One of the trends that has been on the rise in recent years in the business world is market intelligence, also known as business intelligence. This intelligence refers to collecting, analyzing, and applying relevant and actionable data about the market, competitors, and customers.
Likewise, the recent report, The Decision Dilemma, prepared by Oracle and Seth Stephens-Davidowitz, reveals that 45% of bosses prefer that Artificial Intelligence make decisions for them.
Market intelligence prevents professionals from making the wrong biases in the business. As reported by the study above, 84% of business leaders have experienced stress about decision-making and have regretted, felt guilty, or questioned a decision in the last year. Thus, professionals believe relying on as much data as possible is necessary. Ideally, you would like AI and data to help you: make better decisions (52%), reduce risk (40%), decide faster (36%), make more money (34%), and plan for the unexpected (2. 3%).
That is why market intelligence arrives to provide information and strategic knowledge that help to make informed decisions and obtain a competitive advantage. “Market intelligence aims to identify useful data and eliminate repetitive or erroneous data to improve business processes. Producing that they have quick access to data faster and project development in less time”, reveals Carlos Carrasco-Farré, professor at TBS Education-Barcelona.
How does market intelligence drive business success?
TBS Education-Barcelona presents the benefits of training and incorporating market intelligence in companies to collect and analyze relevant data that allows them to understand their competitive environment better, make informed decisions, and achieve a competitive advantage in their industry. How does market intelligence drive business success?
Competitive advantage: The constant monitoring of the market and the competition allows for identifying threats and opportunities, developing effective strategies, and avoiding erosions of the environment.
In-depth customer insight: Customer analytics and segmentation provide a precise understanding of their behaviors, needs, and preferences, enabling more effective sales and marketing strategies.
Informed Decision-Making: Accurate and timely information supports strategic and operational decision-making in critical areas such as product development, pricing, distribution, and marketing.
Identifying growth opportunities: Market intelligence helps identify new trends, untapped niches, and underserved customer segments, allowing you to develop profitable growth strategies and be prepared to take advantage of new opportunities.Optimized operational efficiency: By identifying areas for improvement in the company’s internal and operational processes, it is possible to increase efficiency, reduce costs and maintain an aligned focus on the organization’s shared objectives.