Artificial intelligence (AI), machine learning (ML) and big data have transformed how businesses conduct competitive intelligence (CI) and how our stakeholders use the developed analyses. Additionally, the federal government has integrated emerging technologies to remain competitive across the defense landscape.
During ArchIntel’s AI in Competitive Intelligence Virtual Event, you will hear from federal and industry experts who will address how to remain competitive in business and warfare.
Featuring August Jackson, senior director of Market and Competitive Intelligence with Deltek, AchIntel’s first event will analyze the competitive landscape as technology continues to evolve in the federal marketplace.
How COVID-19 Shifted Competitive Intelligence
The COVID-19 pandemic has brought on a global recession. While sales have declined, marketing engagements have dramatically increased, using tools like marketing emails and websites. A recent report stated that these shifts could signal that competitors’ marketing teams will launch more content and campaigns.
“COVID-19 is changing the dynamic for most companies. The companies that have a large presence on existing programs, or have individuals and employees that work at government locations, exist in an embedded feedback loop,” Chris Reichert, vice president of Strategy with Hexagon US Federal, during his competitive intelligence spotlight with ArchIntel.
To keep pace with the changing environment, it is critical that competitive intelligence teams track and analyze signals to understand competitors’ strategies. Messaging chances will allow business to track competitors’ homepages and other website pages for any changes in messaging, which will signal how the companies have shifted strategies during the COVID era.
Additionally, the report noted that employee reviews will provide a greater visibility into competitor strategy like what investments, or lack thereof, are in progress. Glassdoor now lets you filter reviews by “COVID-19” so you can see how your competitors are handling the crisis internally.
“The pandemic has created an environment where competitive intelligence is more important when you can’t formalize the competitive intelligence process,” Reichert added.
Technology’s Role in CI
Over the past five to ten years, many companies have moved from fully manual to more automated competitive intelligence programs. Not only were people investing too much time manually aggregating competitive intelligence data, that by the time everything was gathered and analyzed, market shifts could have already happened.
Competitive intelligence teams have begun leveraging data to help their sales teams and customer success teams perform better at their jobs.
Technology advances have also increased competitiveness within most markets, financial investments in CI programs, and organizational visibility into competitive intelligence findings. More companies are also able to leverage their CI findings across their organizations.
“As these technologies continue to improve, it’s going to be imperative for the BD and CI teams to continue to incorporate the new functionality in these tools in order to stay competitive. Processes will need to be put in place to ensure all relevant information is up to date and correct in a CRM system,” said Adam Harrison, vice president of Strategy and Corporate Development with PAE during an interview with ArchIntel.
Data Gathering & Analysis
The key to developing an actionable dataset is to develop a Centralized Competitive Database to maintain intel and generate ongoing analyses of your competition and market. A centralized database will expand engagement with collected information on competitors.
“The data, messaging, competitors’ commentary, and I constantly believed that we were in trouble. So much of the triangulation of data starves us for knowledge. That’s what we are constantly trying to develop our own skills around,” said Amy Hutchins, director of Competitive Intelligence at IBM during an interview with ArchIntel.
While tracking competitors, there is a common tendency to get lost in the details; however, compiling raw data and information together will enable the competitive intelligence workforce to recognize new patterns in the broader market.
Developing a picture of your broader competitive landscape by creating a database will also educate competitive intelligence teams on indirect competition and further informed buying decisions, particularly from a budgeting perspective.
“When you get a data point, you have to test it against a variety of other conclusions in order to properly draw and create an assumption. Your theories are never going to be what you know from inside the company, but the ability and discipline to take a point, understand the context and unpack it is extremely important,” added Hutchins.
The AI in Competitive Intelligence Virtual Event will also feature an expert panel, hosting Suki Fuller, fellow with The Council of Competitive Intelligence Fellows; Fred Hoffman, interim chairman and assistant professor of Intelligence Studies of Mercyhurst University; and Arik Johnson, chairman of Aurora Worldwide Development Corp.
These notable leaders will discuss how businesses can maintain a competitive advantage through integrating emerging technologies into their organizations and solutions. Do not miss this must see event!