‘Look before you leap,’ a proverb that was well-said ages before, anticipating the future to come. Knowing about the market trends and their matrix, before investing in a project or starting a new product can help companies in avoiding losses that may arise in the days to come. Today, every industry is turning very competitive and sustaining for a long duration with the same margin of profitability is quite difficult. Besides, the modern world is witnessing new developments every day. If any strategy has helped companies keep up their pace in the market, then it is business intelligence and market intelligence. By implying these disruptive trends, organizations can gather internal and external data to address their place in the market, customer demand challenges, and the market size for their products or services.
Business and market intelligence, can add value to almost any business process, creating a comprehensive view and empowering teams to analyze their own data to find efficiencies and make better day-to-day decisions. Digital transformation is at the core of every business development. Owing to its increasing dominance, business and market intelligence research organizations are helping companies make the most of their data investments.
The concept of business intelligence, dates back to the 1970s when computer information aka ‘decision support systems’ relied heavily on Excel. Moving forward to the era of technological development, Excel was not enough to address business needs and challenges. Consequently, modern business intelligence platforms emerged from scratch and abandoned spreadsheets. Instead, they relied on technologies like SQL databases, cloud platforms, and machine learning to help enterprises make more self-aware, evidence-based decisions. Today, there are thousands of market research companies that serve many purposes such as forecasting models, mining existing data for insights, create live visualizations, etc.
The future of business and intelligence, is expected to be closely intertwined with an evolving customer journey transformed by technology. More connected and empowered than ever before, today’s consumers demand experiences that are relevant, real-time, and seamless from screen to store. Therefore, to be successful in the market, organizations are leveraging a unified view of their customer by using market and business intelligence trends. Data-centric companies are seeking for market and business intelligence to make sense of the growing volumes of business data.
Organizations working on business and market intelligence technologies develop disruptive tools that could help businesses in reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, and predictive analytics. These applications figure out what is doing exponentially good in a company and help them lean on that particular strategy to grow business. The insights are sometimes abstracted and sometimes grounded. On the other hand, they also utilize competitive intelligence tools to uncover your competitors’ strategies. Businesses can beat their rivals at their own pace and even identify amazing opportunities and trends that haven’t hit the market yet.
