Check How Nexizo Helped an Oil Conglomerate Get Material Specific Tender Information

The Institution

One of the most advanced refineries in the world, this Oil conglomerate is more than 50 years old, with its refineries located in the western parts of India. Its refinery is one of the largest and the most complex refineries in the world. Its major areas of operation are oil refining (using most advanced technologies to process crude oil to a wide range of high value petroleum products), retail (growing network of 6000+ retail outlets across India) and petrochemicals. The company is strengthening its position as the leading player in the Indian energy sector while focusing on the global trends of cleaner and more sustainable energy solutions. This fast growing oil company was looking out for partners to help them grow their business fast by solving their challenge of finding the most relevant tender information having specific materials requirement and the bidders profile that applied for those tenders.

Learn how the Oil conglomerate’s business operations team started getting material specific tenders information as leads with Nexizo’s help

Challenge

The Oil conglomerate had been facing a tough challenge of identifying the right companies to pitch their products to. With the sales team facing the challenge of very low conversion rate of their sales funnel with poor leads quality or irrelevant leads as by the time their sales team would speak to the client companies, the client company would have already procured the material. All of this was leading to higher cost of customer acquisition, along with a generic sales funnel building approach, which was proving to be ineffective. The business operations team of this Oil conglomerate was looking for specific tender related information where bidders had applied for projects involving high speed diesel, bitumen or sulfur. A very high level tender information was only landing them in a large pool of irrelevant information that they were sieving through, but it would take so much and still not give them relevant information on specific bidders who they should target through their sales team. Their sales team was struggling to convert the leads into effective sales, leading to high CAC and demotivation across the teams.

Solution

The Oil conglomerate got connected with the technology team of Nexizo - An AI powered SaaS platform that helps people find relevant business opportunities to bid for and to find relevant contractors/buyers for your product with right intent. They shared with Nexizo team about their problem of not not being able to identify the tenders where bidders apply for projects that need high speed diesel, bitumen or sulfur, and thereby to be able to supply to them large quantities of products based on their geographical location and requirement. Nexizo’s AI powered SaaS platform uses AL, ML & NLP and scans through its tender repository of over 50 million+ tender documents sourced from across 16K+ authorities and 80K+ sources, and converts into single schema using 52+ categories, and 50+ languages so that SMEs can use that information to get off-the-shelf decision grade data. Nexizo not only structures all of this data, but also adds a layer of enrichment with further insights, and based on client requirements match the data and provide a custom solution. Not only restricted to providing customized recommendations of tender/buyer feeds and in-depth analysis on each, they also offer custom integration like API integrations for the clients if the client's technology team is equipped with the same. So Nexizo’s technology team quickly understood the needs of the client, and focussed on the keywords - High-speed diesel, bitumen, and sulfur suppliers. Nexizo team started working on the custom solution creation for Oil conglomerate. They pulled out key information metrics for the select tenders based on keywords and extracted the current awardee, bid type (offline or online), EBG%, last tender results (last awardee and matching keywords), volume requirement in the selected tender, location details (for supply options) (Lat-long to help them calculate transportation cost), negative authority (Exclude the given industries - Healthcare and Medicine, Publishing and Printing). There was an eligibility criteria put for selecting the bidders as: Pre-qualified (MI - Make in India and MSE - Micro & Small Industries) Last three years’ revenue Similar tenders awarded in the past The company should be in the business for at least three years List of the qualification documents (Annexures) Nexizo started sharing the relevant tenders list on a daily basis with the business operations team of the Oil conglomerate that was enriched with insights and based on structured data. Oil conglomerate’s team started to get the relevant leads with more focused targeting and customized sales pitch.

Impact for the Oil conglomerate

Oil conglomerate’s partnership with Nexizo made their relevant tenders information extremely efficient and a lot more relevant. Based on the feedback from the business operations team of Oil conglomerate they were already seeing reduced CAC (cost of customer acquisition) and they were also able to focus on relevant leads by seeing the past results to analyze the profitability of the project.