Are you taking the necessary steps to ensure your competitive intelligence data leads to profitability and business growth? If you haven’t added artificial intelligence (AI) to your competitive intelligence toolkit, then the answer is No.
Artificial intelligence is a powerful tool to fuel business growth.
Companies are increasingly leveraging it to remain competitive in the ever-changing business landscape. In fact, 64% of B2B marketers consider AI invaluable in their marketing efforts.
AI helps automate data collection, deliver in-depth customer and market insights, improve forecasting, and dive deeper into diverse sources that humans can never find. In this guide, we’ll discuss how AI is changing competitive intelligence.
The Ultimate Guide to a Integrating AI into Competitive Intelligence Programs
What Is Competitive Intelligence?
Competitive intelligence involves gathering and analyzing information to identify opportunities, threats, and risks. It’s vital for your business because it can help you achieve a competitive edge.
Competitive intelligence enables businesses to make data-driven decisions about how to position themselves in the market. It also provides valuable insights into new growth opportunities, changing customer behavior, and the shifting economy.
With competitive intelligence, you can spot patterns, derive insights from them, and understand how they will help you outsmart the competition.
How AI Is Changing Competitive Intelligence
Artificial intelligence (AI) has disrupted businesses across virtually all industries in unprecedented ways.
Forward-thinking companies are using AI in competitive intelligence to collect, analyze, and use data for decision-making. AI provides data-driven insights that would otherwise be impossible to derive manually. Here’s how AI is changing competitive intelligence.
Automating Data Collection & Analysis
Gathering data requires more time and energy than most people can afford to spend.
Taking people, even an entire department, to gather and sift through tons of data would be incredibly time-consuming. Moreover, humans are prone to error, and their productivity and efficiency can be affected by many factors inside and outside the business environment.
Machines, on the other hand, are more accurate and can provide consistent results if well-maintained. Artificial intelligence automates data collection while improving the efficiency and integrity of the data collected.
AI-powered tools can quickly and accurately gather and analyze vast amounts of data from a variety of sources, such as company websites, forums, and social media platforms. AI can also gather insights from events, news sources, job review boards, and many other sources.
There are way too many sources of intel for humans to track themselves. Without AI, they’d spend an eternity researching and trying to understand the data. AI not only collects the data; it analyzes it and derives meaningful insights from it that can be used for decision-making.
Enhancing Market and Customer Insights
Competitive intelligence programs allow marketers to understand market dynamics better.
AI in competitive intelligence helps you see how the market is responding to changes in the economic and social environments and how you can take advantage of the situation to achieve a competitive edge.
If there are market gaps that need to be filled, AI will point you in the right direction. In fact, 61% of leaders believe AI helps them discover new business opportunities.
What’s more, artificial intelligence and machine learning algorithms help analyze market data and identify patterns and trends. They act as surveillance for multiple sources, ensuring you don’t miss out on any important updates about your industry.
Improving Forecasting and Predictive Modeling
Today’s businesses are driven by consumer demand. Unfortunately, the patterns of demand vary from period to period and are determined by a number of factors. This makes it incredibly difficult to develop accurate demand forecasts.
Emerging technologies, such as artificial intelligence and demand planning software, are increasingly being used to improve the accuracy of forecasts. These technologies are being used to develop accurate forecasts for product demand, raw materials requirements, inventory levels, and more.
Through advanced analytics and machine learning technologies, AI can help your business make more accurate predictions about future market trends and customer behavior.
Enhancing Competitive Analysis
Thanks to AI, it’s now easier than ever to conduct competitive intelligence.
Artificial intelligence and machine learning technologies have made it easier to track everything your competitors are doing—from product development to promotions.
If you’re a business owner, you’ll want to know what other businesses are doing to make informed decisions. By leveraging AI in your competitive intelligence efforts, you can effortlessly track, monitor, and understand what your competitors and doing and improve on it.
Even when your competitors change their strategies spontaneously, you can monitor and anticipate their moves with the help of the data (current and historical) that competitor intelligence provides.
Streamlining Internal Processes
Artificial intelligence can be used to automate and streamline business processes in a number of ways. For example, it can be used to automate customer service tasks such as responding to customer queries and personalizing content for individual customers.
Today, many businesses use artificial intelligence bots to automate repetitive administrative tasks, such as filing and scheduling appointments. AI can also be used to optimize inventory management by predicting demand and identifying patterns in consumer behavior.
The Bottom Line
The potential of artificial intelligence to help businesses redefine their processes and grow is vast. By harnessing the power of AI to improve competitive intelligence, companies can automate data collection and analysis, gain in-depth customer and market insights, improve forecasting, enhance competitive analysis, and streamline internal processes.