Tendium's AI-Powered Tender Process Solution
Development of a versatile portal to streamline the tender process.
Tendium is a Swedish startup that works to democratize the possibility of responding to tenders in public procurement.
Client:
Tendium
Industry:
Research Company
Country:
Sweden
Services:
Dual-function Portal
Challenge
Tendium’s objective is to harness the power of artificial intelligence for automating document management and streamlining the procurement process. Recognizing their own limitations in AI expertise, they embarked on a quest to identify the right IT partners capable of transforming their vision into reality.
Their preference was to leverage AWS and construct the cloud infrastructure from the ground up, prompting them to seek out a provider possessing the requisite proficiency and know-how for the project. Euvic, armed with its extensive AWS experience, emerged as the ideal collaborator. The project centered on the establishment of DevOps for agile workflows in alignment with AWS architectural best practices. The overarching emphasis remained fixed on enhancing user experience and seamlessly integrating with the platform.
Solution
We’ve developed a versatile portal with a dual purpose – streamlining the tender process. This innovative solution leverages artificial intelligence and machine learning to efficiently gather and assess tender documents. It empowers suppliers by facilitating the alignment of their company with suitable tender opportunities.
If you’re a supplier, you can effortlessly verify your company’s compliance with tender prerequisites. Alternatively, you can opt to receive notifications, prompting you to provide essential information for a specific tender, such as a missing CV.
Impact
Public procurement work is time-consuming – manual processing and administration takes a lot of time and money. Through each tender, between 5 and 50 documents are processed, and it can cost up to half a million dollars 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.
By working with Euvic, Tendium has opened up the market for public documents and democratize procurement. This helped to reduce the waste of taxpayers’ money caused by inefficient procurement procedures.
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
Summary
- Opening up the procurement market and making small businesses more competitive.
- Simplifying the process, where relevant data can now be quickly scanned.
- Allocating money more effectively, by redirecting funds previously wasted on lost contracts into other areas.
