It is always amazing how companies manage their business driving “blind”. Besides decisions based on gut-feeling, we often see a well-established market and competitive reporting within a company, use information which may no longer reflect current market conditions. The time gap between information retrieval and communication of information is sometimes enormous. Finally, we perceive a strong separation between technology and market-oriented departments, which makes a common market view and understanding within the company very difficult.
How does it look like in your business?
The following are some reasons, which have proved in practice to be implementation-relevant and are also good starting points for current market monitoring:
1. Analysis of the ecosystem: The analysis of the ecosystem (or extended enterprise environment) identifies and records all important market players and stakeholders of the company. These may be competitors, suppliers, key customers, research partners, etc. As a result, you should obtain a comprehensive picture of the market and the influencing factors.
2. Ongoing monitoring of the ecosystem: in order to constantly have access to current information, you need to know existing information on the ecosystem and should continuously identify new sources as well as keep an eye on all publicly available communication channels such as blogs and discussion forums. Because monitoring should be an ongoing process, all information flows should be continuously monitored and analyzed.
3. Recognize and respond to weak signals: Effective monitoring of a company’s ecosystem is also encompassed by discovering problems and weak signals. By setting automated notifications (alerts) for certain events, managers can be informed in near real time about important events and react timely. The analysis over time also makes it possible to evaluate weak signals and to deal with other factors in relationship.
4. Integration of technological aspects: In addition to determining market factors it also makes sense to include research and technology related aspects in monitoring, for example, patents, research collaborations and the like.
The advantage to this is that different departments can access the same information base.
5. Selective in-depth analysis: Having specific questions allows for a continuous monitoring of the market and provides quick and specific answers, since this updated information can be easily accessed.
6. Ongoing basis reporting: decision makers receive, through constant access and monitoring, information and reports which (ideally) always have the most recent source of information
Johannes Deltl is a recognised expert in Strategic and Competitive Intelligence. He has published several books including a Financial Times Germany Top-10 bestseller. Before starting his own consulting company Acrasio he worked as Head of Marketing at a hedge fund and as Business Development Director at KPMG Consulting.