Organizations collect competitive data from various sources and databases. However, it’s not just enough for an organization to simply accumulate consistent data. It’s also important how to use that data at an organization level. Without proper use, it’s difficult to link strategic objectives with tactical actions such as competitive planning, variance in pricing and analyzing product reviews in the market. The analysis is ultra critical for better performance tracking and both current & future business improvements.
To realize the benefits of your competitive strategies, you need to choose an insight framework to structure and prioritize your data:
A) Analyze competitive information needs & its impact:
Understand your competition and related information needs or requirements on a periodic basis. Match the delivery of that data and information to the scheduled time period you have to make tactical decisions. Lastly calculate how the gathered information can impact on your profitability, market share and both technical and business benefits.
B) Select a definite business insight framework:
Select and decide a framework that allows to focus on the core competency which matters the most for all businesses. Fit the role of competitive information needed to be useful in examining business performance; helping in making decisions both faster and unified.
C) Capture designs of critical decision-making processes:
It includes analytical content, insights, navigation, alerts, and decision flows driving the results that are required for competitive decision making process in the company. It should also suit to the strategic decision making according to the right business flow.
D) Finalize on the competitive insights framework:
Finalize on the definite framework considering it both from a top-down and bottom-up decision-making business scenario.
A consistent information framework is critical to track competition across the marketplace. Actionable strategic and competitive information presented in advanced tools help organizations to enable rapid response to issues and its right usage assists in business process optimization. Information sharing in the correct format also has a critical impact on organizational performance.
Access to competitive information and analytics in the most appropriate format assists to:
- Provide and allow role-appropriate access to information & analytics: The competitive information made available at each level should be actionable at that level along with its indirect impact to the overall company goals.
- Make online business information available in easy to use format: Dashboards showing information with the ability to drill into detail, are a highly effective way to present actionable insights. The visual impact and flexible system navigations must reflect priority metrics and decision flows specific for the business, user and its industry.
- Use and give more priority to real-time competitive information: Enable rapid response to issues and to optimize business performance. Alerts can inform users of anomalies that require immediate action. Trend analysis identifies opportunities for innovation, resource reallocation, or strategic redirection.
- Allow users to be creative with their own competitive analytics: Users must be allowed to be creative and participate in making data analysis more appropriate with their own additional analytics. Enable your information workers to be innovative towards trend analysis and social with their business analytics.
- Track competitive information that supports strategic company goals: Providing information that supports the strategic goals of the company in formats and with devices that allow business users to easily analyze this information and share their ideas can have a critical impact on organizational performance.
DataCrops web data extraction software:
DataCrops web data extraction software offers Online Market Intelligence, Business Intelligence, Marketing trend analysis along with ERP, CRM integrations. It effectively builds intelligence for organizations by gaining business analytics, competitive intelligence, brand intelligence and ultimately empower resources by automatically extracting data from multiple web sources. It assists in keeping tap on information like product prices, product reviews, price movements and competitor moves in media.
Web sources include, webpages, blogs, deep web, login-protected sites, RSS feeds, social media. The solution enables automated scheduled data delivery to key decision makers with preferred reports via dashboard, email, FTP, integrate with other IT infrastructure.
If you are interested in learning more, check out our website https://www.aruhat.com/datacrops-product-portfolio, and enroll for a product demo by contacting at anil@aruhat.com
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