Business Intelligence
Business intelligence is defined as a set of software packages, tools, and systems that play a very important role in the strategic planning process for any company. They represent the software and physical tools which a company uses for gathering research and intelligence.
The companies use that information for making the decisions as they combine to make the systems that allow any company for the purpose of gathering, storing and analysing the raw business data so that it helps to make the right kind of decisions.
The business intelligence systems also normally operate for collecting data in areas of market research, customer support, product performance, competitive intelligence and other statistical analysis. It also helps to make sure that the company is taking the corrective measures that it needs to achieve its short term as well as long term goals through this tool.
Competitive Intelligence
Competitive intelligence is defined as the act of understanding the industry and their rivals for any company so that they can proceed to make better business decisions. Competitive intelligence is also an acute type of market research that is conducted by any business. With the help of competitive intelligence, businesses can use the same kind of tactics that are used while conducting market research. But the main focus of these companies should always be to answer important questions rather than reviewing the broad market-based trends. With the help of competitive intelligence, businesses can also include the knowledge of the operations of their competitors or business partners. They can also help to develop a deeper understanding of the industry where the company operates.
Competitive intelligence basically helps to provide the material information that any company can use to make better-informed decisions compared to any average firm in its industry. It does so because it needs to operate in a much more efficient manner. When the companies are conducting competitive intelligence, they can spot opportunities that are present in the market and also get ahead of their competitors in the field. For example, there are a number of companies that might opt for blog posts, Twitter messages, LinkedIn profiles and email blasts to track their competitors.
Difference between Business Intelligence and Competitive Intelligence
Both business intelligence and competitive intelligence also play a very important role. However, it needs to be seen that there are major areas of difference between business intelligence and competitive intelligence, and it is important for us to focus on the main points to get a wider perspective of these two instruments:
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Business intelligence is defined as a set of software packages, tools, and systems that play a very important role in the strategic planning process for any company. |
Competitive intelligence is the act of understanding a company’s industry and industry rivals so the company can make better business decisions. |
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Business intelligence has a wider scope compared to competitive intelligence. |
Compared intelligence has a narrower scope compared to business intelligence. |
Conclusion
There are a number of points of difference between business intelligence and competitive intelligence. But both of them perform a very crucial role in the corporate setup of today. They also have a part to play in the overall growth of businesses, both in the short as well as the long run.
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