Market intelligence software is not a new phenomenon and it is existed in various, albeit less complex forms, for many years if not decades. It is even more or less exactly what it says it is, software which will help you to conduct your business in a smart manner. It is, of course, plus a good deal more than that, since it is an over arching term for a vast assortment of tools which support and inform various facets of strategic planning processes, and costly, executive time to manage, operate and make decisions rather than laboring over time intensive reporting and planning methodologies which can be economically and easily subsumed into a few of the numerous applications available from modern market intelligence program. In summary, market intelligence applications can enable you to collect data and information on many topics of operational value from customer tendencies to employee performance and to save, access, use, analyze and use the value learned in the process to trend analysis and new aims.
It can help manage and know your stakeholders and your gains too in essence market intelligence applications is sufficiently flexible to be implemented for more or less function you might have in mind. To give you an idea of what this varied functionality entails, let us take a look at few common applications. A very common use of market intelligence applications is found in the shape of executive scorecards and dashboards that are a simple way for management to look at key performance indicators and vital dimensions in a fraction of the time it would take were conventional reports to be drawn up every time an executive wanted an appraisal of performance of expansion or a different key measurable. With procurement market intelligence can only take one look and understand what the situation is at a given point in time. Another manner in which market intelligence applications is rather popular is in the field of online analytical processing capabilities which enables users of the applications to control date in an endless number of ways and with immediate effect.
This is a critical strategic tool since it enables management and executives to see data from numerous unique perspectives at the exact same time and right down to the tiniest detail. Data mining is another extremely useful capacity of market intelligence applications in the modern world where companies need to manage enormous and growing volumes of information on a daily basis. Working through this information to find precisely what you need can be an almost impossible task, even if you really understand what you do. The data mining features of market intelligence software bundles, however, make it feasible to find and extract just the most essential and relevant information from enormous data sets, saving huge amounts of time and money, while ensuring that the data itself is used suitably.