How Loopio is Building a Powerful AI Toolkit (GPT Video Included)
Artificial intelligence (AI) and emerging tech under this umbrella (like ChatGPT) are hot topics right now… and for good reason. Generative AI is powerful. It can help you brainstorm ideas, adjust your tone, and even complete competitive research in seconds.
But GPT is just one tool in a team’s AI toolkit.
Over the past four years, Loopio’s expert team of data scientists and machine learning (ML) engineers have built an array of innovative AI features. The technology they’ve built, alongside new GPT advancements, will help usher in a new era of efficiency for RFx teams.
In this blog, you’ll learn what’s included in our team’s comprehensive and powerful AI toolkit (including a video preview of our GPT functionality).
Read on to discover:
How AI Can Help RFx Teams (Without Losing the Human Touch)
Simply put, AI is a tool that can improve efficiency by completing tedious tasks (like tracking down SMEs), so you can focus on what matters, like strategically tailoring proposals for each customer.
AI speeds up the RFx process by:
- Reducing time to first draft by automatically filling in suggested answers
- Reducing review time by auto-assigning answers to subject matter experts (SMEs)
- Increasing win rate through AI content recommendations which improve response quality
That said, the industry is still divided on how to use AI, specifically GPT, in their process.
Between concerns about security and content quality, there are some important challenges to address before GPT is more widely accepted by those in proposal management (more on how our approach to AI addresses these concerns below).
💡 Key Insight: How Likely Are RFx Teams to Use Generative AI? (Specifically ChatGPT)
We asked 386 customers how likely they are to use generative AI (GPT), and the results were surprisingly polarizing. A quarter said they were “Not likely at all to use generative AI”, nearly a third said, “Very likely”, while the remaining 45% sat somewhere in the middle.
Source: Loopio Labs, the research arm of our Product, Design, and Engineering team.
Three Types of AI Functionality in Loopio
Artificial intelligence (AI) has been part of Loopio’s platform for several years, including a number of proprietary features launched under the Response Intelligence™ umbrella in 2021. Since we started integrating AI into Loopio, our focus has always been on empowering teams to create high-quality, winning content.
The AI-powered features in our platform fit into three main categories.
1. Content Awareness
Content Awareness analyzes written content from your library and provides you with helpful suggestions.
In Loopio, this category includes Content Recommendations, a powerful AI model that’s unique to our platform. After analyzing 100,000 projects, we found 70 different data points related to proposal writing best practices, which correlate with higher win rates. All that knowledge is used to provide content suggestions—which, in turn, help you decide how to improve your answers.
2. Predictive Recommendations
Predictive Recommendations provide timely suggestions to users based on AI analysis.
As companies grow, it becomes increasingly challenging to identify the right person to answer or verify responses in a proposal. That’s why Predictive Recommendations includes helpful features like Recommended Experts. This functionality identifies and connects you with the right subject matter expert (SME) in your organization to quickly review the accuracy of a response.
3. Generative Content
Generative Content is the popular new kid on the block. 😎 Examples of generative content include ChatGPT, which creates answers in seconds based on the information you provide.
We’re excited to continue enhancing our AI capabilities, which includes the upcoming release of new GPT functionality. This will work alongside Magic, a long-standing Loopio favourite feature that automates steps in the response process today.
Companies like WellRight and Research Affiliates use Magic, our response automation tool, to automatically fill in 50-60% of each response, which greatly reduces the time to first draft.
What AI is Coming Soon? (🎥 Video Preview of Loopio’s GPT)
A thoughtful user-driven approach to AI means placing control in the hands of people like you. After hearing from hundreds of customers, there are three main factors that are critical to building a GPT solution that works across various organizations.
The three pillars of trust for Loopio’s approach to GPT are:
- Trustworthy sources: ensuring that the sole source of generated information is your team’s library (not the internet), so you know the information is original and relevant.
- Human ‘copilots’: our interface is intuitive so that SMEs and other teammates can easily review and improve generated results.
- Customer choice: at both the account and individual level, every customer will be able to opt-in or out of AI.
Want to see Loopio’s GPT technology in action? Check out 2-minute video below (skip to 1:30 for the GPT preview).
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