#35 Making better decisions with Market Intelligence

If you want to make good decisions, you need the data and information that matter for your relevant markets and competitors. StrategyFrame® partner Cedura helps decision-makers understand their relevant markets and competitors as thoroughly as possible, and in doing so improve internal decision management. This speeds up the situation analysis within the strategy process, and thanks to automation and regular updates in the CedDecider software, you can adjust your strategy as quickly as possible. That's why CedDecider is integrated directly into the digital StrategyFrame®. Together, StrategyFrame® and Cedura, the leading Market Intelligence provider, make an unbeatable team for your digital strategy process.

Christian Underwood

StrategyFrame

Strategy Podcast "Hope Is Not a Strategy"

Strategy Book "Hope Is Not a Strategy"

Digital strategy tool

According to Prof. Dr. Arno Lammerts, most companies know their markets well. But unlike ten years ago, changes today are large and fast, and hard to track in detail. So companies usually know their most important competitors, but there are often gaps when it comes to the details. And that's exactly where the big potential lies. It's not only the current market that matters, but also forecasts of how it will develop.

One of the biggest advantages for companies is getting all the relevant information about their market, and with it a major gain in transparency. Instead of collecting everything that's available, the point is to gather and make accessible the data that's relevant to your specific company. Customers, potential customers, suppliers, partner companies, distributors, other companies' products and services, and the arguments they use to sell them: this is essential information for holding your own in the market. From all of this data, a company can tap into existing potential and sharpen its marketing strategy.

Marketing intelligence plays a key role here. It's the method for creating an overview of the market, and it leads to better decision management.

CedDecider helps companies consolidate information. The software brings data together centrally, filters it by relevance and presents it according to defined standards. That way, everyone responsible in the company works from the same information and shares a common understanding of the subject. Gaps that previously made decisions difficult can be closed. Market Intelligence is applied directly through the CedDecider software, and it makes a major difference in decision management.

Information about markets and competitors has to be gathered continuously for a company to stay ahead. Market Intelligence is the method that defines how markets are monitored.

At the start of the process, a company has to ask itself:

What do we really need to know? Which information and data are relevant to our industry and our market? What information do we already have?

If these questions are answered carefully, data collection can begin without piling up masses of information that has no relevance for the company. The market is analyzed efficiently, from specific angles. On that basis, the company can make well-considered decisions.

At Cedura, every company is treated individually. So the process starts with an initial conversation. Alternatively, you can fill out a template with about six questions. This gives Cedura a first impression of the company: what information already exists, which industry the company operates in and which competitors are known.

Cedura then builds a demo system using Market Intelligence. That can take one to two weeks. The client then gets to review the demo system. Often there's a first aha moment right at this step, because the demo system sometimes contains information about competitors that the company wasn't aware of. Up to this point, the offer is completely free.

Once a data foundation exists, less new information gets added over time. It becomes increasingly clear which information really matters and which isn't needed. So it's a continuous learning process, built on Market Intelligence.

The first step, collecting data, involves a lot of manual work. Research is done across various platforms to build an overview of the market. The information collected is then verified. Clients also get the chance to review the data and decide which figures and sources to trust and which not.

In recent years, the importance of suppliers has become very clear. During the coronavirus pandemic, many companies struggled with situations where suppliers couldn't deliver materials and production came to a halt. So Market Intelligence also includes finding suppliers who can meet the company's requirements for a product or material. It's not only competitors that get examined closely: supplier offers can be analyzed too, to find the best provider.

Automation is the focus. Automated processes in Market Intelligence save companies a great deal of time. Developing them, on the other hand, takes considerable effort. Looking ahead, Cedura is working toward automated software and tools that enable companies to make the best possible decisions.

Cedura also aims to enable the exchange of knowledge. That includes sharing and discussing data and information, which makes it all the more valuable. Technological developments have to be anticipated in the process: the Internet of Things and blockchain are just two examples Cedura is keeping an eye on. The goal is full automation and digitalization, so that Market Intelligence supports companies as effectively as possible along the way.