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Competitive intelligence factors so that the business is superior to competitors blog.atursaja.com Business Intelligence
Every company definitely wants to be superior to its rivals or rivals. Thus, the company can get more customers and thus control the market segment.
Therefore, companies need competitive intelligence as a business strategy. This is because in running a business, companies need to analyze their competitors (competitive analysis).
The goal is for the company to be able to discover competitors’ strengths or weaknesses. In this way, the company can design a more suitable business strategy in the future. Whether in terms of marketing strategy, sales strategy, product development, and overall business growth strategy.
In addition, the company can also know its position in the market. Thus, companies can make more profitable business decisions or make a profit in the future. At the same time, making the company superior to competitors.
Then how do you analyze competitors with competitive intelligence? Check out the full explanation via
What is competitive intelligence?
Quoting from Investopedia, CI or competitive intelligence is the ability to collect, analyze and use information about competitors, customers and other useful market factors as a competitive advantage.
Meaning, companies must collect information from various sources as insights to enhance their competitive advantage. With this information, companies are able to understand the opportunities and challenges in their competitive environment.
Thus, CI plays an important role in business development and future growth. just imagine. All companies certainly have competitors in the same market segment. Whether it is large companies or small and medium-sized companies such as MSMEs, they all definitely have competitors.
In order for companies to outperform competitors, they need to conduct an analysis to determine the capability of their business and that of their competitors. In this way, companies can develop strategies to control their market share, and they can position themselves appropriately in the market.
Benefits of competitive intelligence blog.atursaja.com Business Intelligence
Competitive intelligence is a business strategy that will help companies know information about the development and performance of competitors. This means that this information can be used as a guide to making more informed business decisions.
In addition, CI also brings many other very profitable benefits to the company. Coming from Chron, here are some of the benefits of applying competitive intelligence:
- Assisting in evaluating the performance of competitors in the market, knowing the development trends in the market
- Help provide insight into the marketing process, customer segmentation (customer vision), and product development process (product vision)
- Knowledge of customer needs, customer weaknesses, and general market orientation
- Help define a more effective business strategy for future business operations
- To become a benchmark for the success of the company’s business strategy. Helping the company to be at the forefront of market competition
- Anticipate the development of competitors
3 factors in competitive intelligence
After learning about what competitive intelligence is and its benefits to business, you now need to understand the factors that need to be analyzed for a high quality score. These factors include:
1. Pricing or pricing of products
The first is pricing or product prices. You need to know the price of a competitor’s product or service for a CI check. With this price information, companies can maintain the prices of their products as per the market pricing or market prices.
In addition, companies can also use this information to decide what type of pricing strategy to use. For example, dynamic pricing, bundle pricing, psychological pricing, and so on. Because with the right pricing, companies can create opportunities to acquire more new leads.
For example, Company A has a business position in the fashion sector. The company sells women’s cotton skirts at IDR 50,000 apiece. Meanwhile, Company B, which sells similar products, sets a price of IDR 55,000.
With this price comparison, of course, the majority of consumers prefer to buy products from Company A, because Company A offers the same product quality, but charges a lower price.
This is why the price of a product is an important factor that you must analyze in a CI. Because, basically, the price is the main factor that influences the consumer’s decisions or his purchasing decisions.
2. Marketing strategy blog.atursaja.com Business Intelligence
Next is the marketing strategy or marketing campaign undertaken by competitors. We know that the marketing process is one of the most important aspects that determine the company’s progress in the future. Because with the right marketing strategy, companies can get more new customers, increase lead conversion rates, generate more loyal customers, retain old customers, and increase sales.
There are different types of marketing strategies that companies can apply. From social media marketing, affiliate marketing, to search engine marketing (SEM) and SEO.
For example, both Company A and Company B are involved in the cooking business. Both also leverage SEO and search engine marketing as a marketing strategy. However, Company A has a more efficient SEO and SEM strategy, so it gets a higher ranking on Google.
By knowing the quality of competitors’ marketing strategies, companies can assess the strengths and weaknesses of their strategies.
3. Web design
The third factor is web design or competitor web design. This may seem trivial, but it can have a huge impact. Because the majority of the audience tends to prefer the look of an original and user-friendly website design.
However, when analyzing a competitor’s website design, make sure you don’t create a design that looks too plagiarized. Instead, you need to project your brand identity on the site, so that it has a unique value that differentiates your website from competitors’ sites.
Thus, a review of what competitive intelligence is along with its benefits and factors that need to be analysed. Basically, CI itself is a company’s ability to obtain information from competitors, customers, and market trends that are very useful to support the progress of the business.
As with business intelligence, if a company can analyze information carefully, the company has the opportunity to outperform its competitors.
8 Most Used Business Intelligence Tools in 2023 blog.atursaja.com Business Intelligence
To run a business, especially in companies, close monitoring related to business performance using business intelligence tools is necessary. For this reason, companies usually need business intelligence.
Business intelligence or its abbreviation as BI is a term that refers to a profession and activity present in a company that is responsible for finding the right way to analyze information related to the business that the company runs.
So business intelligence is highly dependent on existing data. By analyzing data, business intelligence will find new opportunities and breakthroughs to develop its business further
The role of business intelligence in the company
It can be said that the role of business intelligence in a company is very important, here are other functions of business intelligence in a company that you need to know about:
Knowledge of performance and achievements in a certain period.
Of course, companies should know about the achievements that have been achieved and those that have not been achieved in their business and also know how their performance is in a certain period of time. Therefore, business intelligence will help analyze it, and usually use business intelligence tools to help it work.
Identify problems early
Business intelligence is also able to identify problems from the start before the problem becomes too big. Since the problems dealt with are still at an early stage and tend to be small, of course the problems will be easily resolved. With the help of business intelligence with profession, the problems faced by companies can address these issues.
The functionality of the analytics tools used by BI (Business Intelligence) blog.atursaja.com Business Intelligence
As already explained, business intelligence is a job that is responsible for the company to find out information about the performance and work results of a company in a certain period of time.
Don’t use the manual way to do it because now there are tools that will help in the work of becoming a BI. Every tool used can be easily used and accessed either offline or using the internet.
These tools function only to assist you in carrying out a task from BI. For the rest, you still have to be able to master a number of skills that must be possessed by BI besides using business intelligence tools.
Microsoft Excel
The first skill that needs to be mastered is Microsoft Excel, because this application is useful for helping someone manage company data. Not only that, if you have mastered business intelligence tools, you will know how excel can present and visualize data very easily.
Mastering Microsoft Excel is the simplest thing a business intelligence must know. If you’re already proficient with Excel, learning other business intelligence tools will be easier
SQL
The next skill that needs attention when you become a business intelligence is SQL (Structured Query Language). SQL is usually very much needed by large companies that use SQL.
With this, you can still edit, read, delete and even process existing data. This data manipulation is also known as CRUD.
4 Business Intelligence Tool Recommendations You Must Master | blog.atursaja.com Business Intelligence
Finding appropriate tools for use in the company’s data analysis activities. You can consider some of the business intelligence tools below that can be used to help you manage and analyze company data.
1. Six sense
Sisense is a tool that can be used for data analysis in business. Sisense is very easy to use and can be used so easily that anyone can use it.
Although Sisense can be used easily, it can help you manage large and complex data and help you visualize data without having to hire an IT department who would normally help with data visualization.
Sisense is called one of the best platforms and is recognized as the business intelligence tool for analysis chosen by experts from Gartner, G2 and Dressner.
2. The spectators
Looker is a tool not to be missed because Looker is already part of Google Cloud. Looker is a tool that can be used by BI and is quite unique because it has been integrated with SQL databases.
It can be used by different types of companies and the companies they run, from start-ups and mid-to-high-end businesses.
Another benefit of this business intelligence tool is that it has other benefits than starting to help visualize data practically, it has complete features.
3. Tableau
This tool can be used for easy data discovery and visualization, this software can be used for intelligence business analysis and also visualization and easy sharing with relevant parties.
No assistance from the IT department is needed to help visualize the data obtained so that it can be read more easily by interested parties.
4. Datapin
Datapine is one of the most active tools in facilitating the analysis of the data they have obtained. This can be one of the solutions that can be made for businesses.
Differences between Machine Learning and Artificial Intelligence (AI) | blog.atursaja.com Business Intelligence
artificial intelligence – Technological developments have a big impact on every company. Therefore, it is not surprising that now the majority of companies from various business niches and scales have placed data processing and data analytics as an important part of business processes.
To this end understanding AI and computerized reasoning (artificial intelligence) is something that you should comprehend. Both are exceptionally famous terms in the realm of innovation. Particularly amidst the ascent of promoting innovation in the computerized showcasing time like at this point.
Since in the period of business digitalization or computerized change as it is today, how much information organizations have will increment for an enormous scope (huge information). Hence, organizations need a computational cycle to examine the enormous information to create valuable data.
Tragically, not rarely there are still money managers who fail to see what the distinction between the two is. Many consider that both assume a part in working with the computational cycle through calculations.
Truth be told, the blend of computer based intelligence and AI can really create business process models that can examine information precisely. Anyway, what’s the distinction between the two?
