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Many still think of business intelligence as secretly spying on someone, surveying and somehow unfairly obtaining information about a competitor. Well guess what, if you’re to stay relevant in the market place, its your duty to know what the market is up to!
Welcome to the information age, knowledge is power and anyone doing business online will have to get used to it. Quick. The good news is that you don’t have to subscribe to an overpriced media monitoring service to find good business intelligence anymore.
Does democratized business intelligence applications sound better?
It used to be that business intelligence applications were reserved for large corporations with fat budgets. Armies of people were scanning newspaper articles and listening in on radio & TV programs looking for particular brands, names or commentary on particular issues. Obviously quite a labour intensive process, which is why we can now talk about a democratization of these services.
So what is behind this trend? Well, increasingly, publications are moving online and information searches are being automated. Meanwhile, speech recognition software makes the creation of transcripts possible. This facilitates automated audiovisual searches too (more to come on this).
So, what can you do with business intelligence applications? Limited knowledge of potential new revenue streams will obviously impact your business and these tools will give you a concrete possibility to access important updates on your industry. Knowing the different cycles and where to look for key pieces of information automatically gives you an edge; changes in regulations, promotions, acquisitions etc.
You’ll also want to know a bit about your competitors, who are providing similar products and services as yours? Location, size, offer and if they could represent a threat. Or is there a possibility of a strategic partnership? Sure, you’ll be tempted to ignore the competition, but sooner or later you’ll have to deal with it, one way or another.
You can also use business intelligence to find out about your target customers. Who are they, what are their likes and dislikes, what websites are they currently visiting, what’s their budget?
This information will allow you to tailor your product to them. The more needs you can fill, the higher likelihood for repeat business.
In short, by being aware of the latest trends in your field you’ll find the advantages and disadvantages of each. This is information you can act on! Listen, learn and turn business intelligence into new revenue streams.
Give the Imooty business intelligence application a try today!
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