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3 Must-know Tender Management Predictions from FBK Research Lab

3 Must-know Tender Management Predictions from FBK Research Lab

This year we inaugurated a new initiative within FBK - The Research Lab - with the aim of analyzing and studying tendering market trends and examining the main technologies that can revolutionize it in the next 10 years. In short, a group of specialists and tech addicts with the mission of anticipating what will come in terms of customer needs and technological innovation: The Future of Tender Management.

In this first article of the series, we analyze some trends and concepts that we expect to recur in the tendering future.

Collaboration will empower Tender Excellence

Collaboration between people, teams and departments involved in the tendering process is a concept that has always been the basis of CM|XS Suite. The added value of the FBK Tender Management Platform, and what makes it unique on the market, is the centralization of work, processes, tools and tender files/documents in a single system, guaranteeing companies to simplify their work, have a single source of truth and maximize the productivity of the entire organization.

FBK Research Lab is working with prospect and customers to allow companies to increase connections and easily integrate all the internal systems they already use to have a fully integrated ecosystem. New data sources also mean new synergies and features for the entire organization in order to extend process improvement — bringing value not only to the Tender Office but to all process stakeholders to start the Tender Excellence journey.

Data extraction will change the paradigm

FBK Tender Management Platform already make a big difference with data from Oracle, SAP, JDE and other non-conventional sources (e.g. Tender web-portals), but there is a lot more unstructured data that can improve end-to-end tendering process. Capture and extract data from any types of sources, normalizing them to improve Tender Management with Machine Learning (ML) and Artificial Intelligence (AI) is FBK present and next future goal.

The pandemic has highlighted all the criticalities of managing tenders and offers in a world that runs and changes its skin faster and faster. Companies in the Life Science world have been hit by slowdowns, price increases and for those who had products in the Covid-19 area, by a strong demand for medical equipment, drugs and vaccines from all over the world.

Today, we know that by leveraging all external data sources (even unconventional ones) we can help companies assess market conditions and predict external factors such as events influenced by Covid-19 or the war in Ukraine. FBK Research Lab will study how to anticipate external events and predict their impact on the tendering process for companies.

The adoption of Tender Management Software will expand

FBK Research Labs views the Tender Management Software landscape still in an embryonic stage, just think that according to some of our surveys 87% of companies use the wrong software to manage tenders and offers. This leaves a lot of inefficiencies and manual activities that kill business performance.

This is mostly due to the lack of knowledge of the solutions and the underestimation of the importance of the process by companies — however, considering that on average tendering is the first source of income for Life Science firms with peaks reaching 80% revenue.

But the times are ripe and the trend of interest is growing strongly and will only increase in the future. We believe that every MedTech, Pharma & Diagnostic company that involves in tendering must have a Tender Management Software to unlock the full value of their business and take tendering to the next level.

See what CM|XS Suite can do for your Tendering Process

Learn more about CM|XS Suite here

Learn more about FBK Customer Success Stories here

Get in touch with a member of our Dream Team to learn more about how CM|XS Suite can enhance your Tendering Process

Milan, June 2022.


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