Summary
A leading orthopedic medical device manufacturer wanted to enhance its orthopedic product strategy and knowledge of recent trends, developments, activities, and commercial strategies across the globe within its competitive landscape.
Evalueserve assisted the client on its proprietary AI-enabled platform, Insightsfirst, where it provided an elaborated product strategy and a comprehensive competitive intelligence solution for various orthopedic segments, including related digital solutions such as robotics. Evalueserve also provided significant primary intelligence by comprehensively covering key orthopedic conferences. Insightsfirst significantly supported the project by hosting real-time data making it accessible anytime and anywhere.
The Challenge
The orthopedic client lacked a comprehensive methodology and structure to collect and analyze its key competitors in terms of their recent events such as their strategic moves, regulatory approvals, new product launches, and technological advancements. Due to the lack of real-time competitive intelligence platform, it could not devise new product strategies and modify the existing ones. It sought Evalueserve’s help to create a customized orthopedic competitive intelligence program on Insightsfirst that leverages data to make informed strategic decisions.
Our Solution
Evalueserve designed a comprehensive product strategy and a competitive intelligence solution on the Insightsfirst platform to provide strategic support to the orthopedic client.
Product Strategy
- Portfolio Intelligence using PowerBI on Insightsfirst: It included the analysis and generation of insights related to competitors’ product portfolio across clinical trials, regulatory approvals, product recalls, and deals, indicating the strategic focus of the competitors. Evalueserve also hosted data in an interactive and dynamic PowerBI dashboard on the Insightsfirst platform to provide real-time access to the client
- Portfolio Gap Analysis: It comprised of an extensive competitive benchmarking exercise followed by competitors’ relative positionings to understand their positions in the orthopedic market. Evalueserve also conducted an exhaustive whitespace analysis to highlight gaps in the client’s and competitors’ orthopedic product portfolio for their current and upcoming orthopedic products and related digital solutions
Competitive Intelligence Support
- Account Intelligence: It included deep dives into the profiles of key orthopedic competitors to help the client gain insights into their commercial, product, GTM, distribution, and promotional strategies, among others. It also included a detailed analysis of competitors’ priorities based on crucial strategic activities such as M&A, partnerships, licensing agreements, divestitures, product portfolio, new launches, pipeline updates, regulatory approvals, clinical trials, product recalls, organizational updates, and industry events
- Real-time, AI-enabled Rapid Insights: It comprised of consistent updates and insights utilizing Evalueserve’s AI-enabled CI monitoring for tracking competitors’ strategic moves
- Analyst Insights: It comprised of crucial orthopedic findings and insights based on strategic analyst reports from JP Morgan, Credit Suisse, Morningstar, Jeffries, Barclays, etc., post critical events such as financial earnings call, product launch, deal, conference, industry event, etc.
Orthopedic Conference Coverage Solution to Collect Primary Intelligence
Evalueserve provided a comprehensive orthopedic conference coverage solution on the Insightsfirst platform. It collected primary intelligence on the latest and upcoming orthopedic products, digital solutions, and disruptive technologies showcased and discussed by orthopedic players and emerging digital solution providers.
- Pre-conference Planner: Evalueserve prepared a detailed conference plan, which included schedules and lists of sessions, exhibitors, and key intelligence questions (KIQs) focused on competitors’ product strategies and new launches. Evalueserve identified key sessions to attend and booths to cover based on the client’s interest areas, and its subject-matter experts attended the identified sessions and covered booths in person
- Capturing Live Primary Intelligence: Evalueserve captured insights into the orthopedic studies presented during various sessions. Based on KIQs, it collected primary intelligence on new products and technology solutions, key product differentiators, roll-out strategies, etc., in the orthopedics market
- Post-conference Analysis and Summary: Evalueserve created a detailed post-conference summary report that included session highlights and booth coverage with in-depth assessments. It also created an Executive Summary that highlighted trends in the orthopedics market, buzz observed during the conference, and a roadmap for upcoming product / technology launches
Business Impact
Evalueserve's insights provided valuable competitive intelligence to the orthopedic client and helped it to gauge its product and commercial strategies.
Portfolio intelligence enabled the client to look directly into complete orthopedic product portfolio of its competitors and provided insights into the ongoing clinical trials, regulatory approvals, product recalls, and deals for a head-to-head comparison. Competitive benchmarking and portfolio gap analysis helped the client to understand its market position and develop effective growth and expansion strategies. Furthermore, regular monitoring and alerts enabled the client to identify competitor activity in near real time in different areas of interest and stay updated on its competitors’ movements. Evalueserve’s findings, hosted on the Insightsfirst platform, empowered the client to access real-time data and remain competitive by leveraging comprehensive insights, which complemented its strategic decision-making and helped it to become one of the leaders in the orthopedic market.