Businesses are becoming more focused on data-driven decision making as the competitive landscape within each industry grows. According to some statistics, data analytics has made businesses five times faster.
Competitive intelligence adds value to businesses by providing data that can be used to drive informed decisions based on sectors, sales, competitors, and a variety of other business factors.
Understanding how the concept of data-driven decision making has evolved can assist you in determining the value of competitive intelligence and observing how your competitors have started their own competitive intelligence efforts in recent years.
We have compiled some of the most astounding competitive intelligence statistics to demonstrate the significance of incorporating competitive intelligence into your business practices.
With 90% of Fortune 500 companies using CI to gain a competitive advantage over their industry competitors, businesses outside of the F500 should concentrate on improving their own CI efforts to stay competitive. This may necessitate the implementation of competitive intelligence tools, platforms, and other solutions, as well as an increase in funding for CI efforts.
As per the statistics, research and data analytics will become increasingly important as the landscape shifts toward more and more data-driven decisions at both the departmental and executive levels.
3. Using competitive intelligence, 56% of executives monitor potential competitors and plan to enter new markets in the next three years.
As per the statistics, it is especially important to remember as more and more organizations rely on data to drive their business deals. Competitive intelligence provides executives with a better understanding of the landscape they will face in the coming years. It gives them insight into what their competitors are up to in terms of products, services, mergers and acquisitions, and internal teams.
Business decision-makers, particularly executives, are increasingly relying on data analytics to guide their decisions. According to the previous statistics, 56% of executives keep an eye on what their competitors are doing, which helps them predict where the market is going.
To improve decision-making, decision-makers must also focus on internal data. Data analytics assists decision-makers in understanding which strategies and tactics have been successful and which have not, eliminating the guessing game of determining what stakeholders want and do not want to see. It assists teams in understanding how their strategies benefit the business and where they should concentrate their efforts.
5. Companies only analyze about 12% of their total collected data. This means that approximately 88% of threats and opportunities go unnoticed.
Companies are passing up huge opportunities by failing to use all of their collected data. A Competitive Intelligence solution would assist businesses in avoiding missed opportunities and better utilizing the remaining 88% of data. This statistic assists businesses in understanding the value of investing in a competitive intelligence solution.
6. 74% of enterprises report that their main competitors are already successfully differentiating their competitive strengths with clients, the media, and investors using Big Data analytics.
This statistic is especially relevant to the case for increasing your own competitive intelligence initiatives because enterprises are using data analytics to comprehend the level of competition brought by their competitors. This is a type of competitive intelligence—companies are gathering information on their competitors in order to understand how their competitors are utilizing data to differentiate themselves in the market.
7. 57% of businesses consider gaining a competitive advantage to be one of their top three priorities
Companies that state they are focused on gaining a competitive advantage can be expected to improve their competitive intelligence efforts within their industry over the next year or so.
8. 94% of companies intend to invest in competitive intelligence. With so many companies looking for data-driven solutions for their business ventures, the only way to remain afloat is to join in.
As per the statistics, 94% of companies intend to invest in competitive intelligence is significant. Without CI, these businesses would be unable to scale and remain competitive in the current competitive market.
Competitive intelligence is more than just monitoring what competitors are doing; it is also about monitoring industry disruptors, understanding market gaps, and how those disruptors are filling them with new innovations. Innovation and disruption intelligence is a significant component of competitive intelligence that assists businesses in remaining competitive and meeting customer and market demand.
10. In two years, 81% of marketers expect to compete primarily or entirely on the basis of customer experience with their competitors.
Customers are changing the market and are more knowledgeable than ever. That is why competitive intelligence is critical to your sales team’s success. They must not only understand the pain points that potential customers are experiencing, but they must also be aware of what competitors have to offer and what customers already know. Competitive intelligence platforms can aid in knowledge gathering as well as improve objection handling and meeting preparation.
11. The average enterprise competitive intelligence team consists of 3-5 members who support 500 users.
With a centralized intelligence platform powered by AI, 3-5 members can gather information more quickly, distribute information more quickly, and provide better support to 500+ users. AI-powered CI platforms not only assist CI professionals, but they can also enhance business functions and accelerate many communication and business processes.
12. 40% of today’s Fortune 500 companies will be overtaken by firms we haven’t heard of in ten years because they simply cannot compete (Source: A study from the John M. Olin School of Business at Washington University)
Companies must act quickly and adjust to the digital age focused on big data and competitive intelligence in order to remain competitive. As per the statistics, 40% of Fortune 500 companies, or 200 players, will be replaced because they have been unable to adapt to the increased need for competitive intelligence in order to remain at the top.
As per the statistics, competitive intelligence has already become a more common business practice over the last ten years, with more and more companies allocating budgets and resources. It is no surprise that 62% of companies anticipate an increase in CI spending in the coming years.
This demonstrates the significance of competitive intelligence and how it will benefit businesses to improve their current CI or begin implementing it into their business practices.
14. Using intelligence platforms to track prospects and customers generates four times the revenue.
Companies that use a competitive intelligence platform see a 4x increase in revenue because they can monitor comprehensive sources that affect their market, such as markets, competitors, and key accounts. With this information, their team can create powerful and more compelling market positioning, efficiently control competitive objections, and track key accounts based on buying signals, allowing the sales team to prioritize better and use the correct messaging.
15. Only half of the Market Intelligence budget is spent on regular deliverables; the other half is spent on in-depth research on emerging topics.
Markets are becoming more competitive, but content’s value proposition is getting more competitive as well. Prospective customers want value upfront before even considering doing business with a company. As a result, more businesses are investing in anticipating and diving deeper into emerging topics in order to figure out what value and subject matter they can offer to prospects seeking information on these topics.
16. 61% of companies strongly agree that MI has benefited their company and supports a holistic, multi-source, collaborative approach that is increasingly being adopted.
Companies recognize the value of competitive and market intelligence. Many of them have already altered their strategies to include CiMi in future plans. Competitive intelligence can help you improve your marketing, sales, and product development strategies.
17. Market pressures are the primary drivers of digital transformation, with opportunities for growth (51%) and increased competitive pressure (41%).
The primary motivator for a digital transformation is competition. The use of data-driven intelligence can help you to:
- accelerate your digital transformation
- enhance your market position
- discover new growth opportunities, and
- keep your company competitive with top performers
18. Using a centralized intelligence platform allows teams to find information four more times faster.
If businesses can locate information four times faster, they will spend less time duplicating knowledge-gathering efforts and more time analyzing the information, disseminating results, and developing new action plans. Teams are seeing 4x gains from AI being employed to gather, filter, and visualize massive amounts of data. This indicates that competitive intelligence teams can focus on strategic initiatives.
XLSCOUT‘s AI-based competitive intelligence platform provides you with a competitive dashboard where you can compare the portfolios of different competitors and extract different insights like their filing trends, top problems they are trying to solve, their technology investments, their collaborations, their core patents, etc. With just a few clicks, it creates a patent landscape report tailored to your needs.