Smart Search enhances market intelligence efficiency for a global paint and coating leader
Challenge
A global leader in paints and performance coatings, with a presence in over 150 countries, aimed to maintain its strategic advantage and stay ahead of competition from both local and global players.
The company had a SaaS platform that curated market trends and competitor information from diverse sources like news, websites, and reports. However, this process required substantial efforts from the market intelligence team to stage the data and fetch information from different business units for strategic decision-making. Overwhelmed with requests from more than 1,200 users in different languages, the team struggled to provide strategic insights promptly.
Due to slow response time and lack of engagement caused by outdated search functionalities, the corporate strategy team recognized the imperative to adopt generative AI. This strategic move was aimed at automating content curation, refining the search experience, and proactively delivering precise insights to users throughout the organization.
Solution
Recognizing the critical need to enhance the client’s market intelligence capabilities, Fractal deployed its GenAI-powered Knowledge Assist solution that leverages Azure OpenAI Service. The solution automated the ingestion of diverse articles on market trends and competition, streamlining topic modeling and tagging.
Its human-like Q&A chat interface allowed the market intelligence team to retrieve contextual information swiftly and answer domain-specific questions across different user personas.
Some key features of Knowledge Assist include:
- Auto-summarization of articles
- Relevant excerpts surfacing through citations
- Multi-lingual support
- Understanding acronyms
- Incorporating user feedback for continuous improvement
- Preventing hallucinations with rigorous checks
The solution offers an intuitive UI that helps configure responses to align with specific business needs. It also demonstrated the capability to quickly surface insights suggest related questions, and tag topics automatically using large language models (LLMs).
Results
Following the deployment of Fractal’s Knowledge Assist, the company experienced a notable improvement in its market intelligence operations. The response time for delivering market intelligence was cut in half, while maintaining an 85% accuracy rate.
This led to a significant increase in user satisfaction, with an average score of 94%. The financial impact was equally impressive, with the company projecting annual savings of $3 million.
Additionally, the solution’s adoption rate reached 10%, indicating its effectiveness in disseminating knowledge throughout the company. This initiative also set the stage for introducing AI solutions in other departments, such as R&D and Procurement, further strengthening the company’s competitive strategies.