Market intelligence (MI) is a technology-driven process for analyzing data and presenting actionable information to help executives, managers and other corporate end users make informed business decisions.
The potential benefits of market intelligence tools include accelerating and improving decision-making, optimizing internal business processes, increasing operational efficiency, driving new revenues and gaining competitive advantage over business rivals.
How do I know when to use business intelligence for my business?
The need to integrate data from multiple business applications or data sources
The need to access relevant business data quickly and efficiently
Analysis of your competitors of your sector in the chosen market
Rapid company growth or a recent or pending merger/acquisition
Introduction of new products or services in a new market
Choose the right country to enter its market with your products
How is business intelligence used?
- Analyzing customer behaviors, buying patterns and sales trends
- Measuring, tracking and predicting sales and financial performance
- Budgeting and financial planning and forecasting
- Tracking the performance of marketing campaigns
- Optimizing processes and operational performance
- Improving delivery and supply chain effectiveness
- Web and e-commerce analytics
- Customer relationship management
- Risk analysis
- Strategic value driver analysis
Organizational benefits of implementing business intelligence
- Quick answer to critical business questions.
- Align activities with strategy.
- Reduce time spent on data entry and manipulation.
- Gain in depth insights into customers.
- Benchmark data against competitor and historical data for continuous improvements.
- Identify areas to cut costs and for budget allocation.
- Boost internal productivity by spending time on what’s important.