The use of AI through the tender management journey: How to harness its power for efficiency & profitability

Oct 17, 2023
Tenders and deals lifecycle - the 4 phases | Cube RM - tender management

In Pharma, MedTech and Digital Health Solutions tenders serve as a significant revenue stream. For medical technology companies, these bidding processes, required by public hospitals to procure goods and services, often constitute a substantial portion of their revenue, ranging from 70% to 85%. Similarly, pharma companies can attribute a significant share of their income, ranging from 25% to 40%, to tendering*. In the case of off-patent molecules (generics, biosimilars) it can go up to over 80%.

Despite their importance, these processes have historically remained predominantly manual, resulting in time-consuming and error-prone operations.

The complexity of tender management in these highly regulated sectors demands precision and efficiency, making it increasingly imperative for companies to explore innovative solutions, including the integration of AI technologies, to streamline and optimize their tender and deal management workflows.

In the dynamic landscape of healthcare procurement, AI and Machine Learning are driving significant change. From intelligent automation and digital process mining to advanced analytics, these technologies are reshaping the tendering world. Yet, the true game-changer is generative AI, which can synthesize new content from existing data. In this article, we explore generative AI’s profound impact on procurement and discover how businesses can use this technology to make more informed decisions, mitigate risks, and achieve cost optimization, all from a high-level perspective.

As we begin our exploration of AI’s impact on bidding & tendering, we’ll break down its application across the seven steps of tender management: discovery, qualification, preparation, evaluation, approvals, submission, and governance. Each section will unveil how AI empowers Life Science organizations to optimize their tender journey, enhancing efficiency, profitability, and decision-making at every turn.

Content developed through joint conversations with our partner Robertjan Van Amstel De Vries, Commercial (Markets) Leader LS Sales & Marketing ISG at Cognizant, exploring the applications of AI in Tender Management.

*Source: Cognizant -Tender and deal management: The journey to excellence

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