Market intelligence applications and technology can help companies examine the following: changing trends in market share, changes in customer behavior and spending patterns, clients’ tastes, business capabilities and market requirements. Market intelligence can be used to assist analysts and supervisors determine which alterations are most likely to influence trends. MI systems can help businesses develop consistent and data-based business decisions producing better outcomes than basing decisions on guesswork. Additionally, market intelligence programs can improve communication among departments, organize activities, and enable businesses to respond more quickly to changes e.g., in financial conditions, customer preferences, supply chain operations, etc.. When a MI system is well-designed and properly incorporated into a business’s processes and decision-making procedure, it may have the ability to improve a corporation’s performance. Every market intelligence system has a specific purpose be it short term or a long term purpose based on a vision statement or organizational aim.
Having access to timely and accurate information is an important source for a business, which may expedite decision-making and enhance customers’ experience. Market intelligence analysts have developed software tools to collect and analyze large amounts of unstructured information, such as manufacturing metrics, sales statistics, attendance reports, and client attrition figures. Every MI vendor typically develops Market intelligence systems differently, to match the requirements of different businesses e.g., retail companies, financial services firms, etc.. As businesses started automating a growing number of systems, more and more information became available. However, collection remained a challenge because of lack of infrastructure for information exchange or to incompatibilities between systems. Analysis of this information that has been gathered and reports on the information sometimes took weeks to generate. Such reports let informed long-term tactical decision-making. However, short-term strategic decision-making continued to rely on instinct.
The procurement market intelligence can be defined as a set of business processes designed to market and analyze business information. It is a huge category of application of applications that includes providing access to information to assist an entrepreneur in his business decisions, job of query and reporting, online analytical processing OLAP, statistical analysis, forecasting and data mining. Market intelligence involves different approaches. The MI task can be managed with the assistance of application program. The application software differs from the system software that incorporates different capacities of the computer but these are not directly applied to the benefit of the consumer. The application software is designed to help individuals be wise in taking decisions by imparting them accurate, current and requisite details. The market intelligence program also needs to be analyzed for accuracy, validity and reliability. An individual also needs to know that the way the market intelligence initiative entails a variation in outcomes and how much change was an opportunity product.