Best Practices
What is your Competitive Intelligence use case?
More than ever, Competitive Intelligence is crucial to improve the quality of companies’ decision making.
Information overload costs the US economy $900 billion per year in lowered employee productivity and reduced innovation, research by consulting firm Basex has found.
Market Intelligence professionals, however, cannot afford to let market insights fall through the cracks if they are to stay on top of the game.
In our customized world, Market Intelligence is an absolute necessity for a comprehensive understanding of our competitors, the industry, and the changing consumer landscape. The correct data can help us make informed decisions, evaluate our strategies, and build a viable edge over competitors.
Even as we collect data, the question is, how can we stop being overwhelmed with too much information to avoid confusion?
There are three things Market Intelligence Professionals should be aware of:
1) Yes, Artificial Intelligence helps understand market changes (really)
Most Market Intelligence Professionals have no problem accessing information but figuring out how to use it effectively, is the issue. Why should we bother collecting data if they can’t provide an accurate understanding of our business, competitors, or the industry?
Artificial intelligence (AI) provides a powerful arsenal for maximum productivity.
AI uses include:
- Data Analysis
- Data Classification
- Data Extraction
- Concepts Detection
- Natural language Processing
- Automated Decision making
- Content Generation
AI systems use machine learning to analyze information and make predictions. With AI, we can weed out the unnecessary while focusing only on critical information.
A study by McKinsey Global Institute showed that data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to become profitable than their non-data-driven counterparts.
2) Information overload is an opportunity
In Market Intelligence, the problem lies with gleaning meaning out of the information gathered. But if technology is at the base of causing information abundance, it is also becoming a part of the solution. Artificial Intelligence is defined as machines that can simulate human intelligence.
Machine learning is already helping us fill the gap by providing increasingly advanced ways of filtering through data and arriving at the most critical information.
Information overload means more fuel
Machines need to be programed to understand context so that they add value. Data is the fuel that powers the engine, comprised of algorithms and machine learning techniques. Therefore, the more fuel or data we have, the more accurately the engine will infer meaning for us.
3) ReportLinker can help you turn this opportunity into a real advantage
At ReportLinker, Machine learning models are trained for strategic analysis and The 20 new “smart insights” trackers powered by ReportLinker AI can spot the insights we need with exceptional precision.
Simply put, the trackers discover early and weak signals to find out emerging market dynamics. For example, the tackers can identify new partnerships and merger acquisitions of your competitors and new technologies in your sector.
AI and ReportLinker’s trackers can help you stay ahead of the curve by:
- Giving you a market overview
- Forecasting market trends
- Identifying threats and opportunities
- Discovering new topics for innovation
The problem is clear, and the solution exists. All that’s left is to help yourself with the intelligent technology that is available and can make an actual difference to your company.