Analysis & Structure
In order to transform data and information into actionable market and competitive intelligence it needs to be filtered, sorted, pre-analyzed, structured and released into the respective delivery mechanisms.
Data evaluation – Data does not equal data and everyone has heard of the classic IT and database principle: “garbage in – garbage out”. Data needs to be evaluated in terms of quality, consistency, availability, reliability, density and validity. The more any type intelligence forming data is interconnected with ERP systems, legacy system of any type and the more common data can be brought into context with external data alike the better the success factor for market intelligence products. Data integration with CRM systems and other sales related tools and applications is of material importance as any intelligence efforts wants to create value where it matters most: in the direct market with the customers. Nurturing customer calls with intelligent substance is the very key of competitiveness.
Synthesizing – Raw data and information, after being integrated and brought into context should be synthesized in order to automate feeds and information flow as well as increase valid intelligence density and serve the various content areas with proper intelligence content.
Applied analysis – This is where content is firmly brought into context and conclusions being prepared for all decision makers. One of the most important tasks even before you start looking at any of the intelligence needs to be a mutual baseline for proper comparison and readability. Based on both the business intelligence requirements and the available data and information viewpoints all intelligence users need to agree on templates and prospects that are 1:1 matches to the comparison charts and tools. E.g. there is no value in comparing YTD sales volumes to 12m rolling sales values even if enriched with profit or volume/mix indicators.
Consolidation – After a certain period when market researchers, market and data analysts the business units served and other important players had ample opportunity to play with the intelligence it might be time to carve out unnecessary and obsolete content. Consolidation needs to go way beyond content though, addressing features of applications, navigational elements of intelligence portals and intelligence process steps as well.
Output testing (quality, quantity, efficiency) – Testing the output in terms of quality, efficiency and amount should be done involving analysts and users. If you need to exercise any type of team building with the future intelligence users, this is the perfect time and event.
Author: Jens Thieme
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