Fuelling your business with competitor data

by Mayowa Adeniyi

Businesses of all sizes benefit from using data to drive their operational decisions. The insights derived come with a strong foundation in analytics, however, while modern accessibility makes it readily available, not all businesses are taking full advantage of all the sources available to them.

So how can your business benefit from introducing new sources of information to draw on? Let’s start with some basics.

Data is the basis of AI/ML

Data is the crucial foundation of all artificial intelligence (AI) technology from which all models of machine learning is built on. Lighthouse8 specialises a particular process of AI known as machine learning (ML), building predictive models for algorithms to seek out ongoing applications. It is a completely automated process that assists the technology in predicting unseen or future cases.

For companies and brands interested in digital transformation, such technology results in streamlined work for individuals, easier identification of customer opportunities and delivering more effectively to the market. The ML models, however, can only be as good as the data which they are built on, therefore rigorous, collection practices are important at the initial stages. Digital transformation also requires business intelligence, which is just as crucial in the process of achieving successful digital transformation.

Why is business intelligence important?

“More data means more information.”

Over time, the world has seen an increase in technological capabilities as the cost of doing business has correspondingly gone down. The growth of cheaper storage solutions and powerful processors has also allowed big data analyses from enterprise systems to be crunched on demand within minutes. Reports also indicate that while we are creating more data than ever before most is being overlooked.

Due to their easy accessibility, Google Analytics and individual CRM systems are the main sources of information available to most business. However, this reliance can often lead to tunnel vision by choosing to only focus on internal sources. In highly competitive industries where a small edge can result in a higher return, drawing data from multiple sources can often be the advantage in developing a better understanding of the market.

Keeping up with the competition

Knowledge of your competitors ensures you know where exactly your business is positioned, especially if its primary operation is online. With K8, the capacity to collect and utilise information is made easier. By tracking aspects of the competition’s digital activities, she can offer actionable insights including how they are spending on keywords, paid ads and product pricing comparison, for your own business to take on board. This data displayed on your own purpose-built Customer Intelligence Platform to advise how and where to invest your budget for the highest return.

So, while most businesses today are sitting on a wealth of data they have generated, the ones who have benefitted the most use publicly available industry knowledge to their competitive advantages.

 

Want to know more about K8 and our competitor monitoring suite of tools? Contact us today!

Including all digital channels such as search, display, paid social media, etc.

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