Why Competitive Intelligence And Data Analytics Are Different But Work Well Together

Why Competitive Intelligence and Data Analytics are different but work well together

Here we discuss why Competitive Intelligence and data analytics are different but work well together. Both Competitive Intelligence and data analytics are used to find answers to questions. And Competitive Intelligence can include data analytics as a tool to find great certainty.

What Is Data Analytics?

According to Investopedia, Data analytics is the science of analysing raw data to make conclusions about that information. Many of the techniques and processes of data analytics have been automated into mechanical methods and algorithms that work over raw data for human consumption.

What is Competitive Intelligence?

Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers certainty, competitive advantage, insight, growth & security.

Competitive Intelligence

As a marketer, you know it’s essential to understand which marketing campaigns work. And which ones are flops? You create the next campaign to drive traffic to create revenue.

Data Analytics

The Data Analytics used in these situations will likely include social media data, internal data from your CRM and web analytics. On a broader scale, they helo you understand if your campaigns are working or not. Also, you can investigate campaign-specific data sets for whatever purpose you desire.

Hindsight is a wonderful thing

By its very nature, Data Analytics is backwards-looking to make predictions. And guesses based on what has happened. And it can be potent in finding patterns and plot future events until it’s not. The primary purpose of Competitive Intelligence is to find more certainty in decisions. And to gain a competitive advantage. Marketers primary responsibility is to meet their customers wants and needs. To understand your customers’ pain points and how you plan to solve their problems.

Conclusion

Why Competitive Intelligence and Data Analytics are different but work well together

Here we discussed why Competitive Intelligence and data analytics are different but work well together.

We help you beat your competitors, increase revenue, protect equity investments, reduce uncertainty and risk with Competitive Intelligence & Due Diligence