10 reasons why AI is essential for your competitive intelligence program
Artificial intelligence is a powerful asset for your team. Businesses see it as an essential way to stay in ever-changing markets. AI helps fuel knowledge-gathering efforts, visualize data, deliver timely insights, and dig into thousands of sources the average person could never find. AI has become an essential tool for sales teams, and in this blog, we explain why AI is essential for your competitive intelligence (CI) program.
Bring together thousands of relevant sources
Collecting information takes more time and energy than most people or businesses can afford. Charging a single person, a team of people, or even an entire department to manually sift through tons of information could literally take them forever. Artificial intelligence helps you gather information from hundreds of thousands of sources and information. There are far too many sources of information for a human to follow. Without AI, they would spend all of their time researching to understand what’s going on, making it difficult for them to keep track of updates and changes in real time. AI can also gather insights from news sources, changing external markets, social media, website trackers, job scorecards, thought leadership, events, and many more. other sources.
Filter information for relevant information
Filtering helps you focus on the relevant information. Each team can also have a different definition of what is relevant, and the AI ââaccommodates that. What is relevant for a sales team is different from what would be relevant for a product team. AI can help filter this information for delivery so these teams can focus on the strategy of the information that concerns them. Without the filtering and accessibility capabilities provided by AI, it’s incredibly difficult to sort through and make sense of the vast amounts of information available.
Act as a watchdog
AI can act as your watchdog across hundreds of thousands of sources, making sure you don’t miss any changes or updates. It can monitor website changes, article updates, refreshing downloadable content, and new thought leadership trends, all of which would consume considerable bandwidth for a team of people. The AI ââin your artificial intelligence program will ensure that you don’t miss a milestone that your competition, market, or industry trends have taken. It will keep track of what information you define as important and relevant, which sources you want to monitor, and which competitors you believe are the biggest threats to increasing your market share.
Visualize trends for clear decision making
Visualization of data and trends is an essential part of making business decisions. AI can help identify trends and visualize huge amounts of data at a rate people could never reach.
This makes the data immediately actionable because they can quickly see what’s going on and what the impact is. For example, product teams could see trends in hiring data for user experience so they know what’s going on in a competitor’s roadmap; marketers could see trends in content and thought leadership, and executives could see territorial experimentation and market interest.
Anticipate the movements of competitors
Even when competitors spontaneously change their strategies, companies have a good chance of knowing what to do and when, with the help of competitive intelligence. Former Cisco CEO and Chairman John Chambers said based on competitor information he could anticipate competitor movements one or even two steps in advance. It might sound like a stretch, but it turned out to be true when several CEOs were interviewed later. Take, for example, McDonald’s and Burger King. They both reacted differently to the negative publicity about obesity and fast food. McDonald’s was quick to respond to the market and outrun the competition by introducing a variety of healthier options. Burger King, which had already anticipated the movement, on the other hand seized the opportunity to select the customers less concerned about their health. In turn, they offered sandwiches that were high in fat and calories by counter-advertising healthy choices. Burger King had predicted that McDonald’s would not respond to this attack !!
Find new opportunities
How often do we pay attention to competitors? We always dismiss them thinking they are harmless. But they can radically change the market with their new ways of using technology and their new strategies. The airline SKY has identified a new opportunity to compete with its competitors in the Chilean market. He introduced a low-cost model, which was the first of its kind in Chile. SKY has taken new measures such as eliminating free food and drink for all passengers during flights and thus lowered the price of its tickets. This has helped the company increase its share of passengers carried from 10% to 20%, according to Euromonitor International.
Stay ahead of your rivals
As companies strive to get as much information about the market as possible, competitive intelligence has become increasingly relevant to stay ahead of the competition in the market. No matter how good your product is, you need to travel at the speed of light and thus react quickly to changing markets in order to stay ahead of the competition. Tesla was the first to give people what they’ve been asking for for years: a reliable electric car. None of the other major automakers made electric cars until Tesla did in 2008. Tesla led the pack with a bombastic announcement of the first luxury electric car: the Tesla Roadster.
Businesses need to present themselves to consumers with a unique brand identity that sets them apart from their major competitors. Investigating your competition is one of the most important aspects of developing your brand positioning because you need to know where you stand in the overall market. The iconic Be Beautiful campaign was so unique that it knocked out the competition from Dove. In this campaign, the Real Beauty Sketches explored the gap between how women perceive themselves and how others perceive them. Both portraits were drawn by FBI-trained forensic artist Gil Zamora. The results are surprising! This not only positioned Dove as a brand capable of understanding women, but also made Dove unique compared to its competitors.
Learn the dynamics of the market
Competitive intelligence sparks new ideas and new ideas in the business. With competitive intelligence, companies can assess how their competitors are selling and positioning their products and take advantage of market gaps to improve their profit margins. By learning these market dynamics, companies can make more efficient operational decisions. Take the airline industry, for example. Fuel is its biggest expense, accounting for nearly 20 to 40% of its operating budget. Therefore, they are constantly looking for ways to reduce fuel costs and look for alternative fuels. Find out how United Airlines has partnered with Des Plaines, an Illinois-based technology developer for the oil refining and gas processing industries, to use its Green Jet Fuel to power its flights from Los Angeles to San Francisco. It converts inedible animal fats and oils into jet fuel, which will allow United Airlines to replace up to 30% of its petroleum-based fuel for LA flights.
This is one of the most crucial reasons competitive intelligence is used in businesses. Innovation is essential to maintain a competitive advantage that allows companies to stay ahead of their customers, not just to emulate and follow them. And certainly, that means profit! Dyson Appliances Limited (DAL) is a classic example of innovation using competitive intelligence. DAL founder James Dyson himself pioneered many innovations. He is popular as the inventor of the first bagless vacuum cleaner that took the vacuum market by storm. As a result of the pursuit of innovation, Dyson has produced many other models of innovative vacuum cleaners which have helped Dyson gain a leading position in the market. DAL’s deep culture of innovation has given it an edge over its competitors.
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