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#1. BUSINESS INTELLIGENCE DEFINITION SOFTWARE#
By Compiled by Ryan Mulcahy What is business intelligence Business intelligence, or BI, is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data. Market Understanding is a concept wherein the company tries to understand the performance of the product in which it is already operating as well as looks at other markets where it wants to launch its product thoroughly.įinally, understanding the customer is the utmost important aspect in the life of any product. Business Intelligence Definition and Solutions Business Intelligence topics covering definition, objectives, systems and solutions. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features. The focus around product intelligence is on gathering information about the quality and performance of the product. Product Intelligence is related to gathering information about your own product. The basic goal of competitive intelligence is to make better business decisions. It is about analyzing strengths and weaknesses of the competitor. Competitor intelligence is a legal method of obtaining information about products in a competitor’s portfolio.
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Let’s understand each one of them in detail. Open-source intelligence (OSINT) is the collection and analysis of data gathered from open sources (overt and publicly available sources) to produce actionable intelligence. The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding. There are four main corner stones of marketing intelligence. Marketing intelligence is all about gathering information on various data sets, analysing the information, breaking down the data into small subsets and the distribution of information to the relevant department of the company.Ī purchase department in a company would need a different data set under marketing intelligence, while a sales department would need something different. It could be related to population age in that area, infrastructure facilities, spending habits of consumers, state or government regulations etc. It is the first set of data which the company analyses before making any investment decision.ĭescription: Marketing intelligence is usually the first data set analysed by a company about a specific market.
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Definition: Marketing intelligence is the external data collected by a company about a specific market which it wishes to enter, to make decisions.