Business intelligence (BI) and market research are two closely related concepts that are often confused.
BIis a set of data-driven processes that help companies understand their own operations, while market research is used to gain insights into customer preferences. Both are essential for formulating effective marketing strategies and making informed business decisions. The main difference between market intelligence and market research lies in their objectives.
Market intelligence focuses on the company, while market research is done to learn more about customer preferences. For instance, a mobile phone company wants to understand the position of the competition in the market in order to launch its own product in the same segment. This requires collecting information from internal and external sources, such as sales records, surveys, social networks, news websites, manufacturers, customers, or distributors. Market intelligence can give companies a holistic view of the market, improve customer retention, increase efficiency, and give them a competitive advantage.
Advanced analytical techniques such as joint analysis, Maxdiff analysis, gap analysis, trend analysis, and text and sentiment analysis allow companies to understand the market with precision. The business intelligence and market research platform is undergoing significant technological change due to the easy access and analysis of data-based information, the creation of content and the increased adoption of cloud technologies. For example, Abi, the AI-based digital assistant, brings together data, knowledge and intelligence for faster answers to questions about sourcing. The industry average payment terms in the Business Intelligence category for the current quarter are 84.0 days. Judging by the way the BI landscape is being shaped, global business leaders think that business intelligence platforms have the immense capacity to add value to suppliers and customers who participate in the economic cycle. In essence, market intelligence uses multiple sources of information to create a broad picture of your company's current market.
The most popular software options for businesses that need a business intelligence system include Pentaho and Sisense. Collecting the information needed to obtain a solid view of the market is a combination of competitive analysis and product intelligence, in addition to identifying the best in the industry. Business intelligence (BI) and market research are two powerful tools that can help companies make informed decisions about their operations. By leveraging data-driven processes such as joint analysis, Maxdiff analysis, gap analysis, trend analysis, text and sentiment analysis, companies can gain valuable insights into their own operations as well as customer preferences. This can help them stay ahead of their competition by understanding their position in the market and launching products accordingly.