Originally posted on Deltek.com. Link here: Introducing Smart Summaries for GovWin IQ – Leveraging Generative AI Technology
Companies of all types recognize that artificial intelligence (AI) technology is capable of dramatically changing the ways they do business. At Deltek, we have been charting the ways project-based businesses can benefit from leveraging AI technology, and now we are bringing more AI capabilities than ever before to our products – including our newest product enhancement that brings generative AI technology to our GovWin IQ platform.
What is Generative AI Technology?
Generative AI, or Gen-AI, is a new class of artificial intelligence based on foundational large language models (LLM) trained on billions of datapoints. These foundational LLMs are a fundamental shift in artificial intelligence and make the power of AI accessible to anyone.
While traditional AI identifies patterns and makes predictions from training data, Gen- AI employs machine learning algorithms to create diverse outputs like audio, text, code, video, images and more.
Through generative AI, government contractors can unlock valuable projects, customer and industry data for efficient project management, improve customer service and inform labor and financial management decision-making. Gen- AI also offers the potential to alter the landscape of business development in government procurement, as I recently shared as a part of a panel discussion on AI with Red Team Consulting. Applying human logic to generative AI technology can help a company more easily gain relevant information about a company, agency or an opportunity to help them put together their best proposal.
Introducing Smart Summaries to GovWin IQ
The team at Deltek has been hard at work applying this technology to the industry-leading GovWin IQ platform of government market intelligence. Our latest product enhancement, Smart Summaries, leverages Gen-AI to make tedious data collection and synopsis effortless by delivering clear, concise executive briefings for federal Agency Profiles with the click of a button.
GovWin IQ users can easily identify quick learnings before diving into further research and easily share summaries with their team. With over 1,100 federal Agency Profiles, GovWin enables users to research federal buyers easier than ever before. Each Smart Summary is created by generative AI technology using a combination of publicly available information and proprietary data created and owned by Deltek.
In the coming weeks, Smart Summaries will expand to additional GovWin data sets including state, local, and education (SLED) Government Profiles, Contract Awards, Task Orders, Opportunities, Company Profiles, and Government Contacts.
How Smart Summaries Uses Generative AI Technology to Help with Government Contracting
GovWin IQ already has aided contractors with their strategic go-to-market plans for years by centralizing complex data and making it easy to consume, and has introduced machine learning to our platform through our Smart Fit Scores. The addition of Smart Summaries makes the go-to-market process even easier by organizing high volumes of data and distilling it down to concise insights in the form of an executive summary that can be easily shared with a go-to-market team directly from within GovWin. By delivering summaries in real-time, users can answer the top questions about their buyers as opposed to spending hours organizing and synthesizing data to answer top questions to inform strategic decisions.
Smart Summaries are organized into intuitive sections that create easy-to-understand data stories:
- Executive Summary
- Top Contractors and Spend Categories
- Top Contract Vehicles and Purchasing Methods
- Use of Small Business and Small Business Programs
- Recent Contract and Task Order Awards
The data that goes into the GovWin IQ platform is refreshed regularly, and Smart Summaries will refresh on the same cadence to ensure up-to-date relevancy for users. Ready to see how Smart Summaries can help your business more easily sort through government contracting data? Click the link below to try GovWin IQ today.