When we surveyed our sample, we found product marketers were making the most of resources under their noses to learn more about their competitors, with simple means of communication such as emails (65.9%) and conversations among peers (47.1%) emerging as the most popular form of internal competitive intelligence research.
In terms of which specific teams PMMs were liaising with most when conducting competitive intelligence, our research indicated the sales teams were identified as the port of call for many PMMs, with a whopping 92.9% saying they turn to them for CI support.
Information bits and tips for Competitive Intelligence
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Collaboration and effective communication go hand in glove with competitive intelligence. You need to work as a team to share insights and make the most of the important information at your disposal, otherwise, you can miss key insights that could be applied to your strategy.
When we completed our research survey as part of our report on competitive intelligence, we found that there were as many as five departments product marketers mainly turn to when sharing results. Ahead of product marketing itself, with sales (82.4%), product (52.9%), customer success (51.8%), executives and leadership (45.9), and marketing (30.6) identified as the key quintet as far as information sharing is concerned, before product marketing even entered the fray.
The Business Information and Technology Society (BITS) is a student-run organization for students who are studying decision sciences, information systems and business intelligence and analytics at Saint Joseph's University.Our goal is to foster a deeper understanding of data analytics and business intelligence. As an organization, we explore career opportunities by sponsoring networking events, on-campus guest lectures, field trips and classroom speakers.BITS also maintains contacts with local organizations that actively hire for summer internships, co-ops, part-time jobs and full-time employment. Participants gain a wealth of real-world experience and applications to business intelligence and data analytics theories learned in class.Generally, our meetings occur on Tuesdays or Thursdays at 11 a.m. or 5 p.m. in Mandeville Hall, but due to COVID-19, we are still holding some meetings virtually. To stay up to date on activities and other announcements, follow us on Instagram (@sju_bits) or join our email list by reaching out to Mike Collins (mc703026@sju.edu).
Building a top-notch compete program hinges on your ability to gather and disseminate competitive intelligence. Intelligence that your stakeholders will actually turn to in order to beat their competition.
With a competitive intelligence tool in place you can get instantaneous access to external information living on the internet, and more importantly, a living central repository that enables your entire organization to share real-time internal insights and store it for easier access.
The nature of competitive intelligence varies for different companies, depending on the industry, circumstance, and a host of other factors; for example, companies that are impacted by politics and laws might require information about statutory changes that could affect the company's operations.
The foundational goals of a competitive intelligence program are to enable the organization to better understand their market, make stronger strategic decisions, and ultimately increase revenue. But, what exactly does that mean for someone who wants to get started with competitive intelligence? How do you build a competitive intelligence process?
The unfortunate truth is that not everyone is well versed in the process of competitive intelligence. The State of Competitive Intelligence Report dug into how different teams conduct their competitive intelligence process. This report is the largest study of best practices and challenges within the competitive intelligence industry. Covering everything from goals, KPIs, and resources - we realized that a lot of companies have a different approach to the competitive intelligence process.
Analyzing the intel is where your analyst or competitive intelligence manager breaks down the data, pulls out the key trends and essential pieces of information, and organizes the findings so that it can be easily communicated throughout your organization. Creating a competitor analysis can be done a couple different ways. One way is to do a benchmark or baseline analysis, which will allow you to compile your data and create a competitor profile.
There are many tools that you can use to assist with gathering intel and analyzing your competitive landscape. There is a lot of valuable data on the internet about each of your competitors, and with the right resources, you can seamlessly integrate competitive intelligence into your existing business strategy. If you follow these steps, you can pull out key pieces of intel, communicate it to your team, and derive value from the data you gathered during your competitive intelligence process.
Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers and workers make informed business decisions. As part of the BI process, organizations collect data from internal IT systems and external sources, prepare it for analysis, run queries against the data and create data visualizations, BI dashboards and reports to make the analytics results available to business users for operational decision-making and strategic planning.
A business intelligence architecture includes more than just BI software. Business intelligence data is typically stored in a data warehouse built for an entire organization or in smaller data marts that hold subsets of business information for individual departments and business units, often with ties to an enterprise data warehouse. In addition, data lakes based on Hadoop clusters or other big data systems are increasingly used as repositories or landing pads for BI and analytics data, especially for log files, sensor data, text and other types of unstructured or semistructured data.
BI initiatives also provide narrower business benefits -- among them, making it easier for project managers to track the status of business projects and for organizations to gather competitive intelligence on their rivals. In addition, BI, data management and IT teams themselves benefit from business intelligence, using it to analyze various aspects of technology and analytics operations.
Business intelligence combines a broad set of data analysis applications designed to meet different information needs. Most are supported by both self-service BI software and traditional BI platforms. The list of BI technologies that are available to organizations includes the following:
Operational intelligence (OI). Also called operational BI, this is a form of real-time analytics that delivers information to managers and frontline workers in business operations. OI applications are designed to aid in operational decision-making and enable faster action on issues -- for example, helping call center agents to resolve problems for customers and logistics managers to ease distribution bottlenecks.
Sporadic use of the term business intelligence dates back to at least the 1860s, but consultant Howard Dresner is credited with first proposing it in 1989 as an umbrella phrase for applying data analysis techniques to support business decision-making processes. What came to be known as BI tools evolved from earlier, often mainframe-based analytics technologies, such as decision support systems and executive information systems that were primarily used by business executives.
BI platforms traditionally rely on data warehouses for their baseline information. A data warehouse aggregates data from multiple data sources into one central system to support business analytics and reporting. Business intelligence software queries the warehouse and presents the results to the user in the form of reports, charts and maps.
Matthew is an experienced competitive and market intelligence analyst focused on the B2B enterprise software, and he covers various focus areas such as analytics, big data and mobility. During his career, Matthew has worked in a variety of analyst roles ranging from competitive intelligence to market intelligence. With that Matthew, welcome to the podcast.
But when you think about it, what matters the most is how connected you are within your organization and that you can have influence and impact the senior leadership team within that organization. A lot of what I talked about was how to be connected at higher levels inside your organization than you are today and what you can do as an competitive intelligence or market intelligence team and as an analyst to help facilitate that.
Business intelligence (BI) is a set of strategies and technologies enterprises use to analyze business information and transform it into actionable insights that inform strategic and tactical business decisions. BI tools access and analyze data sets and present analytical findings in reports, summaries, dashboards, graphs, charts, and maps to provide users with detailed intelligence about the state of the business.
Competitive analysis (or competitive research) is a field of strategic research that specializes in the collection and review of information about rival firms. It's an essential tactic for finding out what your competitors are doing and what kind of threat they present to your company's success.
Intelligence is information that has been analyzed for decision making. It is important to understand the difference between information and intelligence. Information is the starting point; it is readily available numbers, statistics, bits of data about people, companies, products, and strategies. As a matter of fact, information overload is one of the leading problems of today's executive and the top reason for needing a competitive intelligence expert. Information becomes intelligence when it is distilled and analyzed. Combining this idea with those of competition or competitors leads to the concept of gathering and analyzing information about competitors for use in making management decisions. Competitive intelligence provides a link between information and business strategies and decisions. It is the process of turning vast quantities of information into action. 2ff7e9595c
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