In the age of information, product teams need to find ways to cut through the noise and keep a focused view of competitor actions and decisions in real-time. A global asset manager needed our help with creating a comprehensive and real-time solution for their product team that would support their key functions of market monitoring, innovation scouting, and strategic planning. Specifically, the team needed a solution that would:
• Keep a continuous tab of existing competitor offerings, including product features, fees, target investor segments, among others.
• Provide real-time monitoring of new innovations by Fintechs around the world.
• Track emerging technologies and their impact on doing business (such as Robo-advisory, blockchain, etc.).
The product team originally captured and presented the datasets above through static spreadsheets, emails, and bulky presentations. This made it extremely challenging for product managers to visualize the information and derive actionable insight from it.
Our team focused on looking at the product team’s existing process of data collection, analysis, and dissemination. After reviewing the team’s needs, we built an integrated solution that monitors the competitor’s environment and provides real-time data through highly interactive dashboards. This is where our digital platform, Insightsfirst, came in and enabled the client to have a 360-degree view of the market and its competitors.
Step 1: Integrating diverse sources of information
We collated the client’s data around product offerings, innovations, and other competitor actions from various sources such as competitor websites, business journals, in-house and external databases. All of the client’s sources were then integrated into Insightsfirst, leveraging AI and automated data feeds.
Step 2: Creating an automated flagging system
Keeping a continuous eye on changes in competitor offerings such as investment criteria, product features, fees or other factors can enable product teams to design new investment products or formulate go to market strategy. To achieve this, the client needed to be informed in real-time regarding changes to their competitor’s offer strategies, new product launches, and other key developments. Through the Insightsfirst platform, the client was able to select the type of alerts they want to receive based on their needs in real-time The platform also allowed the client to set their own filters, and collaborate with their larger team by sharing comments and notes on implications of such developments.
Step 3: Visualizing qualitative information
We helped the client move from static and bulky reports to interactive dashboards that enabled their team to benchmark product offerings as per customized needs, and slice and dice data to generate additional insights on competitive trends, thereby accelerating market response. Our platform supports various formats, which helped the client deploy the solutions as quickly and cost-efficiently as possible.
Step 4: Tap into sector experts for ad-hoc deep dive requests
When looking at emerging themes, users often require detailed deep-dives and explanations. Our domain experts helped augment the client’s dashboards and news feeds and collaborate with the clients via the Insightsfirst platform. The client’s questions were able to be quickly answered, and new technology highlights enabled the clients to build implications and business strategies.
Through our Insightsfirst platform, we provided a holistic view of a wide range of competitor actions, including traditional players and fintechs, emerging trends, and risks in near-real-time to the client. The unstructured data flowing in from diverse sources was able to be collated in an automated way and is processed in intuitive dashboards, thereby providing client teams the ability to analyze trends and generate insights on the go.
Acceleration of market response
to competitor moves.
40% reduction in turnaround time
for information and search requests.
30% reduction in cost
by saving manual collation and processing of data.
Talk to One of Our Experts
Get in touch today to ﬁnd out about how Evalueserve can help you improve your processes, making you better, faster and more efﬁcient.