A multinational healthcare giant had issues with its competitive intelligence program. Their existing program was ad-hoc and had no centralized knowledge base, making it difficult for employees to find the information they wanted. The healthcare giant asked Evalueserve to implement Insightsfirst, an AI-powered competitive intelligence platform, to create a 360-degree overview of its competition. The Insightsfirst platform helped the client reduce knowledge silos, achieve better business outcomes, and improve the onboarding experience for new employees.
The client sought to gather competitive intelligence in the diagnostics space, which is rapidly evolving thanks to technological advancements. The diagnostics space is particularly complex due to regulations and a high level of domain knowledge required. The client wanted a 360-degree overview of its competitors across the globe.
An existing ad-hoc competitive intelligence program gathered information and sporadically sent it out in a variety of different formats, from plain-text emails to PowerPoints and PDFs. There was no central knowledge base, creating knowledge silos and making it difficult for interested employees to find relevant information when they needed it. Moreover, the client was a Fortune 500 company that received competitors’ news from several regions and departments, making it challenging to iron out cultural and language differences.
Evalueserve implemented a customized version of Insightsfirst for the client. The AI-powered competitive intelligence platform served as a single source of truth for competitors’ activities and provided analyst-curated analytics and company profiles.
Insightsfirst centralizes the client’s competitive intelligence and makes it easy to search and access. The platform also provides trend dashboards and regularly sends out curated email newsletters to alert stakeholders of key happenings.
Every Insightsfirst user has the power to personalize their experience by subscribing to certain competitors or themes, such as product launches, digital initiatives, fundings, financials, pipeline updates, mergers & acquisitions, deals, and licensing partnerships. This self-service feature empowers local affiliates to add alerts and articles and share them with the entire community.
Every quarter, Evalueserve’s experts create deep-dive strategic company profiles of major competitors and provide digests for the client’s leadership team. The comprehensive nature of Insightsfirst enabled the client to make strategic decisions around product, promotion, and distribution strategies. Decision-makers now have the information they need readily available in a centralized, easy-to-use platform.
Insightsfirst transformed the client’s competitive intelligence efforts, making them proactive rather than reactive. The platform provided information that helped leadership make informed decisions around R&D, investments, and the direction of the company’s portfolios. Company stakeholders discovered competitors’ initiatives they otherwise would not have known about, providing an accelerant to their own initiatives in similar areas.
Thanks to their custom Insightsfirst platform, the client realized benefits such as:
- Faster strategic decision-making through valuable insights,
- Support in strategizing customer meetings,
- Improved onboarding experience for new employees,
- Reduced knowledge silos,
- Improved collaboration,
- Increased efficiency, and
- Better business outcomes.
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