AI implementation grew a whopping 270 percent in the past four years as per a report by Gartner. Estimates suggest that by 2022, the enterprise AI market will be worth $6.14 billion. As per the Deloitte State of AI in the Enterprise report, 53 percent of enterprise executives expect AI to be of critical strategic importance in the next couple of years.
These statistics are not entirely surprising given the immense potential of AI. AI allows companies to identify trends and insights by analysing reams of data, including real-time data. As a result, AI can drastically improve decision-making, and help organizations become more competitive. The massive growth of AI should also sound off alarm bells among organizations that are not using AI. There’s a very high chance that your competitors are using AI to shape their organizational policies, putting you at a disadvantage. For instance, competitive intelligence insights can help enable sales and drive product strategy.
Research already suggests that markets are becoming increasingly competitive. As per the 2019 State of Competitive Intelligence Report released by Crayon, 87 percent of respondents held that their market had become more competitive in the last three years. The use of AI as a competitive intelligence gathering tool can help organizations get a significant competitive leap in several ways:
- Analysis of Data from Multiple Sources
AI enables tracking of competitive data through a wide variety of disparate sources including company news, industry blogs, social media, and syndicated reports. AI-based tools are well positioned to harvest data from millions of webpages to surface valuable business insights. These tools provide intelligence on competitors, ranging from product and pricing changes to customer and employee reviews to marketing campaigns and tests.
- Continuous tracking and monitoring
While most traditional competitive monitoring tools offer insights only retrospectively, AI can enable organizations to track key competitive developments in real-time, as and when they happen. This is especially beneficial for companies in seeing real-time performance of their social media efforts and developing a social media competitor analysis.
- Shortage of Skilled Professionals
If done manually, sifting through a large volume of competitor and market data is extremely time and resource intensive. For this, employing data experts in every department within an organization is important. However, even if a company can afford to do so, making timely decisions with data requires the right processing software. In order to derive intelligent insights, it also needs a certain understanding of the market, competitors and industry. AI can help effectively automate this time consuming process.
- Forecasting Future Direction
AI coupled with predictive analytics can not only forecast how you can expect your business to perform in the future, but it also provides invaluable insights that can guide your strategy. Today, machine learning algorithms can completely automate the forecasting process, cutting down on cycle time and effort. These algorithms can run on demand to generate accurate business performance forecasts and also provide early warning signals.
As the world becomes more competitive than ever, having your ear to the ground and being clued-in on competitive strategies can be the difference between success and failure. As organizations continue generating more and more data, the analytical might of AI will help power the next phase of decision-making and profitability