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HOW A STARTUP IS USING AI TO HELP YOU FIND THE MARKET RESEARCH YOU NEED
Louis Columbus
Former Contributor
Opinions expressed by Forbes Contributors are their own.
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* 95% of the content essential for decision making in an organization is
unstructured, residing in PDFs and various file formats that defy easy
indexing and quick access, according to MIT Media Labs.
* 80% of typical organizations’ data is unstructured, slowing down work, often
leading to less-than-optimal decision-making, according to an Accenture study
published earlier this year.
* Organizations use 35% of their structured data for insights and
decision-making, but only 25% of their unstructured enterprise data,
according to an Accenture study on how data is used for decision-making.
* 60% to 80% of employees can’t find the information they are looking for even
when there’s content management or knowledge management system in place,
according to IBM’s knowledge management study.
Bottom Line: Stravito is an AI startup that’s combining machine learning,
Natural Language Processing (NLP) and Search to help organizations find and get
more value out of the many market research reports, competitive, industry,
market share, financial analysis and market projection analyses they have by
making them searchable.
When It Comes To Finding Market Research Data, Intranets Aren’t Getting It Done
Facing tight deadlines to get a marketing plan together for a new product,
channel, or selling strategy, market research and product marketing teams will
give up looking for a report they know they’ve bought and re-purchase it. The
tighter the deadline and the more important the plan, the more this happens.
When a quick call to the Market Research Analyst who has access privileges to
all the market research subscriptions doesn’t have the reports a team needs,
they either move on without the data or repurchase the report. Having spent the
first years of my career as a Market Research Analyst, I can attest to the
accuracy of IBM’s finding that 30% of a typical knowledge workers’ day is spent
searching for information and understanding its context and original
methodology. All reports our organization had distribution rights to internally
went on the Intranet site. There were hundreds of reports available online on an
Intranet platform with mediocre search capabilities.
The company was founded by Thor Olof Philogène and Sarah Lee in 2017, who
together identified an opportunity to help companies be more productive getting
greater value from their market research investments. Thor Olof Philogène and
Andreas Lee were co-founders of NORM, a research agency where both worked for 15
years serving multinational brands, eventually selling the company to IPSOS.
While at NORM, Anders and Andreas were receiving repeated calls from global
clients that had bought research from them but could not find it internally and
ended up calling them asking for a copy. Today the startup has Carlsberg,
Comcast, Colruyt Group, Danone, Electrolux, Pepsi Lipton and others. Stravito
has offices in Stockholm (HQ), Malmö and Amsterdam.
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AI-Powered Search With Usability Modeled After Spotify, Google and Netflix Is
Instead of settling for less-than-optimal market and industry data that
partially deliver the insights needed for an exceptional product launch or sales
campaign, marketing & senior management teams need to set their sights higher.
It’s time to replace legacy Intranet sites and their limited search functions
with AI-based search engines that auto-tag content and build taxonomies based on
content attributes in real-time. Stravito combines AI, machine learning, NLP and
Search on a single platform that can index every major file type an organization
uses, creating a taxonomy that streamlines search queries.
Having AI as the foundation of the Stravito platform delivers the following
benefits:
* AI-powered fast search gives individuals the ability to find and share
insights and information quicker than any legacy Intranet technology
could. With everyone working from home and self-service being a goal every
marketing, business planning and IT department is trying to achieve today,
Stravito’s architecture is designed for simple queries and requests anyone
can quickly learn to create.
* Relying on AI and machine learning to alleviate the need to manually upload
and tag hundreds of market research reports and analysis. Stravito’s approach
to data categorization using AI also identifies and removes duplicate report
copies and can be configured to filter out any reports past a specific date.
Search perimeters, auto-tagging and in-PDF search options are all
configurable. Stravito will rank PDFs by the percentage of relevant content
they have for a specific search term, providing a bar graph designating which
pages have the most relevant content.
* Stravito’s design team has successfully combined AI, machine learning and
advanced user interface design to produce an application comparable to
Spotify, Google and Netflix. Developing and launching an enterprise-level
search engine designed for usability first is noteworthy. Many enterprise
applications still aren’t achieving this design goal despite being mentioned
as a first priority by enterprise software vendors. As can be seen from their
search results screen, Stravito’s approach is to combine information
discovery and collaboration:
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* Stravito deserves credit for finding new ways to use AI and machine learning
to accomplish drag-and-drop integration of any commonly used file format in
an organization – and then have it assigned to a taxonomy in seconds.
Stravito’s innovative use of AI, machine learning and auto-tagging provides
its customers with a simple drag-and-drop interface that supports bulk
uploads. The platform has API integration designed with any market research
or advisory service with an API library compatible with their platform. Their
customer base actively relies on Euromonitor and Mintel today, for example.
Conclusion
Stravito fills the gap legacy Intranet technologies and current generation
collaboration platforms are not addressing. That’s the need to provide a more
powerful search engine, one capable of continually adapting to new information
and documents. Supervised machine learning has proven effective for taking on
challenges related to creating and keeping taxonomies current. Stavito’s product
strategy of providing personalized recommendations for the content of interest
is a natural progression of their platform. For organizations overwhelmed with
research data yet can’t seem to get the reports to decision-makers fast enough,
the Stravito platform is worth checking out.
Follow me on LinkedIn. Check out my website.
Louis Columbus
I am currently serving as Principal, IQMS, part of Dassault Systèmes. Previous
positions include product management at Ingram Cloud, product marketing at
iBASEt,
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