With the sudden surge in competition in the global market, organizations are increasingly building capabilities that will help them understand the competitive landscape and anticipate the movement of their rivals. As a result, companies are turning to market intelligence and various other business intelligence techniques and tools that provide actionable insights to facilitate strategic decision-making. The key to gaining a competitive advantage is to tackle challenges.
What are the Market Intelligence Challenges Encountered by Organizations?
Organizations often rely heavily on inaccurate and unstructured information sources to gain market insights. Traditionally, companies have followed a one-size-fits-all approach in every market, and have failed to realize that every market needs tailor-made solutions that can drive profitability in that particular market.
- Businesses procure market and customer intelligence about a particular customer group or segment and apply it to the larger market, and the resultant losses are way too high.
- Organizations usually lack the infrastructural capability and the talent required to analyze market intelligence, which leads to complex processes and wastage of time and other resources.
- Management often feels that the return on investment (ROI) on business intelligence solutions is comparatively less. This happens because organizations often set low expectations and unclear objectives.
How Can You Overcome Market Intelligence Challenges? Here’s How
- Train professionals and employees in various analytical techniques, competitive intelligence, and business intelligence tools to gain better results.
- Make use of a variety of business intelligence techniques and methods to map, monitor, and track market performance and competition.
- Determine and implement key performance indicators (KPIs) that help in analyzing the competitive landscape, stakeholder performance, and market trends.
- Constantly update the organizational capability and competitive intelligence maturity level to develop and manage various projects.