Written by Manuel Alcocer Álvarez
Digitalisation has brought plenty of possibilities and opportunities, transforming our means of communications, our societies and our businesses. One of the most distinguished advantages that fourth industrial revolution has offered is the ability to generate, compile and analyse huge and complex data volume (also known as Big Data) in a more efficient and effective.
This technological advance provides companies the enhancement of one of the most necessary resources to make the difference: information. Thanks to sophisticated data analysis techniques, firms are now able to operate more smartly, creating a value added to the satisfaction of the costumers.
Although this has achieved a democratisation in business world enabling SMEs to increase its impact in their industries, they still are at a standstill characterised by scarce digital skills or limited funding. Nonetheless, SMEs now have the choice to access international markets, innovate in their production processes and improve their competitiveness in an easier and more cost-effective way. This is due to the market intelligence.
How to define "Market Intelligence"?
It consists of a set of techniques, tools and processes focused on data compilation, analysis and management that an organisation gets from its environment. Provides relevant and concrete information concerning factors such as the behaviour of its competitors, consumer trends, market dynamics, geopolitical variables, product prices and evolution of supply and demand.
This is a more specific, more complicated to acquire, more valuable and more useful and, as a result, allows an optimisation and accuracy in the decision-making process of a firm.
The fundamental aims of market intelligence are based in business expansion (whether is inside or outside of their current market), achieve a favourable position with respect to competition and adapt decision-making to the needs and preferences of the clients in a more precise form.
Benefits of using Market Intelligence tools
Market intelligence offers multiple benefits to organisations:
Widens knowledge concerning competitors and clients
Reduces threats and uncertainties in the environment
Facilitates and accelerates opportunities identification
Decrease selling costs and allows investment optimisation
Increase productivity and efficiency
Offer more precise and valuable information
Collaborate with decision-making improvement