Competitive Intelligence: Forecasting Competitors’ Moves and Boosting Upselling Opportunities for an Industrial Equipment Manufacturer
Why is Competitive Intelligence Analysis Important for Businesses?
With markets and companies witnessing rapid changes in products and competitors, leveraging competitive intelligence techniques has become a mandatory practice. Competitive intelligence analysis is a systematic program that is engaged by a company for gathering and analyzing information about its competitor’s business activities and trends to further its own goals. Competitive intelligence analysis is the process of acknowledging the market competitors, by gathering and analyzing the resources that are publicly accessible to determine a pattern. The data generated from such an engagement can, therefore, be further employed to forecast the market dynamics as well as the way the market is getting affected. This helps to enhance the business decision-making ability of companies.
Industrial Equipment Manufacturing Industry in the US
The industrial equipment manufacturing sector is one of the largest and most competitive sectors of the U.S manufacturing industry. The industrial equipment manufacturing industry provides essential and highly sophisticated technology for many other manufacturing and service industries. The continuing shift towards increasing customer and supplier collaborations is compelling industrial equipment manufacturers to understand the needs of their end-users, strengthen customer relationships, and add value to their products. However, the industrial manufacturing industry is in a state of turmoil, driven by increasing business pressure, market trends, and new technologies. Thus, to sustain themselves in this competitive space, it becomes vital for leading industrial equipment manufacturers to develop technology platforms that can help them in meeting the customers’ expectations.
About the Client
Headquartered in California, the client is a well-known industrial equipment manufacturer. The organization employs nearly 17,000 people across the globe and generates an annual revenue of over $36 billion.
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