Market intelligence tools are instrumental in gathering data required by companies for smooth functioning. This information is extracted from publicly available data and visible databases.
Companies tap into web analytics, business intelligence, search engine optimization tools, contact center software, and finally, sales enablement software. The data is highly unstructured when they gather it, but it is eventually sorted through market intelligence tools for its use.
The rationale behind deploying market intelligence understands the scenery to assess where a business stands. It provides fruitful insights regarding things they might do differently to make better profits.
It is also resourceful to understand the company’s journey and how they have evolved. Market intelligence tools present information about changing customer behavior, upcoming trends, competitor performance, and other details.
FEATURES OF MARKET INTELLIGENCE TOOLS
- Business reports
This software provides in-depth business reports helping inform people of the different facets of their working atmosphere. The picture shows the good and the bad and presents a more detailed view across different dimensions. It is also helpful in analyzing other sectors to view the most crucial details.
- Analysis to predict uncertain times.
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It is normal to have one’s doubts about the unforeseeable future. Hence, the software is designed to analyze features that use existing data to predict any future threats. It carries immense weight in age because a business plan is concocted by considering the past, the present, and the future.
If it lacks longevity, the business will burn to the ground and cost the owner time and money. The farsightedness of this software helps make better decisions for interruptions that may arise in the future.
- Executive dashboards
In layman’s terms, executive dashboards manifest critical data through graphs and charts. The officers use this information to make decisions and ascertain seamless functioning. The tool is exceedingly helpful because it gives real-time data based on which decisions are made.
Some people also call it a strategic dashboard. It exists to serve the company and is easy to use and customize. The data is presented in the most impactful manner.
- Interactive reports
Interactive reports are instrumental in determining numerous discoveries and analyses. They also use state-of-the-art technology and provide more precise insights than static reports. The rationale behind employing interactive reports is allowing users to autonomously administer custom and on-demand reports that are highly demanded in a company.
- Operational reports
Operational reports provide detailed descriptions of the day-to-day functioning of a company. It includes production costs, records, resource costs, in-depth investigations of processes, and also accounting. These are primarily short-term reports but surface intermittently. They are also customizable.
- Geospatial mapping
Geospatial mapping is a type of analysis technique that analyses geographical and terrestrial databases through Graphic Information Systems. It differs from traditional mapping because it provides computerized data to generate a custom map devised for your essentials.
- Pivot tables
A pivot table helps in calculating, analyzing, and summarising data patterns. It is the aggregate of numerous statistics and is used in data processing. The statistics are reset in a manner that seems more nimble and informative. People can find figures more efficiently, helping them make educated guesses and further assisting the business. It also helps in revealing hidden trends.
The platform should provide all these features and more. Traditional market intelligence platforms had become obsolete and did not cater to the companies as they should.
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