We are half way through 2014, but there are still some hot trends in digital emerging; Competitive Intelligence, in particular, holds some surprises you should keep your eye on in order to end the year successfully.
Competitive Intelligence SaaS is Helping you Save Time for Better Data Analysis
Software as a Service (SaaS) has risen for the last 10 years and it is here to stay; it is estimated, that the SaaS market will grow to more than £12 billion by 2015. The beauty of Competitive Intelligence for Search is that it automatically handles manual tasks of the past: tracking keyword and website changes, product launches, new features, changes in ad copy and much more! This result in you being kept up to date with changes in your competitive market, and have access to more insights by having more time for in-depth analysis at the same time. New features in Competitive Intelligence for Search, like mobile and Google Shopping, will enable you to keep an eye on your whole market with just one solution delivering the key insights you need to understand dynamics and patterns in your industry.
A new edition to the Buzzword family : Competitive Intelligence
Big Data is still key and Competitive Intelligence is a big part of this package! According to Rivalfox, “Competitive Intelligence will become even hotter in 2014 thanks to a combination of startups beginning to realise its importance, more companies expanding globally and the need for a broadened understanding of international competitors, and more awareness thanks to more team members participating in intelligence work, rather than one dedicated person.” Furthermore, with the economy on the way up the number of small and medium size businesses will increase; e.g. there are 565,000 new start-ups launched each month. More companies around mean more competition in your market space, making it vital to understand your competitive landscape in detail.
Outsourcing is rising
There was a trend in 2013 for companies to outsource their secondary intelligence collection. With SaaS conveniently gathering most of the data needed for analysis, we also see a rise in outsourcing of the primary analysis. It is expected that outsourcing of primary and secondary analysis will continue to grow in 2014.
What is a Competitive Intelligence Professional in 2014?
Before the rise of Competitive Intelligence SaaS, there have been two definitions for Competitive Intelligence: one as a profession and one as a set of skills. Independent from the size, every company needs to understand their competitive landscape. With competitive intelligence software taking the manual bit out by delivering more insights about competitors at the same time, it is vital to engage more teams with competitive intelligence. Already competitive intelligence is becoming an integral part of every company’s digital strategy.
Source: RivalFox, 2014