Business intelligence can essentially be split into four general categories: Market intelligence is generally regarded as business intelligence that deals primarily with external information and factors.
Most businesses have knowledge of their product or service offerings that ranges from a casual overview to an in-depth, detailed understanding of the problems they address and how they provide solutions to their customers’ needs. It is also common for businesses, especially the more successful ones, to have a fairly detailed understanding of their customer base, in terms of demographics, buying behavior, etc.
Some form of customer segmentation and classification of customers is practiced in most businesses, in order to focus on and look after the customers that generate most of the businesses revenue and profit. However, it is also often the case that many businesses have a solid grasp and detailed understanding of their products and customers, i.e. the internally focused categories, but do not pay as much attention to external intelligence, specifically about their competitors and general market conditions and emerging trends.
While fully understanding the internal and customer-facing aspects is very necessary and important, focusing solely on these areas can expose the business to risks, or cause it to miss out on potential opportunities being created because of shifting market dynamics or the activities of competitors.
Having access to professionally gathered, analyzed and formatted competitor and market intelligence can identify and help the management team of a business respond to changes in market dynamics, implement measures to counter or reduce risks, and take advantage of opportunities – in short, to make better decisions faster.
Simfoni is a leading provider of analytics and enterprise apps for business. Our services and technology will help you better understand and react to changes and potential risks within your marketplace, industry and operating environment.