tendium wanted to use AWS and build the cloud from the scratch, which led them to look for a provider that had the experience and knowledge the project required. As Euvic had brought experience with AWS, seemed to be a perfect partner. The project involved setting up DevOps for agile work, in line with AWS architecture best practices. The focus throughout the project was on user experience and integration on the platform.
Solution
We’ve built a dual-function portal to automate the tender process. The solution is based on collecting and analyzing tender documents with the use of AI and Machine Learning (ML). The portal helps suppliers match their company to relevant tenders. As a supplier, you can easily check if your company meets the tender requirements. The other option is receiving notifications if you need to add information for a particular tender, for example, if there is a missing CV that is needed for a particular tender.
Results
AI has started to level the playing field. The portal will open up the procurement market and small businesses will be more competitive with larger companies. By simplifying the process, where relevant data can now be quickly scanned, money previously wasted on lost contracts will be better allocated and invested in other areas.
We had an idea to democratise the possibility of working in public procurement using AI. To achieve this, we needed a highly-skilled partner to help us bring our ideas to life. Euvic helped us build our idea, which is now Tendium. We've had a hard time finding these kinds of experts and elders in AWS and AI in Sweden.
Hannes Dernehl
Founder Tendium
