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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How 5G is Transforming the Healthcare Industry

From facilitating the remote diagnosis of the Covid virus to autonomous driving robots inside the operating room, the advent of 5G networks in healthcare will be one of the best things to happen for the healthcare industry. With its massive connection power and high speed, it has a lot to offer and revolutionize healthcare. 

 

Investments in healthcare technology have increased because of Covid-19. There was a 19% increase in healthcare investments in 2020 when compared with 2019, to the tune of $9.1 billion. According to Gartner, the 5G network infrastructure has risen worldwide by 39% in 2021. 

 

What is 5G?

It is the fifth generation of wireless network technology and is an advanced version of the 4th generation. 1G focused on improving voice quality, 2G did the same, but it also offered consumers the ability to send and receive text messages. 3G was released during the time internet was brought to our phones, 4G was all about data sharing and faster wireless internet connectivity. With 5G networks, we are promised incredibly fast connectivity, extremely low latency, and widespread coverage

 

What is the relevance of 5G in healthcare?

The cost of healthcare is seeing a steep increase, and the Covid-19 pandemic has only added to its woes. Inefficient processes, government policies, aging population, disease incidence, and medical service utilization contribute to the increase in healthcare costs.

 

Some of the biggest technologies in the world such as artificial intelligence (AI), machine learning (ML), IoT, big data, etc, contribute to the development of the healthcare experience for patients. They also help reduce costs for the hospitals. 

 

For example, AI/ML helps in the diagnosis of certain diseases based on the symptoms. Faster communication and a seamless network make telemedicine a reality. But there are problems such as slow network speeds and low latency that don’t help the cause at times. This is where 5G networks can completely change the game for healthcare providers. 

 

While many use cases were explored in healthcare, some of them didn’t meet expectations because of the limitations in the incumbent communication networks. Thanks to features such as low latency, high speed, and fast data transfer rate, 5G will be able to resolve some of the biggest challenges. 

 

What is the need for 5G in healthcare? 

 

  • Better security and reliability:

5G gives secure and more reliable service due to better use of bandwidth and more connection points. Because of this, 5G is able to provide ubiquitous coverage too. For healthcare applications, reliable and timely data transmission is pivotal, especially in areas such as augmented-reality powered robotic surgeries, connected ambulances, remote patient monitoring, and so on. Thanks to 5G’s better privacy protection, advanced encryption protocols, software-defined setup, and authentication framework, the networks are more secure. 

 

  • Helps expand telemedicine:

Market Research Future says that the telemedicine market is expected to grow at a CAGR of 16.5% from 2017 to 2023. The study says that the increased demand is because of government initiatives. For telemedicine to work successfully, it requires a network that offers high-quality video in real-time. Telemedicine is bolstered by the fact that it can enable mobile networks to work seamlessly. Patients who do not often get access to specialists will be able to get proper healthcare because of 5G networks. 

 

  • Connected ambulances:

Connected ambulances help emergency services collect important and real-time information about the patient through sensors, wearables, and streaming HD cameras, while the patient is being taken to a healthcare center. Thanks to this, the healthcare staff have a much better understanding of what the patient requires even before they arrive at the hospital. In serious situations, specialist doctors can even guide the paramedics through certain procedures without having to travel to hospitals. 

 

Connected ambulances cannot be implemented without 5G’s capabilities. Real-time data transfer is pivotal in emergency situations as even minor decisions can have a lot of bearing on patient outcomes. The high bandwidth that 5G offers enables the video to be live-streamed without seeing a dip in quality. Apart from these two, the 5G network’s increased reliability and security make it a must-have for the healthcare industry.

 

  • Video-enabled medication adherence:

Making sure that patients take their prescriptions is a big challenge in the healthcare industry. Patients with chronic diseases will not be able to function properly if they do not take their medicines on time. 5G tackles this problem by connecting pharmacists and care providers directly to the patient to ensure that the medicines are taken on time. 

 

  • Clinical collaboration:

Lengthy wait times to get the correct diagnosis can result in a poor experience for the patient, it can even end up harming them adversely. Most of the time, the doctors will be waiting for the results of tests that are being diagnosed in the same healthcare center. Collaboration and communication become a problem and it slows down the progress of the treatment. 

A healthcare center that has a 5G platform can easily solve this problem as lab technicians will be able to transfer large files without compromising the quality. The 5G platform connects all the devices within the hospital, starting from medical equipment to devices handled by the caregivers, solving the problem of data accessibility.  

 

  • Medical Sensors:

Wearable devices have seen huge strides in adoption as well as an increase in their use cases. A wearable fitness device can monitor your heart rate, skin temperature, ECG, SpO2, sleep cycle, and even your stress levels. With more such technologies facilitating remote patient care and monitoring, the treatment and experience of the patient improve by a huge margin. 

 

Hospitals can even use smartphone cameras to detect melanoma, monitor skin infections, analyze patient injuries, eye problems, etc. The wireless medical sensors can even be used in administering and monitoring medication. 

 

  • Real-time remote monitoring:

With the help of IoT devices, healthcare providers can monitor the data of patients to provide timely and personalized care. It also increases patients’ engagement with their own health. One of the biggest obstacles to the success of remote monitoring is the capacity of networks to handle the data. When the connection is unreliable, the healthcare service providers will not be able to make quick decisions. 

5G enables real-time remote monitoring because of the following reasons: 

  • Increased capacity to handle a number of connected devices per square kilometer
  • Provides greater reliability and security for the connected devices
  • Offers greater mobility 

 

  • AR/VR for the blind:

Those who have poor or zero vision will find it difficult to do day-to-day tasks that are easy for others. With the help of augmented reality (AR) and virtual reality (VR).

headset, or a pair of video streaming glasses, visually challenged people can be connected to a real-time person who will guide them in doing their daily activities. 

 

5G helps AR/VR systems to help the visually challenged at scale because:

  • 5G’s low latency allows the video to be streamlined in real-time, and it is crucial as a light delay might result in mishaps
  • The higher bandwidth that 5G offers allows for higher video quality 
  • Many of the AR/VR activities will happen seamlessly because of the mobility that 5G offers

 

  • Distraction and Rehabilitative Therapy:

AR and VR can also be used extensively in hospitals to offer a better experience for the patients, especially in distraction and rehabilitative therapy. To give an example of how AR/VR can be used in distraction therapy, we can take the example of a patient who has a phobia of needles. The patient can wear the AR/VR headset, they can choose cloud-streamed videos, and they will be transported to a completely different environment. 

 

  •  Better patient-doctor relationship:

To give and receive proper care, the relationship between patients and doctors should be great. Thanks to 5G, the communication between both parties happens seamlessly.  Artificial intelligence and interconnected sensors can analyze the interactions between patients and the staff. With 5G, there will be better outcomes and much more personalized care. Integration of 5G can also increase the access of doctors. With the help of fast data speeds, patients can interact with doctors from afar. Patients wouldn’t have to walk into a hospital for every minor ailment. By using video chats, they can assess which ones require in-hospital visits. 

 

  • Healthcare automation:

Hospitals can leverage the applications, data, and infrastructure that 5G networks will open up to stay a step ahead of their competitors. They can greatly increase their speed, ability to handle complexity, and scale of business operations. Automation plays a huge role in maximizing healthcare value. With the help of 5G, hospitals can automate pivotal business processes and workflows. Potential delays or failures can be detected with the help of predictive analysis before they happen, thereby making them ready for immediate remediation. 

 

  • Telesurgery: 

Telesurgery requires medical information like audio, videos, and images, to be digitized and transmitted wirelessly via telecommunication networks. Telesurgeries are rare because of concerns over internet reliability and infrastructure. The data connection has to be fast if surgeries have to be remotely monitored. There’s good reason to believe that 5G will make telesurgery a possibility. 

 

Conclusion:

The potential of 5G in healthcare is immense, there are many more applications of this technology. It can improve the quality of the care, reduce the care cost, offer a better patient experience, and more. As the use of 5G in healthcare increases, we will see a connected healthcare ecosystem taking shape that will change the way we receive care. Ultimately, this paves way for better healthcare for everyone. 

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Senior Leadership at Researchwire Recognized on IAM Strategy 300, 2021

Co-Founder, Praveen Singh named on the list of The World’s Leading IP Strategists.

 

The IAM Strategy 300 identifies the leading corporate professionals who are from global patent community and were nominated for individuals  inclusion. Only those individuals identified by market sources for their exceptional skill sets and profound insights into patent matters are featured.

Researchwire‘s Co-Founder Praveen Singh, was  recognized and ranked in IAM300 for IP Management and this is a prolific achievements. Researchwire is a family of diverse hi-tech professionals and it makes us proud when our senior  mentor leadership is recognized in a global community of IP professionals in IAM.

We highly appreciate IAM for recognizing our contribution to the domain of patent research, AI, semiconductor reverse engineering, and emerging markets!

As we evolve with the growing need for technology space imbibed with research and automation, we are happy to embark on the journey with the best wishes of all our clients and well-wishers for believing in us.

 

Full interview covered at IAM:  https://www.iam-media.com/survey/strategy-300-global-leaders/2022/article/praveen-singh

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