Client: Luxury carmaker
" Data is often hard to source when companies are so innovative and new. We need intelligence on new developments, but without the right data tools in place getting those detailed insights is difficult and time consuming.”
When a leading luxury carmaker’s Purchasing Risk Management and Purchasing Innovation teams wanted greater insight over new potential suppliers, they deployed Craft’s Portal to gain an accurate real-time market overview.
The luxury car market is at the cutting edge of the automotive industry, bringing together the latest developments in design, engineering and technology. Research and development (R&D) is key for carmakers, and seeking out potential suppliers from a growing range of new innovators, dynamic startups and specialist smaller companies is a vital component of automotive R&D.
However, activity in this area is fast-moving with many new startups and private companies on the scene. Keeping up with so many new developments in real-time is a challenge.
As well as access to the best intelligence available, the carmaker wanted personalized functionality from its data service, and the ability to run tailored searches and incorporate insights into their internal reporting. The ability to view a competitor map was also part of their requirements.
Partnering with Craft was the best solution to address all these needs.
Before Craft, the carmaker had been working with BvD/a large data provider to monitor existing suppliers and source data on technologies that could be incorporated in new car designs.
However, due to the fast-moving nature of the market and the volume of small innovators and startups, it was difficult for the carmaker to obtain the detailed information that their decision-makers required.
This is because large data providers primarily offer financial data and data on public companies. Advanced startup data and detailed alternative data are typically not part of a large data provider’s offering, which is why the luxury carmaker turned to Craft.
The carmaker’s Purchasing Risk Management and Purchasing Innovation teams are robust and analytical in their research.
When looking for new air conditioning technology, for example, the teams would need to assess multiple suppliers on multiple data points, before honing down their options, and weighing up the merits of each company before coming to a final decision.
Prior to using Craft this process was time-consuming and labor intensive, largely due to issues around obtaining data on new innovators. Craft solves this problem by using Natural Language Processing (NPL) technologies to extract data from blog posts, articles and news sites and other digital sources.
These alternative data sets combine to create a big picture overview of each new innovator, giving the carmaker access to valuable insights. Alternative data sets can cover a range of different variables, for example, blog posts and news sites might cover company reputation, recent news stories, recruitment and hiring activity and so on.
If structural data, such as historical financial data is not publicly available, alternative data like this can serve as a proxy, by providing an overview of the status and reputation of the company.
One of the key reasons the carmaker chose Craft was the flexibility of its solution. Craft has developed the Portal in line with direct feedback from the luxury carmaker.
When working with Craft, the carmaker identifies potential suppliers in the automotive industry and provides Craft with a list of prospects. These prospects are all small, private companies, tech startups and new innovators.
By using Craft to access detailed data, the car company’s decision makers are able to streamline the research process and gain a detailed overview of publicly available information and alternative data.
Going forward, Craft will continue to provide the luxury carmaker with the data they need for R&D, market analysis, competitor analysis and more.
Are you ready to learn more about Craft and uncover the company data that you care about? Visit Craft for Supply Chain for more.