Using AI to streamline & enhance municipal procurement

Procurement is a complex and resource-intensive process, but what if you could harness the power of publicly available procurement documentation and data to make it easier, faster, and better?

Beacon Bid has done just that, using artificial intelligence (AI) to scan and learn from the market solicitations released by public sector jurisdictions (including municipalities, school boards, agencies) across North America over the last five-plus years. 

It provides users with:

• A keyword searchable archive of more than seven million market solicitations, including requests for proposal (RFPs), request for qualifications (RFQs), winning bid prices, and winning suppliers.
• AI-enabled procurement tools that can generate a scope of work / services in seconds, evaluate your RFP to identify improvements, edit and rewrite language that bidders may find ambiguous, among other functions.

The company's solution harnesses the learnings, industry best practices, and knowledge from public sector procurements and applies it to give users an ‘experienced procurement team out of the box’. Users do not need to develop an RFP from scratch. Instead, they can refer to an AI-generated template or build one in a matter of minutes.

Beacon Bid's solution also provides support in the budget and planning phases of a procurement. In practice, users can research the outcomes of similar market solicitations to learn winning bid prices, winning suppliers, and other useful details. The power of being able to research the outcomes of past procurements for similar jurisdictions helps provide a clearer idea of the size, scope, and cost of a project at the outset.

With Beacon Bid, municipalities can effectively research and develop market solicitation documents with greater efficiency.

For more information or a demonstration of this solution, please contact Dan Blackburn, Senior Director of Growth & Innovation.