Procurement negotiations often create inefficient bottlenecks, causing buyers to overpay or base their business partnerships on sub-optimal terms. Bid Ops, an artificial intelligence-powered cloud platform for procurement automation, streamlines the process and enables procurement teams to execute against
Bid Ops recently raised $1.75 million in seed funding, Illuminate Ventures
The Bid Ops Procurement Automation Cloud uses AI to create a target price for each line item that accounts for value-based assessments of a vendor’s qualifications and likely performance on the contract. Bid Ops enables procurement executives to leverage these forecasts to compare and contrast bids, obtaining more competitive pricing and commercial relationships with growth-oriented vendor partners.
The platform enables straightforward, actionable comparisons between vendors based on both performance and price. As a result, customers get better offers from more vendors in less time and can focus on what matters most: awarding contracts to the best vendor at the best price. Synthesizing current and historical data points in minutes to forecast the outcome of a vendor negotiation before it begins, Bid Ops surfaces insights that drive market-leading savings.
Using sourcing automation, Bid Ops also expands contracting opportunities for public sector customers such as Los Angeles World Airports and the City of Detroit.
“Procurement is not only a critical process that has a direct and profound impact on how a business operates, but it should also be seen as a massive opportunity and potential competitive edge for a business to become more efficient than its peers,” said Bid Ops Founder and CEO Edmund Zagorin. “Bid Ops helps procurement teams beat the market in an era of global price volatility and trade wars.”