Market intelligence involves the monitoring and analysis of a market as a whole: supply, demand, distribution, etc.
However, it can also involve the collection and transmission of information concerning the commercial environment of a product or service.
In this case, market intelligence encompasses pricing and competitive intelligence, as well as monitoring distribution, calls for tender, business practices in the industry, and existing or potential suppliers.
The primary purpose of this BI monitoring is to enhance a company’s business approach.
Thus, by conducting market intelligence, you can increase efficiency in developing your company and its business.
Business intelligence can also identify new opportunities (prospects, suppliers, and distributors) to follow the news about your partners and customers, monitor competitors’ prices, and to detect customer expectations.
In a challenging economy and an increasingly competitive and constantly changing environment, business development is the main challenge a company faces in order to remain competitive.
Multiplying qualified contacts (new targeted prospects to canvass, public procurement announcements published in the BOAMP, information about fundraising or acquisitions….