It’s no shock that COVID-19 has shaken up the world, both professionally and personally. It’s had an enormous impact on each and every individual’s lives, whether they have been directly affected or not. We’ve all had to adapt to this big change. And so has the world of market and competitive intelligence.
In fact, so much has changed that the old ways of using data are simply not enough. Companies must now adopt new ways of using data to foresee any future endeavours, should they wish to survive this storm and be prepared for any more to come in the future. The devastating impact of COVID-19 is changing the way we’ll interact in the future and businesses need to reassess how market intelligence will assist them in going forward.
Those who had already been doing so have used market intelligence to not only help them adjust and make necessary business decisions but also give them an edge against their competitors. Our customers that have already fully embraced the use of market and competitive intelligence were able to receive digestible information and actionable insights, so that they could make confident decisions ahead of time.
At Comintelli, we too have been closely monitoring the global pandemic to ensure that we can meet the ongoing needs of our clients. This means we are continuously following authority information and recommendations as a company, as well as each individual staff members responsibly to flatten the curve of this virus.
Although we are convinced that the spread of coronavirus will improve dramatically in the near future, that does not mean that the use of data should stay the same. We need to use it to our advantage, so that we can predict and make better decisions.
Using market and competitive intelligence correctly means gathering, analyzing and managing market information to support strategic decision making. Previous ways of using and finding data meant sifting through mountains of unstructured, and often irrelevant information, resulting in information overload. It was extremely difficult to access the right information, specific to a company’s needs, not to mention, information can often be stored in separate silos that are hard to access and rarely shared. Individuals alone may not even know such information exists, wasting precious time trying to find it.
This is why the use of data in these times is of paramount importance. Acting on the information needs to happen quickly, but that can’t happen if the information isn’t being found or digested in an effective and efficient manner.
In order to make informed and preemptive decisions, companies need to drastically decrease the amount of time and money spent finding information. Intelligence2day® converts unstructured data into digestible and actionable insights tailored to a specific business. This means companies can make more confident decisions, today and tomorrow, and months to come.
What’s more is that our machine learning technology can solve information and intelligence problems by extracting actionable intelligence from constantly evolving information. Decision-makers need these intelligent ways of gathering knowledge and making decisions based on the data, especially when time isn’t on their sides.
There is no doubt that the coronavirus (COVID-19) pandemic is a major disruption, and organizations have been forced to quickly adjust to a new set of operations and a new global economic reality. But those that have the crucial data are using it to their benefit.
Several Comintelli customers have shared how they have adapted their Intelligence2day® dashboards to be able to monitor and track COVID-19 developments. These dashboards have been filtered on the impact of their specific business and locations to avoid being overloaded with general COVID19 information, converting the information that is relevant to their specific business.
In times of crisis, our minds are put to the test. So much so that we’re forced to think outside the box and change our past behaviours, moving onto new ways of working that will be beneficial. This crisis has proved that the market and competitive intelligence capabilities are more critical now than ever before. With dynamic data dashboards, companies can quickly be informed of trends, warnings or information relevant to their company, and communicate these insights with either their customers or the company’s decision-makers.
Jesper Martell also shares more insights into competitive market intelligence in the post-COVID-19 world. Ready to turn big data into actionable insights? Schedule a demo today.
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