Artificial intelligence, or AI, has become the latest buzzword in the corporate world. And this technology helps businesses build their competitor database. All over the world, companies are employing AI bots for such data collections. Today’s post will explore what makes artificial intelligence important for competitive intelligence.
Why Is Artificial Intelligence Essential for Competitive Intelligence?
Artificial intelligence is an essential tool for competitive intelligence or CI. After all, a machine learns from the competitor data that you collect. Then, it makes predictions about your competitor like an experienced human.
It is not a computer program that is limited to performing predefined processes.
An A.I. device learns from data to make better decisions. In the case of competitive intelligence services, the output of this category of data analytics is valuable for businesses.
Also, artificial intelligence can reduce many operational overheads. And businesses observe increased efficiency if artificial intelligence is combined with CI. And your competitive knowledge base becomes excellent enough for regular market victories against your rivals.
What Is Competitive Intelligence?
Competitive intelligence (CI) is the process of gathering insightful information about your competitors. So, you can make better business decisions by staying alert about your competitive attributes.
It\'s a common practice used by companies in all industries. Competitive intelligence can be used to:
- determine competitor strategies,
- find new opportunities,
- and predict competitor strategies.
This technology gives you an edge over other businesses in strategic planning, sales, and expansion.
Can Artificial Intelligence Improve Competitive Intelligence?
AI systems can make better decisions and more accurate competitive predictions. AI technology is transforming the way corporate competitions evolve. Also, many companies are using it to improve productivity, customer service, and competitive intelligence.
In general, competitive intelligence becomes more holistic, inclusive, and precise once you use artificial intelligence. You do not need a huge workforce to perform AI-powered competitor intelligence.
This is one of the many reasons why artificial intelligence or AI is good for competitive intelligence research.
Artificial Intelligence Gets Competitor Data from Multiple Sources
AI for competitive intelligence can gather competitor data from multiple sources. This includes social media, news, and other public repositories of information.
If you try to perform such research manually, you get tired, bored, or angry. But artificial intelligence does not suffer from human weaknesses. It keeps collecting your competitor’s data. AI keeps evolving.
As AI bots study more than one source, the results show you the entire picture. This approach ensures that your judgment is not diluted by the following dangers:
- Intrinsic bias and conflict of interest of the information source.
- Deliberate manipulation of data and amateur statistics.
- Over-simplification and so-called ‘unpublished’ (not reviewed) ideas.
AI Removes Unimportant Data in Competitor Intelligence
AI can eliminate excess and irrelevant data from competitor intelligence. And this will make your research more efficient. Besides, less data is always easier to understand.
The human mind is limited and can only process so much information. Thus, it is important to focus on the most relevant pieces of data. This is especially true when working in a hyper-competitive environment where every second counts!
AI helps you do this by filtering out useless or irrelevant information that could distract you from what\'s important.
Artificial Intelligence Updates Competitor Intelligence 24/7
Artificial Intelligence can update your competitive intelligence continuously—24/7 if necessary. Humans forget a lot of things. And forgetting about an important announcement of your business rival is troublesome.
Of course, artificial intelligence and competitive intelligence are not humans.
AI does not forget. Artificial intelligence will always keep a watchful eye on your competitors. Even when you sleep, the AI-driven competitive intelligence services will keep you informed of important events in the markets.
Competitor Performance Can Be Visualized Automatically with AI
AI can be used to visualize competitor performance automatically. It can visualize competitor performance in a variety of ways. E.g., by country, region, or city; by industry or product category; or even by individual sales rep.
Visualizing competitor performance in real-time is also possible with AI.
This means that you will be able to see where your competitors are winning and losing at any given moment. This is valuable for assessing your competitive position and adjusting as necessary.
Conclusion
AI can enhance your competitive intelligence. It can find new opportunities or predict outcomes and risks. In terms of speed and scale, AI-backed competitive intelligence is superior to manual methods.
Even your business rivals are using a similar type of competitive intelligence services.
SG Analytics is a leader in competitive intelligence development. Contact us to upgrade your CI with AI.