Doing more for less can take many forms, but based on our conversations with CI/MI profiles, we believe there are three key ways teams can do more with less in 2023
What’s the Biggest Change Observed in Competitive/Market Intelligence in ’23?
The biggest change for CI/MI (competitive intelligence/market intelligence) in 2023 is the intensification of the “do more for less” mandate. Doing more for less has always been part and parcel of the CI/MI experience, but it’s particularly true in 2023.
Macroeconomic conditions are prompting technology vendors to maintain or trim CI/MI headcounts and budgets and make do with currently available resources. At the same time, CI/MI has never been more strategically vital to organizational success, creating consistent demand for strategic and tactical CI/MI support. There’s an emphasis on quantifying the value of CI/MI deliverables.
We see this trend materialize in CI/MI requests for deeper data and insights on existing competitors, as well as extended coverage of Tier 2 and Tier 3 emerging competitors, players in adjacent industries, and ecosystem partners. Merely drawing on public resources is no longer sufficient, particularly given the CI technology platforms available, and direct-from-field customer insights on competitors are considered a requirement.
How Can CI/MI Respond to the ‘Do More For Less’ Mandate?
Doing more for less can take many forms, but based on our conversations with CI/MI profiles, we believe there are three key ways teams can do more with less in 2023:
- Leverage technology: CI/MI platforms can help you automate the recurring tasks associated with insights collection, freeing you up for higher-value tasks. Conversational intelligence and related tools provide access to direct customer insights to amplify the quality of your CI/MI deliverables. In a not-so-distant future, generative AI platforms will further augment CI/MI.
- Establish a CI/MI value program: Engage with your CI/MI stakeholders to understand what deliverables are truly valuable, and quantify that value. Identify areas where you may be able to reduce or minimize produced under-leveraged deliverables.
- Partner with third parties: Third-party analyst firms, competitive intelligence agencies, win/loss providers, and other partners in your MI/CI ecosystem have access to data and resources you likely do not, which will solidify your ability to do more.
To learn more about the state of CI and MI in 2023, watch our recent webinar “State of Technology, Telecom and Professional Services in Competitive Intelligence in 2023” for free now