Companies that use SRM have a higher chance of winning tender: Responsive CEO
SRM platform provider Responsive (formerly RFPIO) told ET while talking about the significance of AI in such capabilities.
«The companies who utilize SRM, their chance of winning an RFP or tender is 16% higher,» Shankar said. «Moreover, using the SRM platform for many different teams within an organization improves revenue by 80%.»
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Digital TransformationVisitHe mentioned that an article by the analyst firm, Aragon Research pegs the current market for SRM at $3.3 billion and predicts growth to $27 billion by 2028.
Shankar said the capabilities of AI should be explored in SRM and that AI was becoming more prominent in their own operations. Responsive delivers responses using technologies such as AI to manage RFPs (Request for proposal), RFIs (Request for information), vendor security questionnaires (VSQs), due diligence questionnaires (DDQs), risk assessments, business presentations, and all other complex information requests (RFXs).
Responsive claims to be the first in the SRM category to offer AI capabilities for more than 400,000 users. Headquartered in the American city of Beaverton, the company boasts 25 of the Fortune 100 companies as clients including Facebook, Google, and Amazon. Freshworks, Infosys, and TCS are among some of their Indian clients.
Responsive Summit23, a virtual conference on strategic response management was conducted on October 19, which unveiled new tools and automation capabilities to its SRM platform.
The new features included an Enhanced AI
