{"id":607854,"date":"2023-02-14T07:49:30","date_gmt":"2023-02-14T13:49:30","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/14\/touched-by-ai-competitive-intelligence-culls-new-data-insights\/"},"modified":"2023-02-14T07:49:30","modified_gmt":"2023-02-14T13:49:30","slug":"touched-by-ai-competitive-intelligence-culls-new-data-insights","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/14\/touched-by-ai-competitive-intelligence-culls-new-data-insights\/","title":{"rendered":"Touched by AI: Competitive intelligence culls new data insights"},"content":{"rendered":"

As artificial intelligence (AI)<\/a> tooling finds wider use, data-driven approaches to competitive intelligence practices are rapidly gaining traction. As a result, a new generation of decision-makers can probe changing markets and meet rising challenges across various industries.\u00a0<\/p>\n

Change is driven by a deluge of customer data now generated from website activity, surveys and social media. Meanwhile, companies are poised to use the power of new AI tools to continuously monitor market trends and adjust their positioning, offerings and pricing strategies in order to maximize revenue opportunities.<\/p>\n

As with so many things today, AI\/ML models are seen as a game changer that will help find data insights. The arrival of large language models<\/a> like GPT presents exciting opportunities for competitive intelligence, according to Kurt Muehmel, who holds the title of everyday AI strategic advisor at AI platform provider Dataiku<\/a>.\u00a0<\/p>\n

The difficult task of gathering information on competitors and customers can be streamlined via such techniques, he said.<\/p>\n

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\u201cThese models are very good at summarizing and synthesizing text. Therefore, they can be useful to summarize, for example, transcripts of earnings calls, or to flesh out competitive positioning documents if they are provided with accurate data for their input,\u201d said Muehmel.\u00a0<\/p>\n
That is important because, with its wide range of approaches and sources, gathering data as part of competitive intelligence practices can be daunting. Data sources range from industry experts\u2019 blogs or presentations, to financial reports, news media items, public data sources and more.\u00a0<\/p>\n
Increasingly, AI tools, models and processes are essential drivers of competitive advantage, enabling continuous extraction of information that drives strategic decision support.\u00a0<\/p>\n
Modern competitive intelligence algorithms now combine historical and real-time data with machine learning, enabling companies to predict market trends and optimize pricing strategies with remarkable accuracy. This gives organizations a competitive advantage and allows them to respond to changing market trends and consumer preferences in real time.\u00a0<\/p>\n
Businesses can process vast amounts of data to identify patterns and make accurate predictions about future market trends. This information can then be used to make informed decisions, such as product development and marketing strategies, giving companies a much-needed edge in a crowded market.<\/p>\n
According to Muehmel, data analytics, AI and automation<\/a> have made it possible for vendors of all sizes to monitor a broader range of competitors.\u00a0<\/p>\n
\u201cMany SaaS platforms available today enable automated monitoring of competitors\u2019 activities across regions and languages. This is a great benefit, especially for companies that are only beginning to start their competitive intelligence practices,\u201d Muehmel told VentureBeat.\u00a0<\/p>\n
He explained that developing in-house capabilities to build analytics and AI that suits a particular organization\u2019s needs is one of the main ways companies outside the technology space can gain significant advantages.\u00a0<\/p>\n
\u201cUtilizing analytics and AI allows organizations to improve every process in their value chain. Companies that succeed in internalizing advanced analytics and AI capabilities will be the winners in their industries in the coming years,\u201d said Muehmel.\u00a0<\/p>\n
Steps toward a competitive intelligence framework<\/h2>\n
At the heart of a successful competitive intelligence strategy lies a well-orchestrated cycle encompassing four critical phases: planning and defining the research objectives, gathering relevant data, processing and analyzing the data, and ultimately acting on the insights gained.\u00a0<\/p>\n
Michael Fagan, chief data scientist at enterprise VR company Mesmerise<\/a>, believes that the most crucial ingredient for any competitive analysis is its data sources, as a single point-of-view dataset can often lead to misinterpreting the output. To overcome this, he suggests utilizing multiple data sources, but warned that each comes with its own biases.<\/p>\n
In the course of his industry experience, typical data sources included external markets, social media and website tracking. The first step, of course, is to establish a baseline for understanding. It remains a vital prerequisite for useful AI processing.<\/p>\n
\u201cWe first needed to align the datasets by understanding the natural distributions and applying weights. This data enabled us to predict the search share pretty accurately on a weekly basis. It also showed our share of the market, what terms and topics were standard and what was up and coming. Having this information initially can be sobering, but this is a baseline,\u201d he said.\u00a0<\/p>\n
\u201cAdding machine learning to the mix further enables you to interpret the recorded patterns and create automated processes so that the intelligence gained is timely enough to take action and positively impact your business over your competitors,\u201d Fagan told VentureBeat. \u201cTo stay ahead of the curve, you need to focus on your base data and ensure you have a solid governance structure in place and standard techniques to compensate for biases. Once you have this, you can always be confident that the intelligence layer will add value.\u201d<\/p>\n
Likewise, Jo Ramos, distinguished engineer and director at IBM Expert Labs<\/a>, emphasized the importance of training a competitive intelligence AI model using a large, well-labeled dataset for the specific task it\u2019s designed to tackle.\u00a0<\/p>\n
\u201cAI models require thorough training to accurately capture or represent the patterns in the dataset before it can be applied to real use cases. Today, very few organizations have the skills, software and infrastructure needed to build and innovate with state-of-the-art models like GPT-3,\u201d Ramos said. \u201cThe organizations that have pioneered this space have kept many of the enabling tools and technologies proprietary or internal.\u201d\u00a0<\/p>\n
Ramos says that while establishing your competitive intelligence framework, businesses must understand the importance of AI governance \u2013- defining policies and establishing accountability throughout the AI life cycle.\u00a0<\/p>\n
\u201cAt IBM, we have an AI Ethics Board<\/a> that supports a centralized governance, review and decision-making process for IBM ethics policies, practices, communications, research, products and services,\u201d said Ramos. \u201cDoing so helps your models adhere to fairness, explainability, robustness, transparency and privacy principles.\u201d<\/p>\n
What\u2019s next for AI-based competitive intelligence?\u00a0<\/h2>\n
For his part, Dataiku\u2019s Muehmel said that the most important thing companies can do is to ensure they have a solid strategy for applying analytics and AI to applications throughout their business, including, but not limited to, competitive intelligence.\u00a0<\/p>\n
\u201cFocusing on competitive intelligence, companies should not hesitate to experiment with large language models to see if they can produce relevant suggestions in terms of competitive positioning or if they can otherwise accelerate competitive intelligence data collection and analysis,\u201d he added.\u00a0<\/p>\n
If AI models succeed in gathering information and assisting in visualizing data, teams can make more actionable decisions and save time on information gathering. It is early going for many industries, but some are now on a new path to informed real-time decisions that promise a more competitive edge.<\/p>\n
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\n Victor Dey<\/p>\n","protected":false},"excerpt":{"rendered":"
As artificial intelligence (AI) tooling finds wider use, data-driven approaches to competitive intelligence practices are rapidly gaining traction. As a result, a new generation of decision-makers can probe changing markets and meet rising challenges across various industries.\u00a0Change is driven by a deluge of customer data now generated from website activity, surveys and social media. Meanwhile<\/p>\n","protected":false},"author":1,"featured_media":607855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30543,46,51568],"tags":[],"class_list":{"0":"post-607854","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-competitive","8":"category-technology","9":"category-touched"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/607854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=607854"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/607854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/607855"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=607854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=607854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=607854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}