What is necessary to be done if you want your business to stand in the competition of present market conditions?
- Emphasis on Innovation and the free flow of information
- Improved capabilities to compete with low-cost competitors
- Quick hold on knowledge and information trends
- Predictability for Globalization effect
- Preparing to cope with general industry specific threats and unexpected natural disaster
Above are common factors that are similarly significant for large business houses to the roadside vendors. However, each industry inherently goes through specific changes as well which might differ from others. Given the turbulence levels for each business may be different even in the same industry at different times.
So, What Can Help In Anticipating The Future Risks And Growth Possibilities?
Balancing on the age of chaos of diverse factors – Market Intelligence – Need of every organization in modern trend for long term business planning
When we talk about “Market Intelligence” the point of discussion are those finely knit strategic plans that can help us concentrate on all the factors of present and future business environment. Further, it is a proactive management that enables decision making support to the organization. Inclusively, it is the framework that identifies and understands the changes coming from different dimensions of business.
Underneath this intelligence process covers entire environment surrounding an organization including competitor analysis, technology analysis, customer insights and analysis of external factors. Conclusively, market intelligence is comprehensive framework of both Competitive Intelligence and Business Intelligence.
Preparing Framework Is Not The True Challenge But, Implementation Of The Market Intelligence Strategy Is!
To draft the plan of market intelligence strategy once a year was the old school practice!
In the wake of modernization and rapidly changing business environment, companies have realized the importance of constant development process. Planning and planning more, then thinking about how to implement the recommendations will not work in the demanding business environment of present day!
Planning is a quite complex process, though. Therefore, it is also the intelligence of decision makers to prepare organization to fit according to the need of time. In this process, each contributor has to put in time and efforts throughout the year to keep up with competitors.
In this run, businesses must target to excel and not get satisfied with survival only. Carefully drafted and coordinated planning is equally important for making workload manageable throughout the line of work. Every effort is important to spread the proper business intelligence evenly over the course of the year.
Delayed Efforts Are No Efforts!
Market Trends and knowledge of impact of what it is trending and intelligence to implement the required is what we called the true Market Intelligence. More upon it, the uniform success mantra for all types of business is to stay updated with all that trending in the segment. Long term business planning can only provide results when it is crafted giving leverage to all dimensions of Market Intelligence.
