BidPrime Announces Future Opps Product, Comprehensive Forecasting of Future State and Municipal Contracts
BidPrime announced the release of Future Opps, a completely new extension of BidPrime’s Contract Intelligence Suite. Future Opps looks deep into the historical RFP specifications of over a decade of BidPrime’s bid and RFP documentation to analyze Term Contract cycles and predict likely future releases of new solicitations. With Future Opps, anticipate contract opportunities with unparalleled precision, leveraging BidPrime’s analysis of historical data to prepare winning strategies months, even years, in advance.
“We’ve identified over half trillion dollars of annual future spend data, that was allocated by budget from an existing contract, and likely up for future bidding.”
— Stephen Hetzel, CEO of BidPrime
Access to Future Opps helps companies be more proactive in their outreach to states and municipalities before the release of a new solicitation or the extension of its option period. With months and years of lead time, companies using Future Opps unlock new marketing and sales opportunities, by achieving lead time to shape future RFPs before they are written. In addition, companies utilizing Future Opps will gain competitive knowledge and insight on prior bidders, awarded vendors, and pricing information.
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Term Contract details are often listed inside of bid and RFP specifications, including a Contract Start Date, Contract End Date, and Option periods. Future Opps leverages BidPrime’s leading repository of over 15 million bids and RFPs, extracting this key information related to contract periods. By extracting and sorting Contract End Dates and Contract Option terms, Future Opps predicts the likely next solicitation release period.
“We had a unique and significant challenge of parsing key term contract data contained inside millions of historical bid and RFP documents,” said Josh Schwartzbeck, BidPrime’s CTO. “For the last decade, we’ve been sitting on the largest archive of public bidding documents. While they are for prior and existing contracts, they have immense value in the key data, terms, and contract term information.”
As the procurement process expands, companies doing business with governments have long pursued getting ahead of the bid.
Future Opps offers BidPrime clients the strategic advantage of early opportunity identification and pursuit. It provides a user-friendly interface for viewing term contracts due for renewal, organized by expiration or next option date. Custom alerts, tailored to each client’s specifications, notify of new term contract captures and forthcoming renewal or re-bid opportunities, all conveniently stored in the Future Opps Inbox for sustained tracking. Upon sign-up, clients receive Premium Intel Credits to access critical information about awardees, pricing, and contract specifics for upcoming bids.
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Key Benefits of Future Opps
> Predictive Contract Intelligence: Harnessing over a decade of data to forecast contract opportunities.
> Proactive Business Strategy: Early insights into term contracts enable businesses to prepare and shape RFPs.
> Competitive Edge: Knowledge of past bid winners using BidPrime’s Premium Intel Credits and pricing informs future proposals.
> Expansive Data Repository: Utilizing 15 million+ bids and RFPs for comprehensive trend analysis.
> Innovation in Procurement: Future Opps’ advanced parsing techniques offer a significant advantage in contract forecasting.
“We went far beyond obtaining term contract data from well-known state contract resources and dug much deeper into our extensive agency coverage network. By looking into large, medium, and small agency specifications, we are able to predict well over 100,000 future opportunities that will be released by agencies in the coming years, by more than 50,000 awarded vendors,” said Stephen Hetzel, BidPrime’s CEO. “We’ve identified over half trillion dollars of annual future spend data, that was allocated by budget from an existing contract, and likely up for future bidding. On top of that, we are extracting this information for our real-time solicitations to continually expand the coveted predictive procurement data inside of Future Opps to grow our clients’ sales pipelines.”
Future Opps is a premium module of BidPrime’s new Contract Intelligence Suite. For information on purchasing BidPrime’s Contract Intelligence Suite or adding it to an existing BidPrime account, please contact your BidPrime account representative.
BidPrime, Inc is the recognized leader in providing panoramic intelligence of bid/RFP solicitations and contract intelligence to businesses doing public sector work. Based in Austin, Texas, BidPrime has delivered vital government purchasing data and alerts to businesses since 2009.
