Hint: More AI Is Not The Solution
In our client engagements, we regularly speak with teams who gather competitive intelligence. This takes many forms including tracking competitors’ market share, pricing, new product launches, acquisitions, key hires, article mentions, web analytics, regulatory filings, legal proceedings, and market research. There is a tremendous amount of valuable information that these competitive intel teams provide to the leadership team.
Third parties help with this process. Even the biggest companies with fully staffed and dedicated strategy or competitive intel teams often look to the help of consultants and software-based solutions.
Consultants can create custom projects like customer surveys and in-depth deep dives on specific competitors or products. Modern software solutions aggregate content from millions of sources across traditional media publications, government data, social media channels and more. They use algorithms and artificial intelligence technologies to categorize and “understand” the information so that millions of data points are filtered down to the dozens highlighted.
The team tasked with investigating and analyzing this information often adds commentary to the most important ones to ensure that the recipients of the updates have the right context. They share the commentary and underlying information via group email and sometimes via a shared internal web portal or blast email system. The commentary is often more valuable than the underlying information since they contextualize it to the specific company and people who are managing the business.
As a former business line general manager at several large companies, I was the recipient of such updates, and many of our client engagements echo my experience. Although this context is relevant and valuable, it is often an underutilized asset. The recipients often miss the updates and rarely leverage them at a later date.
This communications gap is where the business can generate a clear Return On Investment improvement by leveraging the insights already being generated. The value of competitive intelligence is to help drive a company’s strategy, aid in the decision making and business planning processes, inform new investment rationales, and ensure that the company’s leaders know what others in the industry are focusing on.
At StreetReader, we built a better way to get that valuable information to executives and business managers. StreetReader fills the gap in email and delivers the business updates in a way that is categorized, formatted and prioritized based on the needs of the recipient. And all the activity is tracked to ensure that the team creating this valuable insight has clear feedback on what resonates most.
We have built a way for companies to more effectively leverage the competitive intel they already create. This is the competitive intel ROI that StreetReader delivers.