{"id":3830,"date":"2023-04-26T10:20:46","date_gmt":"2023-04-26T10:20:46","guid":{"rendered":"https:\/\/www.watchmycompetitor.com\/resources\/?p=3830"},"modified":"2024-03-27T09:54:48","modified_gmt":"2024-03-27T09:54:48","slug":"why-financial-service-firms-need-competitive-intelligence-software-tools","status":"publish","type":"post","link":"https:\/\/www.watchmycompetitor.com\/resources\/why-financial-service-firms-need-competitive-intelligence-software-tools\/","title":{"rendered":"Why Financial Sector Companies Need Competitive Intelligence Software Tools"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3830\" class=\"elementor elementor-3830\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6666afe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6666afe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f237155\" data-id=\"f237155\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16b4332 elementor-widget elementor-widget-text-editor\" data-id=\"16b4332\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Summary<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d5b5b18 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d5b5b18\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d9429d\" data-id=\"2d9429d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a0e9ad elementor-widget elementor-widget-text-editor\" data-id=\"2a0e9ad\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Competitive intelligence software tools enable companies gather, analyse and utilise data about competitors and their industry.<br \/><br \/><\/li><li>In recent years competition for revenue and market has grown more intense in the finance industry.<br \/><br \/><\/li><li>Competitive intelligence (CI) can help financial service companies make informed and effective decisions.<br \/><br \/><\/li><li>There&#8217;s 3 key factors when it comes to making full use of CI and competitive intelligence software tools in the finance sector.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c805fac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c805fac\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-582eb67\" data-id=\"582eb67\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e551403 elementor-widget elementor-widget-text-editor\" data-id=\"e551403\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>Introduction<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-41367c9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"41367c9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d0fb158\" data-id=\"d0fb158\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-59c10a7 elementor-widget elementor-widget-text-editor\" data-id=\"59c10a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Whether you&#8217;re in banking, insurance, mortgage lending, car leasing or another financial institution, competition for revenue and market share is intense. This is particularly the case for the more profitable sub-sectors, with Goldman Sachs estimating that <\/span><a href=\"https:\/\/www.betandbetter.com\/photos_forum\/1425585417.pdf\"><span style=\"font-weight: 400;\">nearly $5 trillion<\/span><\/a><span style=\"font-weight: 400;\"> of global industry revenue earned by traditional firms is at risk of being diverted to the new generation of fintech companies over the coming years.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Moreover, there has been a noticeable transformation in financial institutions&#8217; interaction with customers. Take for example an independent\u00a0<\/span><a href=\"https:\/\/financialit.net\/news\/banking\/77-uk-banks-have-started-tailor-products-new-demographic\" target=\"_blank\" rel=\"noopener\">survey<\/a><span style=\"font-weight: 400;\"> of 251 key finance sector decision-makers, which shows that over 70% of them are developing and launching products to keep pace with consumers&#8217; evolving demands.<br \/>\u00a0<\/span><\/p><p><strong>Every move they make affects you<\/strong>. If they have a stronger proposition, a better service, a more attractive price, respond faster to regulatory changes or they communicate better, holding or improving your position becomes harder and harder to do.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-eba4f9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eba4f9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-66a2ccc\" data-id=\"66a2ccc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8ea99f5 elementor-widget elementor-widget-image\" data-id=\"8ea99f5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"432\" src=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-768x432.jpg\" class=\"attachment-medium_large size-medium_large wp-image-3831\" alt=\"finance firms using competitive intelligence software tools\" srcset=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-768x432.jpg 768w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-scaled-600x338.jpg 600w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-300x169.jpg 300w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-1024x576.jpg 1024w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-1536x864.jpg 1536w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/miquel-parera-41J9-JTIP-c-unsplash-2048x1152.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-adb83ea elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"adb83ea\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-521c779\" data-id=\"521c779\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4c8da36 elementor-widget elementor-widget-text-editor\" data-id=\"4c8da36\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\"><br \/>In this environment, a loss of market share could be worth billions. It can mean lost jobs, reduced budgets and tougher day-to-day challenges. It can make it harder to recover and return to previous levels of success. And it could even make you even more vulnerable to challenger brands.<\/span><\/p><p><span style=\"font-weight: 400;\"><br \/>The most effective means to minimise the impact of competitor activity is to know what&#8217;s happening early on, and to have a clear overall picture of the market, that enables you to be proactive with your own decisions and product roadmaps. <\/span><span style=\"font-weight: 400;\">That\u2019s why many financial organisations are investing in competitive intelligence \u2013 competitor and market insights gathered through tracking and analysis.<\/span><\/p><p><span style=\"font-weight: 400;\"><br \/>In this article, we\u2019ll explore competitive intelligence software tools and the role of CI in the finance sector.<br \/><br \/><strong>We\u2019ll look at the value it offers, how organisations might be approaching it in an ineffective manner, and how your business can harness CI to stay ahead of new and established competitors.<\/strong><br \/><\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ef76cdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ef76cdd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-673d21c\" data-id=\"673d21c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f8d68e8 elementor-widget elementor-widget-text-editor\" data-id=\"f8d68e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>What Are Competitive Intelligence Software Tools<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-72a0e66 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"72a0e66\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e0d49c\" data-id=\"6e0d49c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fea4698 elementor-widget elementor-widget-text-editor\" data-id=\"fea4698\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A <a href=\"https:\/\/www.watchmycompetitor.com\/Solutions\/whywmc\">competitive intelligence software tool<\/a> is a specialized software application designed to help businesses gather, analyze, and utilize information about their competitors, market trends, and industry dynamics. These <a href=\"https:\/\/www.watchmycompetitor.com\/resources\/the-10-benefits-of-using-competitive-intelligence\/\">tools<\/a> enable organizations to make more informed decisions and develop effective strategies to gain a competitive edge in their market.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1c08633 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1c08633\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-48a48f5\" data-id=\"48a48f5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eae2c08 elementor-widget elementor-widget-text-editor\" data-id=\"eae2c08\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>Features of competitive intelligence software tools<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8b77f51 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8b77f51\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a5e0a1\" data-id=\"6a5e0a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f14720 elementor-widget elementor-widget-text-editor\" data-id=\"8f14720\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol><li><p><strong>Data gathering<\/strong>: The software collects data from various sources, such as competitors&#8217; websites, social media, news articles, and industry reports. This information is then organized and stored in a centralized database for further analysis.<br \/><br \/><\/p><\/li><li><p><strong>Data analysis<\/strong>: The tool offers various analytical features to identify patterns, trends, and insights in the collected data. It may include benchmarking, sentiment analysis, and visualization tools to help users better understand the competitive landscape.<br \/><br \/><\/p><\/li><li><p><strong>Monitoring<\/strong>: The software tracks changes in competitors&#8217; activities, market trends, and industry news in real-time, providing users with up-to-date information.<br \/><br \/><\/p><\/li><li><p><strong>Reporting<\/strong>: The tool generates reports and dashboards that summarize the competitive analysis, highlighting key findings and actionable insights for decision-makers.<br \/><br \/><\/p><\/li><li><p><strong>Collaboration<\/strong>: The software allows teams to collaborate and share information, ensuring that everyone in the organization is working with the same data and insights.<br \/><br \/><\/p><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a72d2b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a72d2b3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6cd1bd8\" data-id=\"6cd1bd8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-05dc0d7 elementor-widget elementor-widget-text-editor\" data-id=\"05dc0d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span style=\"font-weight: 400;\">What Is The Purpose Of Competitive Intelligence In Finance?<\/span><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-39d3b50 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39d3b50\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-630002b\" data-id=\"630002b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a8d71d7 elementor-widget elementor-widget-text-editor\" data-id=\"a8d71d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\"><br \/>Tracking competitor and market activity is nothing new for financial organisations. Chances are you\u2019re already doing it in some capacity, even if it\u2019s using manual processes or multiple monitoring tools, such as Google Alerts, Brandwatch and SEMRush. <br \/><br \/><\/span><span style=\"font-weight: 400;\">And if that\u2019s the case, you may have found these approaches slow and frustrating with inconclusive results. Key insights \u2013 and therefore opportunities \u2013 can be easily to missed, especially if there&#8217;s insufficient employees involved.<br \/><br \/><\/span><\/p><p><span style=\"font-weight: 400;\">That shouldn\u2019t put you off using competitive intelligence though. With the <a href=\"https:\/\/www.watchmycompetitor.com\/Industry\/financialservices\">right tools<\/a>, competitive intelligence gives finance organisations faster access to richer, more comprehensive competitor and market insights. It can, for example, help you to gauge the following factors:<br \/><br \/><\/span><\/p><ul><li><em>\u00a0Competitors&#8217; wider pricing and product strategies in different markets.<br \/><br \/><\/em><\/li><li><span style=\"font-weight: 400;\"><em>Latest overall industry developments, such as delays due to regional exogenous shocks or political developments.<br \/><br \/><\/em><\/span><\/li><li><span style=\"font-weight: 400;\"><em>Regulatory issues within specific jurisdictions.<br \/><br \/><\/em><\/span><\/li><li><em style=\"font-size: 16px;\">The key messages competitors are sending to existing or potential clients in different markets.<br \/><br \/><\/em><\/li><li><em style=\"font-size: 16px;\">Expansion or exit plans for specific markets via public recruitment or news of layoffs.<br \/><br \/><\/em><\/li><li><em style=\"font-size: 16px;\">Identify potential M&amp;A targets or partners, assessing their value, and determining the potential risks and benefits with the deal.<\/em><\/li><\/ul><p><span style=\"font-weight: 400;\">Competitive intelligence can help you devise smarter, more robust strategies and product roadmaps and set your price points knowing how they compare in the market. <br \/><br \/><strong>Ultimately, it takes away the guesswork and reduces commercial risks, which is vital for the health of your organisation.\u00a0 <br \/><br \/><\/strong><\/span><span style=\"font-weight: 400;\">So how do you make full use of competitive intelligence?\u00a0 Here\u2019s our guide to getting it right.<br \/><br \/><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8482a9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8482a9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ba9546c\" data-id=\"ba9546c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bf7ba03 elementor-widget elementor-widget-image\" data-id=\"bf7ba03\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"516\" src=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979-768x516.jpg\" class=\"attachment-medium_large size-medium_large wp-image-3837\" alt=\"\" srcset=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979-768x516.jpg 768w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979-600x403.jpg 600w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979-300x202.jpg 300w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979-1024x688.jpg 1024w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979-1536x1032.jpg 1536w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-nappy-935979.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0493c6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0493c6b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f22377\" data-id=\"5f22377\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-77f9e81 elementor-widget elementor-widget-text-editor\" data-id=\"77f9e81\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>\u00a0<\/h2><h2><span style=\"font-weight: 400;\">Effective Use Of Competitive Intelligence In Finance<br \/><br \/><\/span><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-eaca116 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eaca116\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f2ec58b\" data-id=\"f2ec58b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c095fb1 elementor-widget elementor-widget-text-editor\" data-id=\"c095fb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When it comes to making full use of competitive intelligence, there are 3 important steps to take into consideration:\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3bd9620 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3bd9620\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e45eab5\" data-id=\"e45eab5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c627285 elementor-widget elementor-widget-text-editor\" data-id=\"c627285\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>1) Defining Your CI Strategy<br \/><br \/><\/h2><p><span style=\"font-weight: 400;\">Like any investment you need to define your objectives and reasoning before you commit company resources.<br \/><br \/><\/span><\/p><p>We outlined the value of competitive intelligence in the previous section, which may align with your own challenges and goals. Whatever they are, they\u2019re your starting point for building a <a href=\"https:\/\/www.watchmycompetitor.com\/resources\/how-to-build-your-competitive-intelligence-strategy\/\">successful CI strategy<\/a>. <span style=\"font-weight: 400;\">Once you\u2019re clear, you can use those goals to identify who and what to track.<br \/>\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">For example, which other financial institutions are you in direct competition with \u2013 either overall or for specific products? Who do you compete with indirectly? Are there any banks or lenders in other countries with similar product propositions or up-and-coming organisations with different ranges of products and services that are worth following?\u00a0<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">But it\u2019s not just competitors. You can also track industry publications, regulators and governing bodies, consumer groups, review sites and more.\u00a0 <\/span><span style=\"font-weight: 400;\">Now you\u2019ve identified who you\u2019re tracking, you can move to what to track.<br \/><br \/><\/span><\/p><p><strong>Here\u2019s a list of examples based on our experience of working with major financial institutions, ranging from banks to insurance firms<\/strong>:<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b4dac4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b4dac4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47f9fd6\" data-id=\"47f9fd6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-874c6a5 elementor-widget elementor-widget-text-editor\" data-id=\"874c6a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Pricing<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> \u2013 Who offers the best rates or yield for specific financial products in the market? How do they compare with your products? How is it impacting their financial performance and yours?<\/span><\/span><\/p><p>\u00a0<\/p><p><b>Performance<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> \u2013 Who\u2019s leading the market in terms of financial performance or industry recognition (e.g. awards or third-party backing)? Who\u2019s up-and-coming? Who\u2019s falling away? Where does your organisation sit?<\/span><\/span><\/p><p>\u00a0<\/p><p><b>Product<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> \u2013 What\u2019s been launched, updated or removed in specific markets? What factors led to the change? Have they created a new category or innovated in an existing one? How do competitor products compare to yours?<\/span><\/span><\/p><p>\u00a0<\/p><p><b>Messaging<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> \u2013 Who\u2019s changed their messaging? Have they switched focus? Has ESG become more prominent? Is it price-driven? What does it tell you about their strategy and future plans?<\/span><\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><b>Campaigns<\/b> \u2013 Who\u2019s launched a new campaign? What\u2019s its focus? What media channel is being used? Who are they targeting? Are they generating a buzz on social media or in the news? What impact is it having?<\/span><\/span><\/p><p>\u00a0<\/p><p><b>Regulatory changes<\/b><span style=\"font-weight: 400;\"> \u2013 What changes are being planned in different jurisdictions? Is there a wider trend and how can you prepare effectively? Can you position yourselves as a leader when it comes to adapting?<br \/><br \/><\/span><\/p><p><b style=\"font-style: inherit;\">Organisational leadership changes<\/b><span style=\"font-weight: 400;\"> \u2013 Which of your competitors have been hiring recently? What\u2019s their track record? What impact could it have on the company or department&#8217;s direction? Has one of your competitors lost a top performer and if so what are the implications?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d321f4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d321f4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d0a5709\" data-id=\"d0a5709\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-32744f9 elementor-widget elementor-widget-text-editor\" data-id=\"32744f9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This gives you an indication of what you can learn and capture through competitive intelligence. Imagine what impact these insights would have on your decision-making, in your analysis or future planning.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e49313b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e49313b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d31e1e6\" data-id=\"d31e1e6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6091b39 elementor-widget elementor-widget-text-editor\" data-id=\"6091b39\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span style=\"font-weight: 400;\">2) Choosing The Right Competitive Intelligence Software Tools<\/span><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7adaa2e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7adaa2e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-10d9d50\" data-id=\"10d9d50\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48b60e7 elementor-widget elementor-widget-text-editor\" data-id=\"48b60e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">There\u2019s currently a wide range of competitive intelligence software tools on the market. Some that offer a more comprehensive range of data, others that are focused on specific aspects of competitive intelligence. Here are some of the most important factors to consider when choosing competitive intelligence software tools:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5bd8df2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bd8df2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-96eb470\" data-id=\"96eb470\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e43cb6 elementor-widget elementor-widget-text-editor\" data-id=\"7e43cb6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>a) Does it track data in real-time?<\/b><\/h3><p><span style=\"font-weight: 400;\">Not all do and it can leave you handling intelligence that\u2019s days or even weeks old by the time it\u2019s in your dashboard. Automated real-time reporting means getting faster access to intelligence and having the confidence of knowing your decision-making is backed up with up-to-date data.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5af19a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5af19a3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-226d11a\" data-id=\"226d11a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ab95c62 elementor-widget elementor-widget-text-editor\" data-id=\"ab95c62\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>b) How quick and easy is it to set up?<\/b><\/h3><p>Speed matters because while you don\u2019t have a competitive intelligence software tool running, you could be making decisions without the aid of valuable insights. But simplicity is important too. <br \/><br \/>You\u2019re financial experts with important day jobs \u2013 the last thing you need is to waste time trying to understand how to use your CI tool. To get the most out of your investment, choose a tool that makes setting up quick and easy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8a2ef20 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8a2ef20\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6152cb6\" data-id=\"6152cb6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-127342c elementor-widget elementor-widget-text-editor\" data-id=\"127342c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>c) Does the customer support continue?\u00a0<\/b><\/h3><p>Some tools offer sector-specific analysts who\u2019ll take your strategy and do the set up on your behalf. Having analysts help you with the set up is great but is the last you see or hear from them? The best CI software teams make themselves available to ask questions, make updates to your CI programme and even help you analyse the data that\u2019s being gathered.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b21f6a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b21f6a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d0a871\" data-id=\"2d0a871\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d509bd2 elementor-widget elementor-widget-text-editor\" data-id=\"d509bd2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>d) How easy to use is the dashboard?<\/b><\/h3><p>Your <a href=\"https:\/\/www.watchmycompetitor.com\/resources\/building-your-competitive-intelligence-dashboard\/\">CI dashboard<\/a>\u00a0is your hub \u2013 your centralised repository for competitor and market intelligence. The longer you use it, the more historical data you\u2019ll hold, which can help you identify trends and patterns of activity. But it\u2019s also where you\u2019ll access real-time competitive intelligence. Whatever you need access to needs to be easy to find, export and share.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0602700 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0602700\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e71309e\" data-id=\"e71309e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6036e20 elementor-widget elementor-widget-text-editor\" data-id=\"6036e20\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>e) Does it make it easy to share and report on?<\/b><\/h3><p>As useful as competitive intelligence might be to the person who\u2019s managing the dashboard, it can offer even more value by being distributed to other people and departments in the organisation. For example, as well as finance and analytical departments, it could help marketing to transform the effectiveness of their campaigns.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a4a4b83 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a4a4b83\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aa3f36d\" data-id=\"aa3f36d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d61b5e1 elementor-widget elementor-widget-text-editor\" data-id=\"d61b5e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>So look for a competitive intelligence software tool that offers simple integration with your existing communication and data visualisation software. Ideally, you want the ability to automate this process to save you more time and effort, as well as having the ability to flag specific alerts for the attention of relevant stakeholders.<br \/><br \/><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0004563 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0004563\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-adb8676\" data-id=\"adb8676\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5139b04 elementor-widget elementor-widget-image\" data-id=\"5139b04\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"531\" src=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-768x531.jpg\" class=\"attachment-medium_large size-medium_large wp-image-3856\" alt=\"finance sector working using business intelligence\" srcset=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-768x531.jpg 768w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-scaled-600x415.jpg 600w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-300x208.jpg 300w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-1024x709.jpg 1024w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-1536x1063.jpg 1536w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/pexels-snapwire-618613-2048x1417.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ba08a90 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ba08a90\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25ab790\" data-id=\"25ab790\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a7bbe9c elementor-widget elementor-widget-text-editor\" data-id=\"a7bbe9c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>\u00a0<\/h3><h3><span style=\"font-weight: 400;\">3. Integrating Competitive Intelligence Software Tools Into Your Organisation<\/span><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-821b11b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"821b11b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6d3d80f\" data-id=\"6d3d80f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d88177 elementor-widget elementor-widget-text-editor\" data-id=\"1d88177\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">It\u2019s not enough to just put competitive intelligence into the hands of the a small team or department. To maximise your return on investment, you need to mobilise your organisation to utilise it effectively and consistently. <strong>Here are 3 areas to focus on:<\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-534b778 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"534b778\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0da4571\" data-id=\"0da4571\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b5362e elementor-widget elementor-widget-text-editor\" data-id=\"4b5362e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>a) Responsibility<\/b><\/h3><p>Who receives the alerts and who\u2019s ultimately responsible for acting upon it? While your competitive intelligence will help everyone with access to make smarter decisions, it\u2019s important that those receiving the alerts know there\u2019s an expectation to use it. Designating roles and expectations from the outset will stop data falling into a black hole.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4a1192f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4a1192f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77973ce\" data-id=\"77973ce\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-da522f2 elementor-widget elementor-widget-text-editor\" data-id=\"da522f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>b) Processes\u00a0<\/b><\/h3><p>Who receives the alerts and who\u2019s ultimately responsible for acting upon it? While your competitive intelligence will help everyone with access to make smarter decisions, it\u2019s important that those receiving the alerts know there\u2019s an expectation to use it. Designating roles and expectations from the outset will stop data falling into a black hole.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b8ef6e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b8ef6e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e1a39a0\" data-id=\"e1a39a0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7367538 elementor-widget elementor-widget-text-editor\" data-id=\"7367538\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>c) Measurement\u00a0<\/b><\/h3><p>While a number of different factors can affect your performance, identifying the correlation between competitive\u00a0 intelligence-informed actions and the results you achieve is key to understanding and assessing its value. It could be a case of measuring the cost avoidance of stopping a new product to gain an early advantage in the market or the impact of an intelligence-driven strategy. ROI or at least KPIs will also provide you with the business case to invest further in competitive intelligence.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30dcfee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30dcfee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d783f9b\" data-id=\"d783f9b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6507a3c elementor-widget elementor-widget-text-editor\" data-id=\"6507a3c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>Make Smarter Decisions Faster With WatchMyCompetitor<br \/><br \/><\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-635e466 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"635e466\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f7b76d\" data-id=\"6f7b76d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-548c6ed elementor-widget elementor-widget-image\" data-id=\"548c6ed\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"343\" src=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/Screenshot-2023-04-26-at-11.04.47-768x343.png\" class=\"attachment-medium_large size-medium_large wp-image-5111\" alt=\"wmc\" srcset=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/Screenshot-2023-04-26-at-11.04.47-768x343.png 768w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/Screenshot-2023-04-26-at-11.04.47-600x268.png 600w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/Screenshot-2023-04-26-at-11.04.47-300x134.png 300w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/Screenshot-2023-04-26-at-11.04.47-1024x458.png 1024w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2022\/10\/Screenshot-2023-04-26-at-11.04.47.png 1203w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9e9908e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9e9908e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7eb1cad\" data-id=\"7eb1cad\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3de8106 elementor-widget elementor-widget-text-editor\" data-id=\"3de8106\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-648cf3a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"648cf3a0\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-742c787b\" data-id=\"742c787b\" data-element_type=\"column\"><div class=\"elementor-widget-wrap elementor-element-populated\"><div class=\"elementor-element elementor-element-3c60436b elementor-widget elementor-widget-text-editor\" data-id=\"3c60436b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p><span style=\"font-size: 16px;\">Unlike other intelligence solutions that serve up hard-to-mine unfiltered data, or which collate insights into periodic reports that lack immediacy, WatchMyCompetitor is<\/span><b style=\"font-style: inherit;\">\u00a0the\u00a0<\/b><b style=\"font-style: inherit;\"><i>complete<\/i><\/b><b style=\"font-style: inherit;\">\u00a0competitor intelligence platform<\/b><span style=\"font-size: 16px;\">.\u00a0<br \/><\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-section elementor-top-section elementor-element elementor-element-ccccafa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ccccafa\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8a8dab\" data-id=\"e8a8dab\" data-element_type=\"column\"><div class=\"elementor-widget-wrap elementor-element-populated\"><div class=\"elementor-element elementor-element-b0864a9 elementor-widget elementor-widget-text-editor\" data-id=\"b0864a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>We use AI to track your competitors\u2019 global digital footprint in real time, so you don\u2019t miss anything important. While our market experts analyse and curate the most relevant competitive insights on your behalf.\u00a0<br \/><br \/><\/p><p>That means no more sifting through unmanageable volumes of data. You get fast access to relevant, timely intelligence to optimise strategies, outsmart the competition and protect and grow your revenue.<br \/><br \/><\/p><p>Don\u2019t let your competitors gain an advantage.\u00a0<a href=\"https:\/\/www.watchmycompetitor.com\/request-a-demo\">Book a demo<\/a>\u00a0today.<\/p><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In this article, we\u2019ll explore the role of business intelligence in finance. We\u2019ll look at the value it offers and how to approach using it for your organisation.<\/p>\n","protected":false},"author":1,"featured_media":3831,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","cybocfi_hide_featured_image":"","yoast_wpseo_title":"","yoast_wpseo_metadesc":"","footnotes":""},"categories":[64],"tags":[],"class_list":["post-3830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-competitive-intelligence"],"_links":{"self":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts\/3830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/comments?post=3830"}],"version-history":[{"count":98,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts\/3830\/revisions"}],"predecessor-version":[{"id":10592,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts\/3830\/revisions\/10592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/media\/3831"}],"wp:attachment":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/media?parent=3830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/categories?post=3830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/tags?post=3830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}