Competitive Intelligence Trends 2014
Wednesday, December 03, 2014
Posted by: Admin
Competitive intelligence is a crucial step for the success of each and every business. Like in the past, entrepreneurs don't always get the desired results in their businesses but it is a well-known fact that the ones aware of the CI importance tend to be more successful. The competitive intelligence field has been experiencing a rapid change for the last few years, mainly thanks to the rise of technology. Therefore, whether you are a CEO of a big company, a business owner, or a CI professional, it is important to keep up with the industry trends.
Here is what you have to be on the lookout for in 2014:
1. Automation of data collection is one of those tasks, which are beeing solved thanks to the new technologies. What this means for the future of CI is less time spent on information gathering and more time analyzing it. Also, automation of data capturing will make it easier to detect key information and knowledge about customers, competitors, and market opportunities at a lower cost.
2. Social Media - the new Frontier for Data Analysis, will rise and with it a whole new level of its usage. If you have not yet explored the significant advantages which social networks can bring to your business, put this task on the top of your priority list for the year and don't miss the chance to convert social media data into real-time, actionable intelligence. SMINT (Social Media Intelligence) is among the most important trends for the year because it demonstrates the utility of social networks for business.
3. In 2014, the cycle of competitive intelligence and decision making will accelerate. With information and big data being automatically processed, businesses will be able to decrease the decision making time and, thus, accelerate development.
4. The role of competitive intelligence professionals will expand. Some of the analysts' tasks will be simplified and the competitive intelligence data will become easily comprehended by the people who use it, while other functions will remain highly complex, mostly those related to the pure mathematical analysis of the data. It will become a must for the intelligence analyst to have the necessary skills to analyze scientific data.
5. The need of web analytics will push the interest in competitive intelligence in the immediate future. The demand of analyzing data and user behavior in many platforms has extended the concept of competitive intelligence, especially among the website owners who have an increased interest in the user behavior on their viewers.
These are the major competitive intelligence trends which are expected to shape the forthcoming year. If you want to add any other significant changes which will mark 2014, share them by contacting SCIP at firstname.lastname@example.org.