What matters most when dealing with data is starting with a clear objective. When you start with your “why” before commencing on data collection and analysis, it leads to a more impactful strategy.
Impact comes from:
- Clarity on the decisions aimed to make through an intelligence program
- Understanding how different business units will utilize the gathered information
- How quickly can you generate, access and distribute the data that leads to the decisions
Artificial intelligence (AI) plays a big role in influential decisions. It can access data faster, easier and provides on-demand summaries along with answering questions. However, the utility of these AI-generated answers depends on the trust granted by the stakeholders.
Data fuels innovation, efficiency and competitiveness across industries by driving decisions, therefore the amount of data captured and processed nowadays can be overwhelming. Hence the growing demand for AI platforms which are evolving hastily in response, but not by definition free from error. To make AI more reliable for businesses and establish a direct link between platform scalability and accountability, it is crucial to combine human intelligence from consultative domain experts with AI tools to accelerate insights generation.
Synergy between AI and human expertise can be harnessed to great advantage. AI systems excel in the management and analysis of vast datasets, thus affording humans the opportunity to expose complex nuances from these findings. These nuances, in turn, serve as the bedrock to creative strategies, ultimately fostering the expansion of the business enterprise.
Additionally, when multiple departments, such as sales, marketing, R&D, and strategy, contribute their perspectives to the same data pool, it becomes a more comprehensive and valuable resource. This diversity of viewpoints allows for building a stronger foundation for analysis and insights, which is the key to an effective intelligence program.
Let’s see how this works in action:
Case Study 1
One of our clients approached us initially focused on traditional metrics like profitability and market share to understand why they had a slightly lower market share plan than their competitor.
However, one of our experts realized to really solve their end objective to grow their share, they needed a broader focus. In this case, we would also need to discuss investments in innovative products and their potential to disrupt the market and impact on the client's core business.
Also, we saw the need for a transition from being just a supplier to becoming a genuine development partner for the client. This shift in perspective not only influenced what data needed to be captured but also the reasons behind data capture and its intended use.
This expanded scope went beyond mere product offerings, and it was crucial for gaining a comprehensive understanding of the competitive landscape. A broader scope: instead of simply comparing profit margins of related products with competitors led to expansion into investments and new Innovative products.
This event highlights the importance of reevaluating established practices together with embracing a more integrated approach to data analysis. It demonstrates how a broader perspective can lead to more insightful decision-making and the development of strategies that truly reflect the evolving dynamics of the market.
Case Study 2
Our approach began with competitive benchmarking. We then enhanced it by incorporating an analysis of our client’s competitors’ activities in areas such as R&D, intellectual property, and partnerships, assessing how these factors could potentially disrupt the client’s product positioning. Capturing this huge dataset was possible within relevant timelines and budgets through AI tools. Subsequently, we introduced an additional layer to the process, where we sought to understand the likelihood and magnitude of impact from these disruptions by gathering customer insights. We engaged with their customers to evaluate how their competitors' actions might affect our client’s current business.
This wealth of information was then utilized to assess the impact of the disruptions on our client’s existing business. We dug deeper to determine what new products or services might be required to counter the competitive moves made by their rivals while safeguarding their market position.
Over time, this evolved into a comprehensive program, which is now a valuable tool for our client’s strategy team. While it began as a simple competitive positioning tool, it has since transformed into a robust and comprehensive approach, highlighting the constructive collaboration between human expertise and artificial intelligence.
Together, these cases emphasize the need for businesses to continually reassess their strategies and embrace a broader perspective to stay competitive and resilient in an ever-changing market.
Aim for a Successful Insights Program.
AI is a valuable tool in various business aspects, but it falls short in terms of managing expectations and genuinely helping real life business decisions. However, combined with human intelligence, plus multiple use cases like sales, marketing, and product innovation, AI can enhance program comprehensiveness by incorporating diverse viewpoints and data sources.
This partnership is about blending human expertise and technology to make informed decisions to ensure success in areas like lead generation, client service, and competitive advantage.
Without the appropriate organizational structure or frameworks in place within your company, even the best technology may not be sufficient, and your program could potentially encounter failure or reach a plateau in terms of adoption.
The future of successful business intelligence lies in the symbiotic relationship between human expertise and technology, driving innovation and ensuring sustainable success.
