How Artificial Intelligence and Big Data are changing market research
Market intelligence is the key to making the right business decisions at the right time. It reduces risks and enables efficient growth. Essentially, market intelligence is about data — collecting and analyzing data about companies, those closest to one’s own company: the customers and competitors.
When you think of company data, the Excel spreadsheet immediately comes to mind. Filled with endless rows of manually curated data on competitor sales, inventory levels, customer orders, ABproduct margins, store addresses, and so on. So far, these data help us keep track of what is happening, identify patterns, and make predictions (Negash & Gray, 2008). They support collaboration and enable better decision making (Brynjolfsson & McElheran, 2016). Many modern companies have also adopted data warehouse systems-and more recently, data lake approaches-as well as customer relationship management (CRM) tools to store business data (Al-Debei, 2011). However, a surprising number of organizations continue to rely on spreadsheets to store, share and collaborate on business data. The general premise is that any structured format
is better than distributed notes and memos — and rightly so.
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