The world is changing, with new businesses entering the market and engaging with consumers at a faster rate than anticipated due to the pandemic. In fact, this has been a time of growth and new opportunities for many categories, with more potential disruptors popping up each day. So, it’s a great time to be a business seeking new investments and partnerships, assuming you can use real-time social and news data capabilities to help narrow the list of targets. Let’s see how that looks!
First, let’s examine how business intelligence is gathered today.
Business Intelligence Gathering is Broken
It feels unlikely for there to be businesses out there that still gather intelligence manually, but it’s an unfortunate truth. Each year, in survey after survey with leading marketers worldwide, we see that the numbers of marketers relying on manually inputting data into spreadsheets for analysis slowly decreasing, but still making up a substantial subset. This is a problem for many reasons:
- Data is always changing and by the time it’s entered into a spreadsheet and ready for analysis, the situation has shifted and opportunities are lost.
- The level of analysis available is extremely basic – think Atari-level analysis in an Oculus Rift world, as that’s exactly what it is.
- Capturing a variety of datasets in one place is impossible, as it typically defies neat categorization
- The sheer volume of data makes manual processing impossible, as is weeding out the signal from the noise.
- Committing someone to this manual aggregation is a significant, misplaced spend – not to mention one that is doomed to fail.
- Even the most efficient data analyst will struggle to create a complete view of the business. The best one can hope for is a point-in-time snapshot of one piece of your organization.
- Operator bias is very real. Data that is captured and reported out company-wide is likely ignored, as it has proven itself to be mostly unsubstantiated assumptions, based on the bias of whatever human gathered it up.
And overall – deriving actionable insight from hundreds of thousands of structured and unstructured data points requires artificial intelligence, because it’s unwieldly without it. And strategic investment decisions certainly require objective, accurate, and real-time analyses – analyses that do what AI does best: helps businesses extract intel relevant to the task at hand.
Lacking a cohesive and real-time view of consumer and market dynamics, businesses are treading on thin ice. Any organization’s strategic investment decisions require a nimble approach.
Strategic Investment Decisions Require a Nimble Approach
There are copious amounts of social, news, investment, and patent data available to businesses. And then there are also surveys, reviews, earnings calls, and other social web insight to consider. Also, we cannot forget about propriety insight available in an organization’s CRMs, observational studies, chat logs and more.
When taken in whole, relevant pieces from each can be combined and parsed to offer a unique perspective that could be category-creating, and very often game-changing.
So, social, news and other data must be aggregated, sorted, and then analyzed rapidly to help inform critical decisions across the organization. And it is exceptionally useful when considering a new investment or partnership. And thanks to NetBase Quid’s Intelligence Connector and other advanced AI-powered technologies, businesses identify these opportunities in five steps (as seen in the infographic below):
- Identify the list of companies or brands to track. This can be done in NetBase Quid as well if you’re unsure of who your brand should be tracking. And this is just a good activity to perform consistently regardless to be sure you aren’t caught unaware by emerging companies that may be great investment opportunities that you’d want to snap up first!
- Track the companies, with specific metrics that make sense for your purpose – and this should take you well beyond counting mentions or likes. Share of voice on news and social matters, as does who is talking, specifically. And then measuring how companies (including yours) stack up across key themes are just a few options to have in mind, as well as custom metrics that make sense for specific industries.
- Rank the companies across these metrics and develop your own model to consistently populate to see how they stack up over a period of time. You can also capture historical insight as far back as 54 months. And it can all be easily extracted into your BI system of choice for immediate dissemination to key stakeholders.
- Alert or notify key stakeholders when metrics shift in impactful ways. This offers first mover opportunities, with organizations capturing emerging markets thanks to the quality of their immediately actionable and accurate intel.
- Identify top partner or acquisition targets, and reprioritize budget for internal corporate development based on findings!
The five steps detailed above and visualized below really just scratch the surface of what is possible with NetBase Quid’s Intelligence Connector. The key takeaway is this: Your business should be using all available intel to inform these strategic investment or partnership decisions – is it? Reach out for a demo and we’ll show you how quickly you can have your team up and running, and taking back (or winning) market share!