Acquiring competitor intelligence is one facet that nearly all businesses have in common. Ideally, to stay ahead of your competition, it is essential that you apply modern techniques to monitor what the competitors are doing. By using technology to monitor the activities of your competitors, you will be able to retain your customers and attract many more. This is where the insightful role of AI in competitor intelligence comes into the picture.
Over the years, there have been a lot of technologies that promised to support businesses the way AI does, but none of them can be compared to the practicality of AI.
Recently, we have witnessed various industry players increase their interest in Artificial Intelligence. This is because AI is a need-of-the-hour technology supporting enterprises to accomplish several business functions in record times. Among the application domains of AI in business, we have competitor intelligence or peer intelligence.
In this article, we intend to explore the insightful role of AI in competitor intelligence and how it can be utilized to its maximum potential.
Tracking Competitor Outsourcing Footprint
The outsourcing footprint of a competitor indicates a lot about their workflows and upcoming products and services. Tracking the outsourcing footprint of your competitor enables you to target the right technologies, service providers and drive innovation throughout the organization.
AI lets you dive deep into a competitor’s outsourcing footprint and analyze what is right for you. Along with this, it also lets you know of their business intentions and plans to equip you with an advantage of knowledge.
Staying Ahead with Sector Intelligence
Sector intelligence tracks what is happening in large groups of companies. Sectors are created by grouping companies with similar primary business activities like Healthcare, Banking, and Financial Services, IT, Communications, etc. It looks at large-scale economic shifts and changes for these categorical companies. With AI in competitor intelligence, you get to access a 360-degree view of any particular sector with deep insights into specific companies of your choice.
Given that each sector has unique characteristics and a different risk profile, sector intelligence provides access to these emerging trends. Staying ahead of the competition can only be possible if enterprises catch on to emerging trends faster than their competition.
With sector intelligence, catching on to emerging trends becomes a possibility. When combined with AI-backed sector-specific insights, this possibility offers invaluable knowledge of the global business ecosystem that helps enterprises move faster.
Understanding Business Intentions
Just like tracking industry trends, tracking specific competitor business intentions are also necessary. With AI, you get to have an eagle’s eye view of a competitor’s business intentions.
These are initiatives taken up by a competitor in a variety of categories spread over different business functions.
Utilizing this information gives you the upper hand of rightly positioning yourself for any future plans based on your competitor’s business intentions. This information is invaluable in competitor intelligence and can act as a solid competitive advantage.
Most sales intelligence platforms come with this feature that enables you to look beyond generic information and derive actionable insights into a competitor’s business intentions.
Unraveling the Tech Stack
In an era where digital transformation is at its peak and companies worldwide are catching on to it, knowing the tech stack of your competitors is paramount.
With AI-backed insight into a competitor’s tech stack, it becomes a smooth process to identify significant technologies, applications, and methods being used by your competitor.
With this information, one can adopt a particular tech stack or improve their existing tech stack to compete in the new-age race of digital transformation, which seems to be the theme of 2021.
Sales intelligence platforms like Draup help your sales teams perform targeted competitor research and derive intelligent AI-backed insights for competitor intelligence. Draup’s 360-degree view is built using machine learning models and validated by a team of analysts, ensuring data integrity.