In my previous job, I constantly need to handle RFQ. Normally after our cost analysis, my boss would sign off with a ‘Feasible Quotation’ and we are encourage to propose any numbers as long as it is more than that. I have also been given some pricing strategies when i joined, but eventually i came up with my own which help me forged a lucrative operation.
My strategy was heavily involved with running on previous allocations and failures. I would always try to build up more and more aspects of the databases regarding to products and competitors. By doing so, the database would eventually showing me on which kind of production process and which kind of material, my competitors are likely to charge how much more or less. Based on that, few years into the job I can fairly easily to guess result of allocation when summiting quotation.
Having not enough data could be very misleading in making decisions, having too much would end up the same. After years of building up my database, my success rate dropped quietly, eventually in many cases my proposal are not too far away from the ‘Feasible Quotation’ and I know exactly why. I have over 8,300 RFQ history and many of them doesn't well represent the competitive nature that is now. My old analysis method is not working anymore.
To be honest, OPO has always been hesitating in adopting AI, not to question Yes or No, for sure it is Yes. But when and what for, we think very hard on it almost every single day since late 2022.
A phone called from my ex colleague inspired us to take action immediately. It is from the guy who took over from me in my last job, my duty, my quotation strategies and my pain. I’ve seen the possibilities of not having a strategy, but only enough raw data and let AI come up with a quotation and the reason behind.
As predicted, AI doesn't have the problem as I did back them, it can be far more sensitive to more recent data entires and allocation attempt, it has so many creative strategies as long as you prompt correctly.
Now AI is the key fundamentals of OPO, as all data, with permission would be feed to OPO AI not only for global data analysis but also project monitoring for risks. It really helps many of my users and we are very grateful if you would try it out and let us know about your creativities with OPO AI.