Why should you integrate AI into your competitive intelligence program?

The speed at which disruption is happening in every industry can get overwhelming if you aren’t actively contributing to this change. According to research by Accenture, only 63% of companies are experiencing any sort of disruption in how they operate, engage, or bring value to their customers. Only 3% of publicly listed companies have made serious progress in transforming their organizations. There is a huge gap.

This gap can be bridged by having a competitive intelligence program in place. 

 

What is competitive analysis?

The practice of gathering and analyzing competitive information to identify market opportunities, threats, and risks is called competitive analysis. Every business has to indulge in it as it helps you compete with the best in the industry. You will also be able to make data-driven decisions that will put your brand in a better position in the market. 

While competitive intelligence programs have been common for quite some time, the entry of artificial intelligence (AI) in it has completely changed the way how it is done. 

From improving customer service or operations with RPA (Robotic process automation) bots to predicting performance, AI is shaping the way how businesses operate. To say that it is changing the world would not be an overwhelming statement. In gathering competitor intelligence, too, AI has carved a niche for itself.

In this article, we are going to look at the benefits of integrating AI into your business’ competitor intelligence program. 

 

Why is competitive analysis critical? 

Competitive intelligence helps leaders make data-backed business decisions. It could entail anything from monitoring competitors’ products, marketing techniques, supply chain, market, operations strategy, patent strategy, etc. By doing so consistently, you will gain a competitive advantage and be in a position to stay ahead of your competitors. 

When you are actively indulging in AI-powered competitive intelligence programs, you will rarely get surprised by the market or your competitors. Bloomberg says-” Competitive intelligence is your best alarm clock,” as it makes you take action when presented with a threat or opportunity. 

 

Why is AI important to your competitive intelligence program? 

 

  • Helps gather relevant sources:

Gathering information about your competitors is an arduous task. Doing it manually can take off hundreds of thousands of person-hours that can be used elsewhere. Artificial Intelligence helps collate information from thousands of sources. It even identifies real-time updates and changes that the competitor is doing on several channels, including social media, external tracking, website tracking, forums, etc. 

 

 

  • Anticipate competitor’s actions:

With the help of AI-powered competitive intelligence, it may even be possible to predict competitors’ next steps, assuming that there are tonnes of data to analyze. Even otherwise, when you know what your competitors are about to do, you will be in a great position to counter any attack that may come from their side. 

You need to react quickly to how the market behaves if you want to stay ahead of the competition. It is imperative that you find out as much as possible about all your main competitors so that you are never blindsided. 

 

 

  • Visualizes trends for decision making:

The ability to visualize trends based on the data collected is an essential part of decision-making. AI pulls out trends and visualizes data from multiple sources to help businesses see what is happening, at a never before seen scale and speed. Thanks to advanced levels of visualization that include the ability to filter, you can make the data actionable and see how it impacts your business. 

 

 

  • Understand the market:

Competitive intelligence programs help spark great new ideas and allow for different perspectives to form. It will help your business see how your competitors are positioning themselves in the market, and find out if there are any market gaps that they have not taken advantage of. 61% of leaders believe that artificial intelligence helps significantly in fleshing out opportunities for their business. 

Artificial intelligence can act as a surveillant for multiple sources (even thousands) so that you don’t miss out on any updates about your industry or how your brand is perceived by those who are your prospective clients. From monitoring website content to thought leadership trends, it can keep a tab on everything. It even manages to save thousands of person-hours by doing all of this in an automated manner. All information that is relevant to your business will be kept track of. 

 

 

  • Discover marketing gaps:

You might have the best product in the market, but if your marketing game is not strong, your customers won’t know about it. Most businesses cannot attract the right kind of clientele because they have not been able to put themselves out in the right way. 

 

 

  • Reduction of repetition:

Repetitive tasks can be mind-numbingly tedious for human beings, even resulting in mistakes that can cost the company. On the other hand, machine learning gathers intelligence by drawing inferences from patterns of activity. 

 

 

  • Does better research:

One of the most challenging tasks associated with competitor intelligence is research. 

  • What is the data that you want to analyze? 
  • Which are the different pieces of information that you want to collect? 
  • What are the sources from where data will be collected? 

 

Artificial intelligence makes all of this incredibly easy. You can analyze every single detail of your competitors at scale and in a significantly less period. The AI system will also make sure that the data collected is organized in a visually appealing manner that makes it easy to find patterns from it. 

The AI crawlers that scrape the data can be as extensive as possible, and it is not even limited by geography. You can be assured of the fact that you are not missing out on any business use case. 

 

Disadvantages of using AI for competitive intelligence programs:

Let us look at some of the cons of using AI for CI and how it can take the charm out of it if you don’t take the right steps. 

 

  • Lack of context:

AI might be able to find unexpected patterns, but it cannot tell you clearly why it occurred in the first place. You might feed a select set of data, but how the AI works and what it finds ‘related’ is not transparent. The business should put more effort in finding the context for certain insights. 

 

 

  • False positives:

How does your AI algorithm find relevant data points? The algorithm might not have included important aspects that are important for your business or there might be coding oversights, and this will give false-positive results. You have to be on top of the data to ensure that the algorithm is doing what exactly it intends to do. 

 

 

  • Obsolete AI:

There is so much innovation in artificial intelligence that the results you are getting currently might be terribly limited. Be on the lookout for the latest innovations to get what you want. 

 

Popular AI use cases in competitive intelligence:

From identifying patterns in data to predicting future outcomes, artificial intelligence can make a world of difference in your competitive intelligence plan. It can even be programmed to gather information from disparate sources to analyze the data together. 

AI has the ability to quickly identify opportunities in your industry. It is already being implemented across industries to predict the future by discovering trends or data patterns that might be missed by humans. News tracking, AI-enabled content recommendation, opportunity tracking, social media monitoring, auto-tagging, customer preference analysis, comparison with competitors across different categories, detailed data breakdown etc., are some of the use cases of AI in competitive intelligence programs. 

 

Wrapping up:

Given the tonnes of competitor data that is available publicly, it would be unwise not to spend effort on collecting insights from them. Businesses will be doing themselves a disservice if they don’t invest in competitive intelligence programs to see what they can do to their existing IP strategy. Adding artificial intelligence into the fray increases the effectiveness of your competitor analysis. 

If you are looking for end-to-end intellectual property services and AI-powered competitor analysis, get in touch with the Researchwire team. Let us walk you through how exactly we can help you with gaining relevant insights for your business using competitive intelligence programs. 

 

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Automobile industry investing in 5G R&D can drive business growth : Know how

Studies by Qualcomm said that by 2035, 5G will generate more than $2.4 trillion across the automotive industry. It is also slated to create more than 22 million jobs. When 5G is rolled out, it will be able to transfer hundreds of megabytes per second, as opposed to the low tens of megabytes that 4G offers. One of the basic requirements of 5G is that it should be able to handle at least 20 billion bits of downloaded data per second. Let us look at 5G in a bit more detail. 

 

What is 5G?

The 5th generation of cellular technology is set to change our lives in ways that we would have never imagined. Its ever-reliable connectivity allows millions of devices to use and transfer data everywhere. 5G is meant to deliver ultra-low latency, massive network capacity, increased availability, uniform user experience, and peak data speeds. It will result in higher performance, empower users and change the way how many industries operate. In this article, we will look at 5G’s impact on the automobile industry. 

 

5G in the automobile industry:

Every day, millions of vehicles leverage mobile technology for real-time innovation, connected infotainment, emergency services, etc. With the advent of 5G, a new range of applications will spawn Vehicle-2-Vehicle, Vehicle-2-Infrastructure (V2I), Vehicle-2-Network (V2N), and Vehicle-2-Pedestrian (V2P) communications. 

 

According to Gartner, the share of 5G-enabled cars actively connected to a 5G service will reach 94% in 2028. 5G will bring a windfall of sales in the automotive sector, but its impact is beyond just that. 

 

Partnerships for 5G autonomous vehicles:

 

Benefits of 5G in the automobile industry:

Let us look at the different ways in which 5G will impact the automobile industry. 

  • Makes manufacturing cars easier:

Thanks to 5G’s secure and real-time connectivity, the manufacturing of automobiles also gets a fillip. Ericsson recently tied up with Telefonica Germany for 5G car production through a private 5G network for Mercedes Benz. Jörg Burzer, Member of the Divisional Board of Management of Mercedes-Benz Cars, Production and Supply Chain, said: “With the installation of a local 5G network, the networking of all production systems and machines in the Mercedes-Benz Cars factories will become even smarter and more efficient in the future. This opens up completely new production opportunities.”

 

5G will be able to usher in an era where efficiency and profitability will be achieved by automobile companies by creating new innovations in the processes. It could be due to the continued automation of robots, warehouse transportation, or cutting cables for more flexibility. The 5G mobile technology will lower costs, greater flexibility, shorter lead times, etc. 

 

  • 5G will result in safer cars:

The mobile technology’s greater throughput, availability, and reliability will enable safety-sensitive applications known as V2X, or Vehicle-to-Everything. V2X, with the help of 5G, will play a huge role in bettering traffic efficiency and reducing car-related accidents. How? Vehicle-to-Vehicle communication gives vehicles the ability to look beyond just what is in their line of sight. 

According to Morgan Stanley, V2V communication could save more than $500 billion from accident avoidance. This will make commuting every day safer and make travel a less time-consuming affair. It is estimated that more than $2.7 billion worth of hours will stop being wasted.  Autonomous vehicles will know where the parking spots are, determine alternative parking areas, and reduces congestion, thereby saving another $140 billion by avoiding congestion. 

 

  • Smarter cars:

The key to developing autonomous vehicles is artificial intelligence, but its biggest enablers are communication and connectivity. Machine-to-machine requires an incredible amount of bandwidth. Thankfully, 5G supports it. 5G’s high bit rate will enable high volumes of 3D data exchange. The speed and reliability of 5G data allow for sharing of sensory data, and it is of huge significance in improving situational awareness, thereby expediting the process toward autonomous automobiles. 

 

  • Advanced auto manufacturing:

The impact of 5G in the automobile industry starts in the assembly line itself. 5G will allow remote factories to have better communication and connectivity. It will make the production of cars faster, cheaper, and more efficient. In the future, you will see wireless and connected assembly lines that build parts and the complete construction of the car’s body using cables and wires. 

 

  • Better freight and shipping:

With 5G, the logistics industry will see a complete makeover too. It is expected that autonomous trucks will become a reality by 2027. Road assistance will be possible through virtual reality. Companies will manage their fleet using a remote mechanic. It will reduce the time taken to care for trucks, thus getting them back on the roads faster, and improving delivery times. There are times when it becomes impossible to find broken-down trucks. With 5G’s advanced geo-location technology, vehicles will be easier to track. Such route optimization improves delivery speeds and reduces the time taken to travel. 

 

  • Will be of huge significance for electric vehicles (EV):

With many legacy brands jumping onto the electric vehicle bandwagon, whether it is launching pure or hybrid EVs, 5G is set to play a major role. Better connectivity leads to greater control, analysis, and performance. 5G will facilitate the infrastructure to assist EV deployment, such as monitoring battery levels, identifying better routes, and finding charging stations quickly. 

 

  • Will rejig the automobile industry:

While we are still not sure about the extent of change that 5G will spawn in the automobile industry, there is no doubt that automobile manufacturers will have a lot to think about. For example, the advent of autonomous cars means that car manufacturers and OEMs should concentrate on the rider’s experience while in the vehicle. You might see a wave of in-vehicle apps and other forms of entertainment, and the 5G network will act as an enabler here. Manufacturers will have to find ways to redefine the purchasing experience. You will see newer products and business models. 

 

  • Advanced self-driving:

5G helps leverage the full potential of advanced CASE (Connected, Autonomous, Shared, and Electrified). Autonomous cars use hundreds of sensors to make vehicles faster and smarter. 

 

Conclusion:

The automobile industry is going through a massive transformation. In a few years, cars will be more connected, autonomous, shared, and electric (CASE). Automotive manufacturing would go well beyond just manufacturing cars, and will have to focus more on technology-side features too. They should partner with technology companies to optimize and better the existing facilities in automobiles.

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