What is Market Intelligence?
Market intelligence (MI) is the process of gathering and analyzing data relevant to a company’s market for accurate decision-making. It involves collecting external data about a target market to understand competitors, consumer trends, and the overall industry landscape. This information helps companies determine market opportunities, penetration strategies, and development metrics.
MI is a continuous process that provides a 360-degree view of the business environment, enabling companies to predict future market conditions and stay ahead of the competition. The goal of MI is to understand the overall market environment, identify opportunities, and guide strategic decisions.
Key aspects of market intelligence:
Data Collection: MI involves gathering data from various sources, both internal and external, including qualitative, quantitative, formal, informal, published, and unpublished data.
Analysis and Interpretation: The collected data is analyzed to uncover actionable insights about market dynamics, customer behavior, and competitive strategies5. Advanced modeling techniques and AI can streamline this process.
Strategic Decision-Making: MI supports decision-making across business domains, providing a comprehensive view of the market environment for strategic decisions on market entry, product development, pricing, and marketing strategies.
What is Business Intelligence?
Business intelligence (BI) is a technology-driven process of collecting, managing, and analyzing organizational data to produce actionable insights, enabling decision-makers to make informed strategic and tactical business decisions. BI includes a combination of strategies, methodologies, and technologies that enterprises use for data analysis and the management of business information. BI technologies can handle large amounts of structured and unstructured data. BI is sometimes called “descriptive analytics” because it describes how a business is performing today and how it performed in the past.
Common functions of BI technologies include:
- Reporting
- Online analytical processing
- Analytics
- Dashboard development
- Data mining
- Process mining
- Complex event processing
- Business performance management
- Benchmarking
- Text mining
- Predictive analytics
- Prescriptive analytics
Do you know what separates Market Intelligence from Business Intelligence?? Download our whitepaper to know the key differences between the two.
