Inventive SaaS platform simplifies the process of bidding for government contracts.
The bidding process is an essential part of the modern business landscape, and one which very few companies have the luxury of avoiding. All too often, however, pitching can be a time-intensive exercise. With time a precious resource, especially for companies who submit regular tenders, tools to increase efficiency are always welcome.
Tendering can also be an off-putting process.
“Around 90% of SMEs don’t participate at all in public tendering because they lack the expertise to compete and decide it’s too hard or time consuming and generally inaccessible to small business,” says Tony Corrigan, founder of Orbidal.
“The result is that, globally, SMEs are missing out on revenues from the public procurement market worth almost $13 trillion.”
Bidding for success
Orbidal’s USP sits at the intersection of these two issues. The platform allows businesses to win government contracts by reducing the time spent researching and bidding, regardless of their scale or pitching experience.
Its innovative solution uses state-of-the-art machine learning algorithms which guide companies as to the competitive tenders they have the best opportunity of winning, given their capabilities and the level of competition.
And while this may seem like a luxury add-on for businesses, the evidence suggests that Orbidal’s technology is quickly becoming an essential weapon in the bidding arsenal.
According to customer surveys, the average win-rate for the occasional tenderer sits at 10%, growing to 26% for the more experienced regular tenderer. But for those utilising Orbidal’s platform, success rates of over 50% are regularly reported, and even rise as high as 90% in some cases.
Tony Corrigan has witnessed this evolution in real time, “Alongside our customers, the company went on a journey. We changed from just scouting for tenders for our customers, to becoming a central key to the company’s success while embedding the bidding process. Our technology now lies at the heart of our customers’ operations.”
Recent success has seen Orbidal complete a 12-month ‘Pathway to Success’ programme with 48 of Enterprise Lithuania’s top performing clients. The initiative focused on delivering new business opportunities in new markets, personalised upskilling and training programmes, alongside consultancy on specific tender opportunities. Orbidal is starting an outreach to the UK market in Q4 this year.
“‘Pathway to Success’ was incredible,” says Corrigan. “Very quickly, Lithuanian partner businesses saw real, tangible results through using our platform. It went so well, in fact, that we plan to use the project as a blueprint for focusing on partnerships in the UK over the next twelve months.”
The UK boasts an extremely competitive Government contracting market and, therefore, presents significant opportunity not just for Orbidal, but also for SMEs using the platform, and the Government who will benefit from increased supplier diversity and innovation.
“The new business wins amongst companies are a key selling point for our expansion into the UK,” says Corrigan, “but there is also increasing value in the knowledge and education that participants receive.”
And this is where Enterprise Ireland comes in. The agency has worked with Orbidal since 2014, helping it to grow and access new markets. As the company looks to the UK, the challenge will be in overcoming the limitations posed by a reduced physical infrastructure, increased travel requirements and fewer business contacts.
Reflecting on the relationship, Corrigan explains, “The Enterprise Ireland operation in the UK can help with providing a base for us to work from, as well as introductions to UK-based clients through ongoing events and networking opportunities. It’s reassuring to have such support, where we can present proposals and received expert local advice.”
In addition to focusing on the UK, 2020 will take Orbidal one step further in harnessing more data for their customers. Alongside machine learning, the tool will feature intelligence that will power not only those companies who are already competing for tenders, but also valuable market entry information.
According to Padraic Geraghty, Senior UK Market Advisor for Digital Technology, this makes Orbidal an exciting partner to work with. “Orbidal are another example of a really exciting company that is using technology to help other organisations to scale and grow their business. Their solution has proven it can have a big impact on helping SMEs and we look forward to further supporting them in their expansion within the UK market.”