#35 Better decisions with market intelligence

If you want to make good decisions, you need to know the necessary data and information for your relevant markets and competitors. StrategyFrame® partner Cedura supports corporate decision-makers in knowing their relevant markets and competitors as well as possible and thus optimizing internal decision management. This accelerates the situation analysis as part of the strategy process and allows you to adjust the strategy as quickly as possible through automation and regular updates in the CedDecider software. CedDecider is directly integrated into the digital StrategyFrame® for this purpose. This makes StrategyFrame® and the leading market intelligence provider Cedura 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, there are major and rapid changes that are not easy to follow in detail. As a result, companies are often aware of their most important competitors, but there are often gaps when it comes to details. However, it is precisely in these details that great potential lies. Not only the current market is important, but also forecasts of future developments.

One of the biggest advantages for companies is that they can obtain all relevant information about the market and thus gain a great deal of transparency. Instead of collecting all available information, the aim is to collect and make available the data relevant to the individual company. Customers, potential customers, suppliers, partner companies, retailers, products and services of other companies and the arguments used to sell them are essential information for a company to be able to assert itself on the market. A company can use all this data to exploit existing potential and refine its marketing strategy.

Marketing intelligence is particularly important here. It serves as a method for generating an overview of the market and thus leads to better decision management.

CedDecider helps companies to bundle information. The software ensures that data flows together centrally, is selected according to relevance and finally presented according to defined standards. This means that all those responsible in a company have the same level of information and therefore a common understanding of the subject matter. Gaps that previously made decisions difficult can be closed. Market intelligence is therefore applied directly in the form of the CedDecider software and makes a big difference in decision management.

Information about markets and competitors must be gathered continuously so that a company can stay on top. Market intelligence is a method for monitoring markets.

At the beginning of the process, a company must ask itself:

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

If these questions are answered conscientiously, data can be collected and unnecessary information that has no relevance for the company can be avoided. The market is therefore viewed and analyzed particularly efficiently from certain perspectives. On this basis, well thought-out decisions can be made for the company.

At Cedura, every company is considered individually. An initial consultation therefore takes place first. Alternatively, a template with around six questions can be completed. This gives Cedura an initial impression of the company and provides information on what information is already available, the sector in which a company operates and which competitors are known.

Cedura then sets up a demo system with the help of Market Intelligence. This can take one to two weeks. The customer can then take a look at this demo system. This step often produces an initial "wow" effect. Sometimes the demo system contains information about competitors that the company was not previously aware of. Up to this point, the offer is completely free of charge.

Once there is a data basis, less information is added over time. It becomes increasingly clear which information is really important and which is not needed. It is therefore a continuous learning process based on market intelligence.

In the first step, data collection, much is done manually. Research is carried out on various platforms to obtain an overview of the market. The information collected is then checked. The customer is also given the opportunity to check the data in order to decide which figures and data should be trusted and which should not.

The importance of suppliers has become very clear in recent years. During the coronavirus pandemic, many companies had to deal with situations in which suppliers were unable to deliver materials and production was therefore interrupted. Therefore, market intelligence also includes looking for suppliers who can meet the company's requirements for a product or material. This means that not only competitors are closely examined, but also offers from suppliers can be analyzed in order to find the best supplier.

The focus is on automation. Automated processes in market intelligence save companies a great deal of time. Development, on the other hand, is a very time-consuming process. In the future, Cedura aims to develop automated software and tools that enable companies to make the best possible decisions.

Cedura also strives to make knowledge sharing possible. This includes sharing and discussing data and information, making it all the more valuable. Technological developments must be anticipated here - the Internet of Things and blockchain are just two examples that Cedura has in mind. The goal is complete automation and digitalization in order to support companies with market intelligence in the best possible way.