Intelligence on demand to maintain oversight of regulations, competition, and more.
Organizations immersed in rapidly growing markets typically experience significant regulatory and market changes. Being aware of such changes is critical for essential strategic decision-making in development, product launches, M&A, financial strategy and more.
In this context, organizations typically pay hundreds of thousands of dollars for regulatory and competitive intelligence tools to a variety of suppliers. These suppliers offer limited customization, partial coverage, and questionable intelligence delivery formats. Consequently, senior employees are still required to spend a significant portion of their time in the loop.
Figure 1 – Limitations of Market Intelligence solutions on the market
Our client’s Business Challenge
Our client, a major pharmaceutical company in the UK, was paying millions for different suppliers’ market intelligence tools suffering all the previously mentioned limitations. In this article, we describe the Regulatory and Competitive Intelligence Platform built by Bip to power their market intelligence.
Bip Regulatory and Competitive Intelligence Platform (RCIP)
The Regulatory and Competitive Intelligence Platform implemented by Bip is an AI-powered full cloud-based solution, easily portable in any public Cloud provider’s environment, that leverages highly unstructured data from the internet to generate market intelligence insights.
Figure 2 shows the five modules at the core of the RCIP.
Figure 2 – RCIP Core Modules
- Web & Document Scraping
The first step consists in the automatic data extraction from the Internet. Market data is extracted by a software agent from almost any readable internet source including websites, social media, scholarly articles, and media files. The agent can also use OCR services to read data from any digitized document (png, jpeg, pdf, …)
- NLP Processing
The data scraped from the Internet is filtered to maintain only relevant elements (i.e. use case-related), then it summarized automatically using state-of-the-art attention-based models. Finally, the output is indexed and ready to be transformed.
3-4. Transformation, Structuring & Storage
In this step the processed data gets structured by attaching additional metadata and is saved in a relational database.
- Packaging & Delivery
The platform immediately sends a recap newsletter to all interested stakeholder and raises an alert if any critical market information has been found. Moreover, entitled users can access a Business Intelligence dashboard which is updated in real-time for easy navigation (e.g. by topic, date, source type).
The results for our client
Thanks to the implementation performed by Bip on AWS cloud platform, the company could prove that the use of AI and Cloud technologies could automate manual processes, allowing senior employees to undertake higher-value tasks.
The company was also able to phase out its intelligence data suppliers using a new cost-effective solution to save >$200,000 per year.
Figure 3 – Anonymized Regulatory & Competitive Intelligence Dashboards
Other relevant KPIs related to this initiative are:
- 50 data sources monitored
- Up to 5 relevant articles selected for the daily brief
- Daily newsletter broadcasted to >100 relevant stakeholders
- 25 daily accesses to the Regulatory & Competitive Intelligence Dashboard
What the RCIP can bring to your company
Bip Regulatory and Competitive Intelligence Platform is by design a very general and customizable solution that can help any organization to:
- gather market intelligence on demand: market intelligence is updated daily (by default, the frequency can be customized at a finer granularity) and is easily accessible and analyzable;
- react faster to market changes: automatic alerts ensure newly gathered intelligence is immediately released to the internal stakeholders as soon as possible, whether it regards a new regulation or a new competitor’s product;
- comply with regulations: maintain oversight of regulation, legislation and more across multiple countries;
- keep up to date on competitors: the platform can track selected products and organizations, their performance and other market data;
- keep up to date with new technologies and developments: any organization can use the platform to identify new academic research and developments relevant to their industry;
- understand your customer: the platform will inform the business about trends in the customer base through media and social platforms. As soon as a new product is released on the market, it is possible to estimate the overall sentiment about it from social media.
Bip aims to present its clients with a plug-and-play platform designed with modern technology alongside industry-specific expertise. The overall structure of this solution is represented in Figure 4:
Figure 4 – High level solution structure
This solution can be quickly adopted and integrated through any Cloud Service Provider. Figure 5 highlights the key features of our solution:
Figure 5 – Key features of the solution
Bip’s xTech practice is one of the largest professional European AI communities, delivering hundreds of data projects per year, with a focus on “operable AI”, delivering end-to-end AI use cases in production for daily use.
Our Experts guarantee that AI is responding to business needs and is usable by non-technical users, easily monitorable and offers a clear return on investment.
If you are interested in learning more about our offer or would like to have a conversation with one of our experts, please send an email to [email protected] with “Competitive Intelligence” as subject, and you will be contacted promptly.