AI market intelligence is revolutionising how organisations track competitor and market activity.
In this article, we’ll look at the current role of AI in market intelligence. We’ll discuss what it’s enabling organisations to do and achieve. We’ll also look at the future of market intelligence in light of OpenAI’s Five Stages of AI.
What Is AI Market Intelligence?
AI market intelligence is the use of AI technologies to gather, analyse and interpret data about the market. That includes competitor and client activity as well as changes to industry regulations.
Tracking the market had once been a manual process. Sometimes the remit of the most junior member of a marketing team. Key insights were often missed due to the scale of the requirement and their lack of experience. But it ticked a box and ensured some activity was being logged.
Larger organisations defaulted to consultants or contractors. While they had more time and experience, there was a limit to what they could track as individuals. Costs could easily soar too, particularly during times of intense competition.
Another common—and still popular—approach is the periodic state-of-the-market report. These reports are packed with a wealth of insights and trends based on in-depth research. Where they fall short compared to AI powered intelligence is the lack of immediacy. Insights are accurate at the time of research or publishing. But given the speed of market and competitor changes, they can soon lose their usefulness.
AI has changed the game. The tracking process is now fully automated. Organisations can set parameters, click a button and receive a flow of market data. They can track everything important that happens in their market.
Turning Data Into Market Intelligence
It’s important to note that raw data is not intelligence. It needs some form of analysis to produce useful conclusions.
The approach to that depends on the tools the organisation uses, plus how they’re set up to manage the incoming data.
Some AI market intelligence tools provide data in its raw form. They automate the tracking process and make everything gathered available via a dashboard. There may be some curation and filtering of the data, but, on the whole, this is down to the organisation.
While the pricing may be lower for this type of platform, there is a reason. This puts the burden of analysis entirely on the organisation. They may need to build an insights team at a considerable cost. This is one of the reasons organisations lose faith in the process or platform.
Other platforms offer curation and analysis as part of the solution. This can involve analysis by the platform’s market experts or by incorporating AI and machine learning. As well as making tracking faster, it speeds up analysis. So organisations get access to relevant and timely intelligence.
Accessing AI Market Intelligence
There are different ways for organisations to access their intelligence (or data):
Dashboard
This presents all data in one place, often in the form of bite-size informational tiles. Each tile is sortable and filterable, making it easier and faster for a user to find what they’re looking for. Dashboards get customised based on specific organisation goals. Permissions allow different stakeholders to access relevant insights.
Alerts
The platform sends alerts to relevant stakeholders across the organisation. The person managing the account can send the alerts manually. Or they can automate the process based on how intelligence has been tagged. Alerts provide a fast way to disseminate key insights to the right people.
Reports
Most AI market intelligence solutions offer some form of reporting. This can involve human analysis by market experts and/or AI analysis. Organisations receive reports periodically but more often than the traditional state-of-the-market reports mentioned above.
Natural Language Queries (NLQ)
One of the latest innovations in AI market intelligence is the ability to ask natural language queries. NLQs produce immediate answers, like ChatGPT and other AI tools. The data held by the platform forms the basis for the answers, giving users the specific intel they need.
Types of AI Market Intelligence
AI can be applied to different areas of market intelligence, helping businesses gain insights into competitors, clients, and regulatory changes. Here are the key types:
1. Competitor Intelligence
Competitor intelligence involves using AI to monitor your competitors’ activities, including product launches, pricing strategies, marketing campaigns, and overall positioning in the market. AI tools collect and process vast amounts of data, from social media mentions to news articles and online reviews, providing a real-time view of what your competitors are doing.
For example, a tech company might use AI-driven competitor intelligence tools to track a rival’s new product releases. By analysing competitor social media and customer feedback, they can identify the strengths and weaknesses of the new product and adjust their strategy accordingly.
2. Client Intelligence
Client intelligence focuses on understanding customer behaviour, needs, and preferences. AI helps organisations gather data from multiple touchpoints, including website visits, purchase history, social media engagement, and customer service interactions.
An e-commerce platform might use AI to analyse purchasing patterns. By tracking a customer’s browsing behaviour, past purchases, and abandoned carts, the system can personalise product recommendations, improving customer satisfaction and increasing sales.
3. Regulatory Intelligence
Regulatory intelligence involves staying up to date with changes in industry regulations and compliance requirements. AI can scan regulatory updates, government publications, and legal documents to notify organisations about relevant changes.
For instance, financial institutions use AI-powered regulatory intelligence to stay informed about changes to compliance laws. This helps them avoid penalties and ensures that they are operating within legal guidelines.
The Benefits of AI in Market Intelligence
AI market intelligence offers several significant benefits for organisations across industries:
1. Real-Time Insights
AI provides real-time data, allowing organisations to respond quickly to market changes. This gives businesses a competitive edge by enabling them to make decisions based on the most current information, rather than waiting for periodic reports.
2. Improved Accuracy
AI algorithms are designed to process massive datasets and detect patterns that humans might miss. This leads to more accurate insights, reducing the risk of error and enhancing decision-making.
3. Scalability
AI solutions can easily scale as your business grows. Whether you’re tracking customer data or monitoring competitors, AI can handle larger datasets without compromising performance or speed.
4. Efficiency and Cost Savings
AI automates time-consuming tasks, such as data collection and analysis, which increases efficiency and reduces the need for manual labour. This leads to cost savings as businesses can reallocate resources to other critical areas.
5. Actionable Intelligence
AI doesn’t just provide data—it generates actionable intelligence. This means businesses can translate insights directly into strategies that drive growth, innovation, and competitiveness.
The Five Stages of AI and What They Mean for Market Intelligence
Earlier this year, OpenAI introduced the Five Stages of AI, which outline how AI systems will evolve. These stages offer a glimpse into the future of AI market intelligence and what organisations can expect in the coming years.
Stage 1: Chatbots
Many businesses are already using chatbots for customer service and data gathering. In market intelligence, chatbots can help deliver quick answers to specific queries. For example, a chatbot might provide instant insights into recent competitor activities or customer behaviour trends.
Stage 2: Reasoners
Reasoners represent AI systems that can solve complex problems as effectively as a highly educated human. In market intelligence, reasoners could predict market movements, recommend strategic actions, or even identify new business opportunities based on complex data analysis.
Stage 3: Agents
Agents will be able to take action on a user’s behalf. In market intelligence, this could mean that AI agents automatically adjust marketing strategies, launch campaigns, or negotiate deals based on market data, freeing up human resources for more strategic tasks.
Stage 4: Innovators
Innovators will help create new products or strategies. In market intelligence, AI innovators could assist in developing new marketing tactics, designing innovative business models, or even creating entirely new markets based on trends and customer data.
Stage 5: Organisations
At this final stage, AI systems would be capable of running entire organisations, from operations to strategy. In market intelligence, this could lead to AI-driven companies that autonomously adapt to market changes, manage competitors, and create new opportunities.
How to Run AI Market Intelligence Effectively
To get the most out of AI market intelligence, it’s essential to implement it properly within your organisation. Here’s how to do that:
1. Set Clear Objectives
Before adopting AI tools, define what you want to achieve. Are you looking to track competitors, understand client behaviour, or stay on top of regulatory changes? Clear goals will guide your AI implementation and ensure you choose the right tools.
2. Choose the Right Tools
There are many AI market intelligence tools available, each with different features. Research and select tools that align with your specific needs, whether it’s customer tracking, competitor analysis, or compliance monitoring.
3. Integrate AI Into Your Workflow
AI should be integrated seamlessly into your existing workflows. Make sure the insights generated by AI are accessible to relevant teams and that there’s a clear process for turning insights into action.
4. Monitor and Optimise
AI is not a set-and-forget solution. Continuously monitor the effectiveness of your AI tools, and adjust your strategies as needed. Regular optimisation will ensure that you’re getting the most out of your investment.
AI Market Intelligence FAQs
What is AI market intelligence?
AI market intelligence refers to using AI technologies to gather, analyse, and interpret data related to the market, including competitor activities, customer behaviours, and regulatory changes.
What are the benefits of AI in market intelligence?
AI provides real-time insights, improves accuracy, scales easily, increases efficiency, and generates actionable intelligence that businesses can use to drive strategy.
How can I get started with AI market intelligence?
Start by setting clear objectives for what you want to achieve. Research and choose the right tools, and integrate AI into your workflows for maximum effectiveness.
What types of AI market intelligence are there?
There are several types, including competitor intelligence, client intelligence, and regulatory intelligence.
How do the Five Stages of AI impact market intelligence?
As AI evolves through the Five Stages—Chatbots, Reasoners, Agents, Innovators, and Organisations—it will progressively take on more complex tasks and eventually transform how market intelligence is gathered, analysed, and acted upon.
