Breaking down this deﬁnition of Competitive Intelligence can be split into four steps of action:
How much of your time would you say is spent on Strategic Decision Making? How easily are you able to Enact Real Change and Measure Success? A vast majority of companies spend far too much of their time playing catch up with outdated information, swaths of non-relevant data, and unexpected events. This constant mode of ﬁreﬁghting prevents organizations from properly leveraging their Competitive Intelligence into true Strategic Decision Making.
In this guide, we will explain how to modernize your approach to spend more time improving your business and less time on redundant tasks.
Seeing true success is impossible if you do not properly take time to deﬁne your company’s use case. Several factors beyond competitors and industry can have major impacts are your business. Take the time to chart primary competitors, potential customers, business investors, supply markets, demand markets, government regulations, weather trends, and other potential business factors.
Now that you have deﬁned what can impact your business you will need to ﬁnd an efﬁcient way of gathering potential impactful activity as near real-time as possible. The worst outcome would be to discover a business-critical problem too late. The old methods of pulling a massive level of data manually or pulling a general aggregated report is problematic as both methods still cause you to waste precious time. With the advancement of Artiﬁcial Intelligence and Machine Learning, it is now possible to automate data gathering, leveraging technology to signal potential problems and advantages far earlier and in a more insightful way.
Analyzing the data you have gathered can be a fairly time-consuming process if done manually. Actionable Insights can be difﬁcult to automate, especially when pulling assets that rely on cross-referencing data between multiple data points. It has been an eternal struggle to ﬁnd the ‘perfect’ report. Many ﬁnd themselves stuck attempting to gain as many insights as possible from the data, but important details inevitably slip through the crack. Going to the importance of the Deﬁning stage is extremely critical as understanding why and how certain data points related and inﬂuence another is important, but at the end of the day, it requires a level of industry knowledge that is hard-pressed to ﬁnd at scale or relatively cost-effective. It is a balancing act.
At the end of the day, Analyzing should be separated from Strategic Decision Making. You are squandering precious time in the pursuit of understanding what is happening. Focus on scaling your efforts with automation so you can leverage your domain expertise at scale, build a plan with more information, and have the time to ensure your plan is executed to your speciﬁcations.
You’ve deﬁned business impacts, scaled data gathering, and are getting that data processed into actionable insights regularly. Now that you’ve got an amazing action plan in place you have to implement it quickly, efﬁciently, and ﬂexibly. Keeping all the moving pieces in the right place can be a problematic time suck. One-to-One communications are outdated and versioning because a huge problem. Leverage technology to create one source of truth with what actions need to happen and make sure it’s easy to access and scalable.
Getting started is hard. Especially from scratch. Premade solutions are costly to get to where you need them to be that’s right for your business. We at Evalueserve are experts at making this process easy and it all starts with a simple conversation. From there we’ll set up a diagnostics workshop to understand your current processes & goals and work with you to co-design to-be processes and execution roadmap.
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Get in touch today to learn how our competitive intelligence solutions can help you improve your processes, making you better, faster and more efﬁcient