Challenge
An International CPG firm had been struggling to take timely business decisions as it could not stay abreast of its competitors’ activities and dynamic market trends. The client was on its journey to digitally transform its processes and ways of working to become more competitive, efficient, and enable overall business growth, however, information overload, lack of integrated view of business-relevant updates, constantly changing competitive landscape, risk of using outdated information for planning and decision-making, and a tendency to avoid reading long reports, were some typical roadblocks on their way.
As part of the bigger initiative, the company wanted to digitally transform the way it monitored competition. They realized that a consolidated program that could offer a holistic view of its competitors- key developments, business and strategic updates across product categories, and daily news of their competitors’ actions- was the ultimate answer to their struggle.
After thorough reviews, and experiencing multiple pilots, the firm realized the value that the Evalueserve’s solution was bringing to their business. That is when they signed-up for a 3-year support.
Solution
To tackle the challenges they faced, we recommended a cloud-based AI platform – Insightsfirst – a systematic and rigorous program with the opportunity to add expanded insights utilizing advanced technologies, analytical frameworks, and analyst-curated domain and functional experience. The Competitive Intelligence module of Insightsfirst was used to track and monitor insights, key developments, and focus areas for the client’s competition.
Some ways in which Insightsfirst solved their challenges:
- Being a centralized AI-based platform for competitor developments in near real-time and a provider of pro-active daily updates in alignment with the evolving business objectives, Insightsfirst proved to be helpful for the client to drive critical business decisions timely
- The client could subscribe to daily coverage of themes including strategic moves, business updates, sales & marketing initiatives, product launches, technology and innovation initiatives, plus, daily, monthly and half-yearly news roundups, trends, activities and opportunities from competitors from various sources across all product categories
- Ask the Analyst (ATA) channel on the platform provided an option to request additional information or bespoke research from a client-dedicated team and relationship manager
- Efficient global elastic search including document preview for the searched documents, plus analytics on the platform usage patterns to identify the most viewed modules, content, and reports, further attracted the client towards Insightsfirst
Impact on client after deploying IF
Coverage of Insightsfirst has grown over time and is now better aligned with the business. Up to 100 key decision-makers and stakeholders including C-level members and various function heads subscribed to the platform content.
- By leveraging the power of Insightsfirst to provide holistic and robust coverage of competitor updates from various sources, the client could identify competitive moves near real time and proactively incorporate this learning to formulate advanced strategies and improve the existing ones
- Besides using the insights for internal planning and routine business reviews, the client could also introduce newer business models as well as enhance customer experience and engagement through the digital innovative knowledge gathered by Insightsfirst
- The client also updated its market strategies in terms of ongoing trends, and managed to extend its product reach through insights from across geographies
- Early identification of potential opportunities and threats through ongoing updates as well as identification of newer sales channels, potential disruptors, key partnerships, and innovation among 37 key competitors across 4 categories served to be extremely useful
- The client focused on product diversification and increasing customer touchpoints through omnichannel and may eventually open physical stores to control the impact of COVID-19