Artificial intelligence can be a valuable asset to your team. Businesses see it as a critical means of staying competitive in ever-changing markets. In addition, AI assists in fueling knowledge-gathering efforts, visualizing data, and delivering information in a timely manner. It also dives deeper into thousands of sources that the average person would never find. For business teams, AI has become an indispensable tool, and this blog will explain why AI is critical for your competitive intelligence program.
Filtering Data for Useful Insights
Filtering allows you to focus on relevant information. Each team may have a distinct definition of what is relevant, which AI can accommodate. What is relevant to a sales team is not the same as what is relevant to a product team. AI can assist in filtering this information for delivery. Thus, allowing the teams to focus on strategizing the information that is relevant to them.
Without the filtering and ease of access capabilities that AI provides, it is extremely difficult to sort through and make sense of the enormous amounts of intelligence available.
Visualize Trends to Make Informed Decisions
Data visualization and trend analysis are critical components of making business decisions. With 20% of insights resulting in business outcomes, data visualization can clearly play a significant role in assisting those outcomes.
AI can extract trends and visualize massive amounts of data at a rate that humans could never achieve. This makes the information immediately actionable because they can see what’s going on and the impact. To know what’s on a competitor’s roadmap, product teams, for example, could look for patterns in hiring data for UX. Marketing teams may notice trends in content and thought leadership. Executives could also consider territory experimentation and market interest.
Collect Thousands of Reliable Sources
Gathering information takes more time and effort than most people or businesses can afford. A single person, a group of people, or even an entire department could spend an eternity manually sifting through mountains of data.
Artificial intelligence assists you in gathering information and insights from hundreds of thousands of sources. There are way too many sources of information for any human to track. Without AI, they would spend all of their time conducting research to understand what is going on, making it difficult to track real-time changes and updates. AI can also gather information from news sources, changing external markets, website tracking, social media, job boards, events, thought leadership, and a variety of other sources.
Function as a watchdog
Artificial intelligence can function as a watchdog for you across hundreds of thousands of sources, ensuring you don’t miss any minor changes or updates. AI can monitor website changes, downloadable content refreshes, article updates, and new thought leadership trends, all of which would take up a lot of bandwidth for a team of people.
The inclusion of AI in your CI program will ensure that you don’t fall behind your competitors, the industry, or market trends. It will keep track of the data you mark as important and relevant, the sources you want to monitor, and the competitors you believe pose the greatest threat to your market share growth.
The Advantages of Artificial Intelligence:
Overall, there are numerous advantages to incorporating AI into your competitive intelligence program. AI can help you or your team find fewer redundancies in research conducted individually. Allowing AI to collect all of the data for you and your team to analyze saves time and reduces duplication of effort.
Another advantage of using AI is the improved speed and productivity your company may experience across multiple teams. Your teams can make more actionable decisions and further analyze data by saving time on collecting information with AI, gathering information for you and assisting in visualizing the data. This increases the speed with which your company can make informed decisions in order to stay competitive in their industry.
AI is a tremendously powerful tool that can enhance the efforts of any business team by collecting data, visualizing it, and monitoring any changes in the industry. High-quality competitive intelligence program has proven to be a crucial component of AI.
XLSCOUT 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.