We’re drowning in a tsunami of data that often does not translate into actionable information across various dimensions of life and business. But when it comes to understanding, planning, and reacting to the ever-evolving competitive landscape, competitive intelligence platforms (CIP) have the goods. CIPs leverage emerging technologies to convert data into materially actionable insights at warp speed and delivered six ways from Sunday. We project this space to double (or more) before the end of the decade, growing at a double-digit compound annual growth rate (CAGR) of 10%+.
The market is full of competitive intelligence solutions across a spectrum of data aggregation—from limited sources to all sources plus insights. Most companies market their solutions as SaaS (software as a service) to be financially and operationally attractive and for easy distribution. Most also allow for plug-ins with various legacy or in-house data sources. This is a crowded and differentiation-challenged space: sources, distribution, and access are all in the same ballpark.
However, one area of differentiation is by specialization or market focus. WNS’ PRECIZON brings concentration on the life sciences market, making it a standout for pharmas and medical device enterprises. The platform sources both public and proprietary data and supports automated content mapping, classifying, and uploading multiformat files with trained models running on pharma document vocabulary.
Good data and information are critical, but usability is in many ways the gatekeeper of success. PRECIZON visualization tools facilitate user engagement across multiple devices with contemporary interface designs that make adoption generally easy.
Artificial intelligence (AI), machine learning (ML), and blockchain are among the cadre of emerging tech rapidly changing how we access and consume data; there is no news there. Still, when new technology manifests in the enterprise tools we use, it encourages creativity and innovation.
PRECIZON uses AI and ML to collect, analyze, curate and disseminate relevant and contextualized information. Therapy-specific insights make it highly actionable for end-users across organizational functions, whether for business development & licensing teams to understand market opportunities or for marketing teams to adjust schedules and messaging . The ability to access game-changing insights in near real-time has become fundamental to life sciences’ operational and go-to-market capabilities.
Competitive intelligence platforms such as enterprise applications must constantly evolve to ensure their value proposition is at least one step ahead of consumers’ needs. While roadmaps are integral to any product, the ability to be nimble and accommodate evolving data is the trick that differentiates successful products from those that are not.