In this modern world that relies on a digital backbone of interconnectivity, more and more businesses are relying on Software-as-a-Service (SaaS) apps. Unlike conventional software, which requires downloads, frequent updates, and compatibility issues, SaaS apps, such as proposal generation and management tool BidNexus, exist “in the cloud” and are instantly accessible by every type of device and operating system.
But it’s no longer enough just to have an app “in the cloud” and always on. Instead, more and more SaaS apps are being reinforced by the twin drivers of modern digital evolution: machine learning (ML) and artificial intelligence (AI).
In a nutshell, machine learning allows apps to use inputted and/or acquired data to provide insights or guidance for future iterations in order for them to become more powerful and intuitive. And artificial intelligence is when powerful computer algorithms are formulated not based on the direct input of coders but organically constructed after being subjected to training data.
Together, ML and AI now allow modern SaaS applications such as BidNexus to independently evolve to provide users with deeper insights into past projects, create more accurate forecasts about future projects, and take advantage of collected data in order to formulate more successful business strategies. Let’s dive deeper to see how the magic happens.
The transformative role of AI and ML in SaaS
The actual functions provided by artificial intelligence and machine learning are not always well understood.
For example, one of the best use cases for AI in SaaS is the personalization of user experiences. Instead of having a static set-up that is used for everyone, AI algorithms can allow an app to learn and grow from the actual use of the app and thus begin to personally tailor the experience of that app to an individual user.
Likewise, machine learning SaaS excels at taking acquired data from real-world use and applying it to make more accurate forecasts and predictive analytics. BidNexus, the tender generation app, applies ML in order to forecast the likelihood of success on a bid, thus giving companies a powerful tool for shaping their business strategy and making better decisions.
Other common uses for ML and AI in SaaS apps include the ability to automate repetitive tasks, thus reducing the workload on team members, which translates to both a lower error rate and cost savings. And next-generation AI programs allow for the instantaneous and accurate transcription of voice calls, one of the many features included in SaaS apps like BidNexus.
Key AI and ML features in modern project management
When it comes to project management specifically, there are a lot of benefits to using a SaaS app integrated with both ML and AI capabilities.
For instance, AI and ML can deploy intelligent scheduling and assist in task prioritization, thus helping to reduce the mental workload on team members by dynamically shifting focus to the most urgent jobs.
Likewise, the advanced data visualization that AI and ML can provide generates real-time insights as well as risk assessment and mitigation suggestions, invaluable tools for any organization seeking to improve their decision-making capabilities, reply to dynamic market conditions, and shape successful business strategies.
Additional benefits to deploying modern SaaS applications equipped with ML and AI are savings in both time and financial cost, reducing the human error rate, and a general improvement in outcomes across the board.
How BidNexus utilizes AI and ML
Having a simple-to-use interface, it can be difficult to appreciate the powerful AI and ML algorithms that underpin BidNexus’s astounding capabilities.
BidNexus has pioneered the way for organizations to automate the identification and evaluation of project opportunities, an invaluable tool for companies seeking a competitive edge in tight markets.
The AI-powered proposal generation and tender management app comes with a wealth of tools for more intelligent document management, including guaranteed compliance with data privacy regulations (including those on storage, access, and retention), due diligence requirements, structured access for team members, and templates and formatting requirements for submitting bids.
But perhaps one of the greatest AI and ML benefits of BidNexus is its predictive analytics abilities to help organizations estimate project success and better optimize their resource allocation efforts. This can be a truly invaluable benefit when working in tight markets against well-established competitors as it gives you the best possible chance of submitting a successful bid that is also in line with your capabilities and resources.
These powerful AI and ML tools have allowed some of the biggest companies in the world to not only expand their ability to successfully identify, bid on, and implement projects but also husband their most valuable resources: the time and energy of their staff. For instance, Hydroconseil, one of the world’s leading water resource management companies, estimated that using BidNexus resulted in a 30% increase in productivity for them across the board.
If you’d like to learn more about how BidNexus can greatly improve your organization’s productivity, business success, and competitiveness, you are welcome to contact us anytime.