How to improve your competitive and market intelligence skills

6 recommendations from our Barcamp session on Data, Methods and Skills from related Disciplines, that was part of our annual international Competitive and Market Intelligence Conference 2023.

Our experts have compiled their top recommendations from this informative session to improve your skill set.

  1. Cooperate with and learn from related disciplines: Attendees discussed the importance of working effectively with professionals from fields such as marketing, analytics, sales, product management, data science, and artificial intelligence. By learning from these professions, your own efficiency will improve. Check out data analysis methods, tools (software), and best practices from these quickly advancing fields. You can improve your competitive and market intelligence practice significantly.
  2. Use dedicated CI-Software tools, such as intelligence2day and KLUE, which can support competitive intelligence processes. These tools can automate tedious task like competitor monitoring or create dynamic and auto updated competitor profiles or battle cards.
  3. Develop critical thinking skills: Attendees discussed the importance of critical thinking in today's fast-paced business environment. By developing your critical thinking skills, you can overcame or at least compensate biases better decision quality should be the result. Overall, the Barcamp session on data, methods and skills from related disciplines was a valuable event that provided attendees with insights and best practices!
  4. Use natural language processing: Attendees discussed the challenges of retrieving data from large and complex datasets and explored how natural language processing can be used for first extracting and then analyzing meaningful insights from these datasets. An example of a CI/MI tool built on NLP from head to toe is Midesk, other tools with AI capabilities are Klue and intelligence2day.
    Our experts even gave examples of how ChatGPT can be used to create ideas and write complete articles. Consequently using these tools can highly improve efficiency. However, many experts also stressed the risks in relying on data that might have been created by AI tools, especially if their use is not communicated transparently. Now, with the help of AI tools like ChatGPT, even bad analyses can be perfectly written.
  5. Being part of a global community of practice for competitive and market intelligence can be useful for several reasons. It can help you stay up-to-date with the latest trends and best practices in your field, as well as provide you with access to a network of professionals who share your interests and can offer valuable insights and advice. Additionally, being part of a community can help you build your reputation and establish yourself as an expert, e.g. by speaking at a conference or writing an article in a journal like JISIB. Finally, it can provide you with opportunities to collaborate on projects and initiatives that can help you grow your skills and knowledge.
  6. Knowledge sharing is a key skill within CI/MI. It is crucial in improving collaboration, innovation, and decision-making. However, knowledge sharing can be challenging due to difficulties in finding relevant information and information overload. Starmind AI is an innovative tool that can help organizations overcome these challenges by providing a centralized platform for knowledge sharing. This platform uses machine learning algorithms to understand employees’ queries and provide relevant answers, making it easier for organizations to build a more effective internal network.

Are you interested in improving your competitive and market intelligence skills?
Do you want to learn more about our workshops and training programs?
If so, please visit our conference page or workshops and certification pages to learn more about our offerings.

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