Market Intelligence Platform enables businesses to identify opportunities and risks proactively and make better business decisions.
Changes in the business ecosystem lead to emerging business opportunities and risks. Information about customers, competitors, partners, and suppliers is scattered across multiple external sources. Getting the relevant intelligence on time is often slow and expensive, which leads to lost revenue opportunities and increased risk and cost.
An AI-powered market intelligence platform like Intellizence enables businesses to identify emerging opportunities and risks with timely and relevant intelligence. So companies can redeploy resources to focus on high-value activities like strategizing than searching for information.
What is Market Intelligence?
Market intelligence (MI) is the process of gathering information or data from multiple sources, by a company about their market and industry ecosystem. The gathered intelligence helps them get better insights to make better business decisions, and make organizational as well as competitive strategies. The ecosystem includes customers, competitors, prospects, partners, suppliers, regulators, and industries.
Following are the top five benefits of a market intelligence platform.
Grow Customer Revenue and Prevent Churn
Growing and retaining revenue from customers in the current subscription economy is critical. Changes in customer organizations can have an impact on revenue. For example, the acquisition of customers could lead to potential churn as decision-makers change. Alternatively, if the customer acquires a company, it can lead to upselling or cross-selling opportunities.
A market intelligence platform proactively helps identify emerging upselling/cross-selling opportunities and churn risks in customers.
Stay Ahead of Competition
Markets are highly competitive today, and it is essential to stay informed about existing and emerging competitors’ moves. This includes new product launches, funding rounds, geographic expansion, and partnerships.
A market intelligence platform helps to get timely intelligence about competitors, enabling companies to derive new strategies swiftly and stay ahead of the competition.
Minimize Regulatory and Compliance Risk
Businesses should be aware of state, local, and federal regulations that affect their business. Getting timely intelligence about regulatory changes is critical. Regulatory compliance is a significant challenge for companies as regulations have grown in number and complexity. Favorable regulations may lead to new business opportunities. Similarly, new regulations may require compliance, leading to additional costs and slowing down business growth.
A market intelligence platform helps to monitor regulatory changes and minimize compliance risk.
Build a Strong Partner and Supplier Relationship
Intelligence about partners and suppliers is as critical as getting intelligence about customers and competitors. Any events – positive or negative, in suppliers or partners organizations can impact businesses. Events like factory fires, supply disruptions, and data breaches can have a potential risk impact. Similarly, partners or suppliers expanding into new markets can open new business opportunities.
A market intelligence platform enables businesses to identify emerging risks and opportunities with timely intelligence about partners and suppliers.
Navigate the Macro Trends impacting business.
Businesses are increasingly navigating in an uncertain environment than ever. Different macro trends and black-swan events like Coronavirus, the Russia-Ukraine war, climate change, inflation, remote work, and labor shortage can have significant cascading impacts. Staying informed about rapidly changing macro events is critical to making strategic decisions before impacting the business.
A market intelligence platform helps companies identify emerging macro trends quickly and stay informed about the trends regularly.
Intellizence – AI-Powered Market Intelligence Platform Trusted by Leading Organizations
Intellizence, an AI-powered market intelligence platform, provides businesses with timely and relevant intelligence about their customers, competitors, partners, suppliers, and regulators. Intellizence identifies around 100 growth, sales, risk signals in 150,000+ companies from 10,000+ external unstructured data sources.