How Nexizo Transformed Bid Pricing for a Global Medical-Tech Leader

Company Profile

One of the globally renowned medical technology companies that specializes in the design, development, manufacturing, and distribution of a wide range of medical devices and therapies, needed help to improve its bid pricing strategy. With a rich history dating back several decades, the company has become a leader in the healthcare industry, providing innovative solutions that improve the lives of patients worldwide. Their diverse portfolio encompasses products related to cardiac and vascular health, diabetes management, minimally invasive surgical procedures, neurological disorders, and more. This globally renowned medical tech giant has been working on making their sales growth funnel more scientific, accurate and thus high on conversion. They built an internal pricing engine software, in which they feed in data of past tenders that are relevant to them (whether they bid or not, won or lost). The goal is to keep refining their pricing strategy, to be able to bid better in future tenders. This is where they have been on the lookout for the right strategic partner that would empower them with the most accurate and relevant tender information.

Check How Nexizo Optimized Bid Pricing with 98% Accuracy for the Medical-Tech Leader

Challenge

For this medical tech giant, data was the problem and data only was the solution. They sourced data from a few tender search websites, to feed it to their pricing engine, get pricing-related insights and build the pricing strategy for future tenders. Since the data being input wasn’t relevant, the output too wasn’t making sense. It was a classic issue of garbage IN - garbage OUT. To give an example, the competition was able to provide only very little basic information on a tender they had participated in, which was based on keywords only. Whereas what they wanted was a much deeper information set like who else participated in the tender, product size, shelf life, quantity etc. This is where it became challenging, and they started looking for a partner who can actually give them deep tender insights.

Solution Nexizo Provided

Nexizo first understood their existing set-up and found competition was giving the data on keywords only. They were manually pulling this data out or were using some automation to get the data in parts. Without information about the product, they couldn’t do further analysis to arrive at a pricing strategy in their pricing engine. Nexizo changed the entire approach by doing two major changes - firstly the data universe expanded to multiple relevant fields like product size, quantity, shelf life, brand, other participants in the tender etc. Secondly, it started ingesting data via APIs in its tool, so cutting down on all manual labour. Now their team could directly pull the data from the cloud and analyse it. The pricing engine is optimising further, helping them make better price quotes while bidding for the next tender that they are participating in.

Benefits for Medical Tech Giant

Nexizo made the entire process of getting the right pricing strategy:

• Simpler: As Nexizo started sharing data in standard format via APIs, specifically customised for Medical Tech Giant only.

• Efficient: Lots of relevant data field information shared, beyond just the tender-related keywords. With tender results information like what pricing was offered in the winning tender, they can build a better pricing analytics structure for future pricing, to quote better prices in future for those products.

• Time-saving: All the data already sorted and in a structured format helped the team skip the manual labour and hence saved time of the resources.