What businesses already know about the competition is just a drop
Typically, a competitive intelligence solution (aka corporate intelligence solution) could be a tool or approach that helps a business gather deep, accurate, relevant, and timely insights about its key competitors. By the way, the term “competitive intelligence” takes in a huge swathe of public web data, such as on competitors’ products, press releases, and web portals. Reports on markets and industries and the math around the competition’s social media conversations are key to competitive intelligence gathering. Income, expense, assets, cash flow, and other quantitative information on the competition provide insights into how those businesses are performing.
Today, a competitive intelligence solution comes with AI baked into it, and this works like a performance-enhancing supplement when it comes to data collection, analysis, and trend forecasting. Fundamentally, AI automates the aggregation of tons of data from a great deal of sources, apart from deftly handling annoyances like missing values, errors, outliers, and irrelevance that might adversely affect the accuracy of the results. Invoking AI helps reduce chances of human error. At the same time, machine-learning algorithms trained on vast and diverse data sets discern patterns in the collated data and make highly accurate predictions about future competitor trends.
Challenges of the Service
Make business choices that are way better
Let’s go many fathoms deep and shine a torch to see how competitive intelligence solutions are smoothing the course for businesses in multiple ways. Be it picking the right choices in the interest of growth, profitability and sustainability or thwarting competitors’ maneuverings while saving up time and money. A competitive intelligence solution is capable of dredging up – of course via perfectly legit and ethical means – information on competitors’ products (e.g., features, pricing, consumer perception), apart from their price point data and visibility on social media platforms.
Pricing itself covers a wide spectrum of data points on price tiering, discounts, and, importantly, competitor price changes. Competitive intelligence practitioners also scan competitors’ social channels for information on their new or updated products and ways in which they cascade product details to target audiences, which helps build brand awareness and loyalty. All the competitor data points, previously discussed, and more enter a business’s decision-making model and enable CXOs to make more informed choices, which result in increased leads, customers, conversion rates, and improved customer experience.
Move to pre-empt the competitor’s gambit
A competitive intelligence solution isn’t just about coining clever responses to the competitor’s intelligent chess moves. By filling in the big picture about real-time trends, unmet customer needs, and chinks in the competitor’s armor, competitive intelligence practitioners enable businesses to anticipate what their rivals’ next move is going to be! As they say, “The measure of intelligence is the ability to change.” With a booster shot of competitive intelligence, businesses, like shape-changing amoebae, can change their “product-market fit” to adapt dynamically to evolving customer preferences.
Generate big time savings
An automated competitive intelligence solution is known to shred the time teams generally spent scouting for information on the Internet by nearly three-quarters. Since time is money, businesses are increasingly rooting for competitive intelligence solutions. Moreover, hard-pressed workforces can reallocate their time and energy toward more revenue-fetching projects.
How Infiniti Research can help you?
Given the growing complexities in most markets around the world, it’s important that businesses position themselves competitively by energizing their R&D processes and fueling more innovation. In the general hurry, companies often lose sight of the need to leverage the competitive intelligence solution needed to ensure long-term success and sustain their differentiation in a dynamic market. By partnering with Infiniti Research, businesses of all sizes continue to explore the very latest in R&D trends and find whole new opportunities to reduce R&D and production spend. Our indomitable focus is on helping clients foster innovation and embrace best practices in their critical processes. In addition, our experts, with more than two decades of experience and expertise under their belt, enable clients to bridge any gaps in market performance in a timely manner.
What tipped the scales in this pharma success story is competitive intelligence
For any contract development and manufacturing organization (CDMO) in the pharma space, there comes a time to put some more spark into the R&D efforts, especially to fend off emerging competition. Our client, a Western Europe-based CDMO, was in the same situation. In March 2023, the client invited our competitive intelligence unit to have a look at its long-term competitive business plans and assist their teams to strain out inefficiencies, if any.
The client counted on our expertise in competitive intelligence, with a focus on the pharma sector, to broaden and deepen its understanding of the competitive landscape and unlock hidden market opportunities. Furthermore, the CDMO tasked our teams to develop a plan of action to bridge performance gaps in the sales process and trim R&D spend to the possible extent without compromising quality.
With a custom competitive intelligence solution strictly tailored to the needs of the client and peculiarities of the business’ home country market, our teams provided a significant breadth of market coverage and information. Our experts gauged the client’s revenue potential and unearthed the key competitive threats in the country market under consideration. Going further, we were able to pin down the market drivers with high confidence and precision. Our efforts also resulted in the discovery of whole new opportunities, not so far taken advantage of, to expedite drug development.
Over the course of the project, our team identified innovative best practices, further agreed upon by key stakeholders at the client organization. In addition, our experts in the competitive intelligence solution market performed a technology assessment, which shed rich light on state-of-the-art technology infrastructure at rival CDMOs in the country market under consideration. Some of these technologies promised to rein in drug manufacturing and R&D costs. With a clearer understanding of the competitive market dynamic in the specific country market, the client has since been able to engage unmet market segments as well as curb R&D and production spend.
Conclusion
For any contract development and manufacturing organization (CDMO) in the pharma space, there comes a time to put some more spark into the R&D efforts, especially to fend off emerging competition. Our client, a Western Europe-based CDMO, was in the same situation. In March 2023, the client invited our experts in the competitive intelligence solution market to have a look at its long-term competitive business plans and assist their teams to strain out inefficiencies. Our experts gauged the client’s revenue potential and unearthed the key competitive threats in the country market under consideration. With a clearer understanding of the competitive market dynamic, the client has since been able to engage unmet market segments as well as curb R&D and production spend.
