TCB takes initiative to modernise AI-based market analysis and procurement system

The Trading Corporation of Bangladesh (TCB) is taking initiatives to increase the use of artificial intelligence (AI)-based market analysis and technology in the government procurement process to make the government procurement system more efficient, transparent, and competitive. 

At the same time, the company also announced that it will take initiatives to make the cost estimate more realistic, increase the number of participants in the tender, and coordinate TCB’s Smart Family Card with other government service cards.

Commerce Secretary Ataur Rahman Khan gave directions on these issues at a programme titled “Evaluation of TCB’s Activities” at the conference room of the Ministry of Commerce on Thursday. 

Additional Secretary (WTO) of the Ministry of Commerce Khadija Nazneen, Additional Secretary (IIT) Shibir Bichitra Barua; and TCB Chairman Brigadier General Foyshol Azad were present at the programme.

The Commerce Secretary said that since independence, TCB has been playing an important role by delivering daily necessities to the marginalised population of the country. 

However, according to the needs of the time, the company’s procurement system needs to be more modern and information-based, he added.

He said that the smaller the gap between the official cost estimate and the final contract price in the government procurement process, the more the capacity and cost-setting efficiency of the concerned institution will be reflected. 

For this, he emphasised preparing more accurate cost estimates by analysing domestic and international markets, price trends of neighbouring countries, and past market data.

Ataur Rahman Khan said that it is important to increase the number of companies participating in tenders to increase competition in government procurement. On the one hand, this will reduce monopolistic tendencies, and on the other hand, the best use of government money will be ensured.

He also said that a concept note has been prepared to include AI-based analysis in market management and government procurement processes. 

A committee will be formed in this regard consisting of the Ministry of Commerce, TCB, Finance Department, and relevant technology experts, he said, adding, further activities will be taken based on the recommendations of the committee.

TCB Chairman Brigadier General Foyshol Azad said at the event that initiatives will be taken to integrate TCB’s Smart Family Card with other government cards. 

In addition, there are plans to add more essential products to the product basket for consumers.

He said that model stores will be set up in Barishal, Rajshahi, and Dhaka. In addition, tenders have already been invited under the e-GP system to launch the Point of Sale (POS) system. If this system is launched, it will be possible to pay the price quickly and transparently through card scanning.

The sale of soap and detergent along with TCB’s subsidised products was also discussed at the event. It was informed that the purchase of these additional products is completely optional; there will be no obligation for consumers.

The participating officials also expressed their views on TCB’s digital transformation, modernisation of the procurement system, market management, strengthening of the supply system, and future action plans.