{"id":4790,"date":"2023-04-06T15:54:49","date_gmt":"2023-04-06T15:54:49","guid":{"rendered":"https:\/\/www.watchmycompetitor.com\/resources\/?p=4790"},"modified":"2024-03-27T10:19:32","modified_gmt":"2024-03-27T10:19:32","slug":"5-key-competitive-intelligence-trends-for-2023","status":"publish","type":"post","link":"https:\/\/wmc-nonprod.com\/resources\/5-key-competitive-intelligence-trends-for-2023\/","title":{"rendered":"5 Key Competitive Intelligence Trends For 2023"},"content":{"rendered":"\t\t
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The overall competitive intelligence trend is clear: companies are increasingly recognising its importance.

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87% of companies believe that <\/span>competitive intelligence is important<\/span><\/a> for their business, with <\/span>63% planning to <\/span>increase their investment<\/span><\/a> in the next 12 months.\u00a0 <\/span>With that growth comes innovation. Or perhaps it\u2019s the other way around.\u00a0<\/span><\/p>

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The way organisations gather, analyse and use competitive intelligence are evolving thanks to better technology and advancements in artificial intelligence. They can monitor competitors globally, in real-time, and with only the click of a mouse.<\/span><\/p>

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This article will identify the 5 important competitive intelligence trends organisations need to focus on over the coming year.

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Why Monitor Competitors?

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Organisations monitor their competitors to gain a competitive advantage, so they can get or stay ahead in their market. <\/span>By gathering and analysing competitor activity and strategies, organisations can identify opportunities and threats and take action to protect and improve their position.<\/span><\/p>

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The intelligence they gather can be used to validate and optimise their own strategies, so they maximise their revenues and growth.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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How Competitive Intelligence Is Performed<\/b><\/h2>

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Until recently, <\/span>competitive intelligence<\/span><\/a> was a manual process. Teams, or more likely, individuals were tasked with visiting websites and reporting back on their findings. The data set was usually small, making it easy to analyse, but the process was slow and inconclusive. Key insights were easy to miss.

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In the last 20 years, software has been built to streamline these manual processes. RSS feeds, Google Alerts and social media monitoring tools have made it easier and faster to track a lot of what\u2019s taking place online. But again, they often left gaps in knowledge.\u00a0<\/span><\/p>

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Many organisations combined these tools with periodic \u2018state of the market\u2019 reports from research organisations and other, usually offline, forms of market research. This competitive intelligence was far more detailed and therefore insightful, but it lacked immediacy.\u00a0 By the time the reports surfaced, the intelligence was relatively old making it harder to use effectively.<\/span><\/p>

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Today, the market is being disrupted by competitor intelligence platforms \u2013 automated software that tracks a competitor\u2019s global digital footprint in real-time across any number of criteria.<\/span><\/p>

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This game-changing technology is giving organisations immediate access to deeper levels of intelligence than ever before. The data is captured and presented in online dashboards, often with the ability to export or share insights with relevant departments across the organisation.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What Do Organisations Track Using Competitor Intelligence Platforms?

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Competitor intelligence platforms<\/a> can track a wide range of information related to a competitor\u2019s digital footprint, including details and changes to:<\/span><\/p>

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