Business intelligence (BI) has been used as “an umbrella term to describe concepts and methods to improve business decision making by using fact-based support systems” including underlying tools, architectures, applications, databases, and methodologies (Chen, Chiang & Storey, 2010). In the COO’s world, BI reigns supreme and as their techniques continue to evolve, these techniques have increasingly become powerful tools and information for decision makers. We have all come across great case studies on the success and improvement of internal processes and performances of many organizations who have set side hefty budgets for BI projects. When looking internally this is all fine and dandy but what happens when you want to look into external business environments?
And so we meet market intelligence (MI), which is the concept of how organizations keep tabs on their competition and analyze what is happening in their industries or markets in which they operate in (Palermo, 2013). More and more organizations are competing in highly competitive global markets and the external factors like competitive landscapes, market conditions and economies become very important to be able to compete effectively.
The problem has always been that each organization requires unique data sets of MI and feel that what the market research firms have to offer may not be specific enough or the right amount of data needed to tackle the problem they need to solve. Organizations set up internal teams, apply BI metrics and with some tweaking, hope to achieve the results that will allow them a conclusive analysis. Yet they still have to rely on external MI sources to make up the data sets where their internal efforts fell short. To some extent it makes sense in applying BI metrics to MI metrics but the variables in MI metrics have to take into account the unpredictable factors that are uncontrollable in rapidly evolving markets.
What BI achieves for internal factors, MI achieves for external factors and setting the guidelines and the labor intensive efforts to identify, gather, and analyze MI can be a daunting and time consuming task. BB-Media Business Bureau helps organizations access reliable and accurate data on the way consumers watch entertainment which includes traditional and new media platforms. BB-Media offers a single point of access where marketing teams, products teams, sales teams, content teams, and business teams can search, visualize, compare, share and download MI data that is useful on Pay TV and New Media Platforms. Furthermore BB-Media enriches the MI data by updating the database every quarter so you can count on the most in-depth, accurate and reliable MI data to effectively compete in the media landscape. There is no need to reinvent the wheel, you just have to make it run smoother.
References:
Chen, H. Chiang, R.H.L. & Storey, V.C. (2010). Business Intelligence Research. MIS Quarterly, 23(1), 201- 203.
Palermo, E. (2013, June 26). What is Market Intelligence? Retrieved from http://www.businessnewsdaily.com/4697-market-intelligence.html
And so we meet market intelligence (MI), which is the concept of how organizations keep tabs on their competition and analyze what is happening in their industries or markets in which they operate in (Palermo, 2013). More and more organizations are competing in highly competitive global markets and the external factors like competitive landscapes, market conditions and economies become very important to be able to compete effectively.
The problem has always been that each organization requires unique data sets of MI and feel that what the market research firms have to offer may not be specific enough or the right amount of data needed to tackle the problem they need to solve. Organizations set up internal teams, apply BI metrics and with some tweaking, hope to achieve the results that will allow them a conclusive analysis. Yet they still have to rely on external MI sources to make up the data sets where their internal efforts fell short. To some extent it makes sense in applying BI metrics to MI metrics but the variables in MI metrics have to take into account the unpredictable factors that are uncontrollable in rapidly evolving markets.
What BI achieves for internal factors, MI achieves for external factors and setting the guidelines and the labor intensive efforts to identify, gather, and analyze MI can be a daunting and time consuming task. BB-Media Business Bureau helps organizations access reliable and accurate data on the way consumers watch entertainment which includes traditional and new media platforms. BB-Media offers a single point of access where marketing teams, products teams, sales teams, content teams, and business teams can search, visualize, compare, share and download MI data that is useful on Pay TV and New Media Platforms. Furthermore BB-Media enriches the MI data by updating the database every quarter so you can count on the most in-depth, accurate and reliable MI data to effectively compete in the media landscape. There is no need to reinvent the wheel, you just have to make it run smoother.
References:
Chen, H. Chiang, R.H.L. & Storey, V.C. (2010). Business Intelligence Research. MIS Quarterly, 23(1), 201- 203.
Palermo, E. (2013, June 26). What is Market Intelligence? Retrieved from http://www.businessnewsdaily.com/4697-market-intelligence.html