The PRWIRE Press Releases https:// 2020-05-15T02:10:45Z Analysing bids just got a whole lot easier — and faster — for procurement teams thanks to this Brisbane company 2020-05-15T02:10:45Z analysing-bids-just-got-a-whole-lot-easier-and-faster-for-procurement-teams-thanks-to-this-brisbane-company Contract management consultants and tech company Acquire Procurement Services have today released their cloud-based automated tender response evaluation tool — the futuristic sounding TRAACI (short for Tender Response Analysis & Augmented Commercial Intelligence). Created in response to the company’s research which showed that over 99% of multi-million-dollar tenders awarded in Australia could have been on the back of flawed analysis, TRAACI uses the insights its creators developed over 15 years in contract management and procurement consulting to large resources companies, multinationals and the higher education sector. The main problems they kept seeing? Mystery ‘blackbox’ Excel models and calculations, copy/paste errors in cells and inconsistently formatted response templates. Each issue wreaked havoc on the validity of TRAACI addresses each issue, dramatically reducing the time it takes to assess a pricing from weeks and months to minutes. Simon Thompson, Acquire Procurement Services’ Asia Pacific Director, said “We’ve built TRAACI to be scalable, secure, flexible and simple. Now, pricing evaluation can be structured, predictable, and — most importantly — fast for tenders of all sizes.” From as little as $449 per tender, TRAACI takes the logic and methods used in the most effective pricing analysis techniques, traditionally only available to big firms with in-house engineers and analysts, and makes them available at the click of a button. Guided by Acquire Procurement Services’ team of procurement specialists, TRAACI can be set up in minutes and is compatible with most Source-to-Contract or Tender Management systems, including Oracle Aconex and SAP Ariba. The product is one of three digital services released by Acquire Procurement Services in recent weeks, following on the heels of contract management tools ‘Contract Manager’ and ‘Contract Pulse’. More information TRAACI can be found at https://traaci.com Australian contract management company’s software keeps service contracts on track without spreadsheets 2020-05-15T02:06:36Z australian-contract-management-company-s-software-keeps-service-contracts-on-track-without-spreadsheets The two web-based products, Contract Manager and Contract Pulse, let operations managers see end of month and real-time supplier activity respectively, and highlight if contractors are providing services in line with contract requirements and budgets. The applications are an important development because most operations managers, while responsible for budgets, aren’t necessarily experts in contract management and spreadsheet analysis — an unfamiliarity that increases the risk of expensive billing mistakes and not seeing troubling trends until it’s too late. Simon Thompson, Acquire Procurement Services’ Asia Pacific Director, said “When you’re an operations manager overseeing services that are performed over a large geographical footprint or out-of-site (like underground at a remote mine) — you rarely get to see if the services you’re being billed for were actually performed, and to make sure the right rates have been applied. Our tools dramatically reduce the chance of costly errors in contract management and make it possible for the budget owner to check performance without even opening a spreadsheet.” Guided by Acquire Procurement Services’ team of specialised contract managers, the tools take key contract elements like service costs and timeframes (which normally live in Word documents, invoices, timesheets, and messy Excel spreadsheets) and turn them into a digital contract. After that, proprietary algorithms compare contractor behaviour against expected levels and highlights discrepancies and trends, either in real time (Contract Pulse) or monthly (Contract Manager). Using Contract Pulse, suppliers can record their activities directly into the system via a smartphone app. The company is so confident in the benefits that it’s offering a refund if the tools haven’t added value within six months. “If we can’t demonstrate within 6 months that we’ve saved you more than the cost of the service, we will refund the difference,” Mr Thompson said. The release comes on the back of Acquire Procurement Services’ research into contract awarding issues, which found over 99% of multi-million-dollar tenders awarded in Australia could have been on the back of flawed analysis. They subsequently built Traaci.com, a tool which helps tender evaluation teams quickly collect and assess pricing and volume submissions from tenderers. More information about the services is available at https://thecontractmanager.com/ and https://contractpulse.com/. Research shows 99% of tender decisions could be challenged based on flawed pricing 2019-12-02T13:32:39Z research-shows-99-of-tender-decisions-could-be-challenged-based-on-flawed-pricing Brisbane consulting firm Acquire Procurement Services has today released a report claiming that nearly every tender decision could be challenged as a result of flawed pricing evaluations. The revelation means that organisations are likely overpaying on contracts or awarding contracts to the wrong bidders - costing taxpayers and shareholders billions.  The report suggests Government departments, Public Companies and private businesses are exposed to reputational and financial damage and raises the possibility of severe legal reprimand for those who are involved in the process — including company directors. Director Simon Thompson said, “Our recent research has shown that nearly all tenders are compromised by flawed pricing calculations due to errors introduced in the collection and evaluation of the suppliers' pricing information.” Thompson, a 13-year veteran of the procurement industry, said the catalyst for the research was his firm’s own experience in the field. "We were seeing so many irregularities while working with our clients that we decided it was important to see just how deep the problem ran. We found it to be systemic to the industry, which calls hundreds of thousands of tenders awarded every year into question.” Acquire's research evaluated 100 publicly available tenders recently run by governments and organisations around the world and assessed the response documents and the review criteria for errors or likelihood of error in completion.  Data validation, a form of data security that ‘locks’ the user into a certain way of responding, was used in less than 1% of the tenders reviewed. “In the absence of standalone tender pricing analysis software, data validation is your best chance of consistent and comparable responses. We were deeply concerned to find its use in so few tender response templates.” Mr Thompson attributed the overwhelming findings to a combination of factors, namely technologically inexperienced procurement managers, a dominating focus on process and probity at the expense of pricing evaluation rigour, and acceptance within the industry that a few errors will always slip through. “We believe that there’s no excuse for errors in pricing evaluation in this day and age. Not only are they expensive to fix, but with the technology that exists today — from the ubiquitous Microsoft Excel, to the emerging tender pricing analysis software that’s built-for-purpose — government departments and businesses must be seen to be doing all they possibly can to remove uncertainty in pricing decisions. Or prepare to face expensive and embarrassing challenges from suppliers more regularly.” The full report is available from the company's website: https://acquireprocure.com/tendering/research-99-of-tender-decisions-challenged/