Business intelligence involves gathering information about a company’s market and competitors. This can include competitor, market, and industry analysis. A dedicated group collects information from within the company and external sources, including public records and customer surveys. Business intelligence systems use advanced technologies to process data and link together various forms of business improvement. The use of industrial espionage is a gray area, with some companies viewing it as a critical part of a sound business intelligence program. Improved response times, new business initiatives, targeted marketing campaigns, and a better understanding of customer needs are among the benefits of business intelligence.
Business intelligence is a generic term used to refer to a range of activities that a company can undertake to gather information about its market or its competitors. Some areas often included under the general heading of business intelligence are: competitor analysis, market analysis, and industry analysis. Some people also consider industrial espionage operating for intelligence gathering purposes to be a form of business intelligence.
In most cases, a company will hire an outside agency or create its own dedicated business intelligence group. This group will then collect information from within the company about the company’s performance and possible improvements. The group then turns to external sources, which may include public records of other companies in the same sector, third-party market analysis and customer survey information. The group can then delve into specific competitors, both by examining public information and business model, and in some cases by using an industrial spy to surreptitiously gather intelligence.
Business intelligence systems are contrasted with more traditional forms of intelligence gathering because of their cross-departmental focus and overall vision toward business performance. They are also unique in their use of advanced technologies and techniques to extract data and to process it in the most optimal way. While a market analysis team might have a strong understanding of the particular sector of the market in which a firm operates, a lack of that same detailed understanding of specific competitors and the firm’s internal management makes their information less useful. In a business intelligence model, all these various forms of business improvement are linked together so that communication is quick and easy, and each segment helps inform the other segments so that their insights are even more valuable than they would be. Sunglasses.
Once a business intelligence system is in place, a business can expect to find improved response times on data collection, ideas for new business initiatives, more targeted marketing campaigns, a much more accurate picture of customer needs and wants, and a strong understanding of the best way to compete with the best competitors. The business agility improvement that comes from business intelligence is substantial in most cases and allows a company to better take advantage of ever-changing market conditions.
The use of industrial espionage in business intelligence is widely considered a gray area. Some companies choose not to engage in intelligence gathering, while others view it as a critical part of a sound business intelligence program. Many areas commonly referred to as industrial espionage are completely legal, such as closely tracking patent filings and company newsletters to predict where a competitor is moving in the marketplace. Other methods, such as using bribery to get information from top researchers or installing covert surveillance systems inside corporate headquarters, are not.
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