AI: Why is Essential For
Are you doing all you can to ensure that your competitive intelligence data lead to growth, profitability, and a maintained advantage for your company? If you haven’t added artificial intelligence to your competitive intelligence tool kit, then the answer is, No.
Artificial intelligence is a powerful asset to your team. Companies see it as an essential way to remain in ever-changing markets. AI helps fuel knowledge-gathering efforts, visualize data, deliver information, and dive deeper into thousands of sources that the average person could never find.
AI has become an essential tool for business teams, and in this post,
we are outlining why AI is essential for competitive intelligence (CI).
Gather Thousands of Relevant Sources
Gathering information requires more time and energy than most people or companies can afford to spend. Tasking a single person, a team of people, or even an entire department to manually sift through tons of information could quite literally take them an eternity.
Artificial intelligence helps you gather information from hundreds of thousands of sources. There are far too many sources of intel for any human to track themselves. Without AI, they would spend all their time doing research to understand what’s happening, which makes it difficult for them to track real-time updates and changes.
Act as a Watchdog
AI can act as your watchdog on hundreds of thousands of sources, ensuring you don’t miss minute changes or updates. AI in competitive intelligence will ensure that you don’t miss a step that your competitors, the market, or industry trends take. It will keep track of information and the competitors you believe are the biggest threats to increasing your market share.
Visualize Data for Clear Decision-Making
Visualizing data and trends are vital components to making business decisions. AI can help pull out trends and visualize huge amounts of data at a pace that people could never achieve. This makes the data immediately actionable since they can quickly see what’s happening and what the impact is.
To Anticipate Competitor Moves
Any executive will tell you that understanding how competitors will respond to your actions should be a critical component of strategic decision making. Even when competitors change their strategies spontaneously, companies have a good chance of figuring out what they’ll do and when, with the help of the data (present and historical) that competitor intelligence can provide.
Stay Ahead of Rivals
When companies are striving hard to find out as much information as possible about the market, competitive intelligence has become increasingly relevant to stay ahead of the competition. Regardless of how good your product is, you need to travel at the speed of light and thus react quickly to the evolving markets in order to stay first in the competition.
Companies should present themselves to consumers with a unique brand identity that sets them apart from their key competitors. Investigating your competition is one of the most important aspects of developing your brand positioning as you need to know where you fit into the overall market.
Learn Market Dynamics
Competitive intelligence sparks new ideas and fresh thinking to flow into the company. With competitive intelligence, companies can evaluate how their competition is selling and positioning their products and take advantage of the market gaps to enhance profit margins. By learning these market dynamics, companies can make more effective operational decisions.
This stands as one of the most crucial reasons why competitive intelligence is used in companies. Innovation is much needed to sustain a competitive advantage that allows companies to go ahead of their competitors, and not just mimic and follow them. And certainly, this means profit!
Benefits of AI
Overall, there is a number of benefits when using AI for your competitive intelligence.
AI can reduce the number of redundancies you or your team find in research conducted individually. By allowing AI to gather all the data for you and your team to analyze, you save time and reduce duplicated efforts.
Another benefit to using AI is the increased speed and productivity your business might see across multiple teams.
With AI gathering information for you and assisting in visualizing the data, your teams can make more actionable decisions and further analyze data by saving time on the information gathering.
This helps increase the speed at which your business can make informed decisions to remain competitive in their industry.
AI is an incredibly powerful tool that can improve the efforts of any business team by collecting data, visualizing them, and monitoring any changes in the sector. And it’s been proven to be an essential component of quality competitive intelligence programs.
What are you waiting for?
A comprehensive competitive intelligence solution must both mine and analyze information. Data only has value when meaning is applied. This gives you a head start in understanding the competitive landscape, predicting your rivals’ movements, and revealing market opportunities. Some of your rivals are already working with it. Don’t let them get too far ahead.