What is the Difference between Business Intelligence and Competitive Intelligence in Data Analytics?
Every business wishes to improve their success and performance rate. It is totally achievable business intelligence and competitive intelligence. These two are poles apart in practice. However, upon coming together, they make the perfect recipe for success. Anyone who completes their data analytics training and certification knows about it.
There is a distinct line of difference between business intelligence and competitive intelligence. Having said that, these two moves extremely well together, especially for a business. So, what is the difference between business intelligence and competitive intelligence in Data Analytics?
On one hand, business intelligence is more centred around internal strategies. And on the other hand, competitive intelligence is about what is happening outside the business. Both these have frameworks that are similar in working. While both the strategies follow a similar line of process, their benefits are distinct.
Let us begin to understand the difference between business intelligence and competitive intelligence. But before that, we need to get to know each of these individually.
What is Business Intelligence?
Business intelligence is said to be inward facing. For years, businesses have been practicing it and gaining benefits. Business intelligence is about gathering business related data from various sources. The data is then centralised, analysed, and finally insights are derived. These findings are used to grow the company further.
The goal of Business intelligence is simple. It is all about making decisions about new implementations or improving the already existing ones. Strategies and initiatives are tweaked, altered, and improved as per the findings of the analysed data.
What is Competitive Intelligence?
Competitive intelligence is said to be outward facing. As opposed to business intelligence, competitive intelligence is newer. It has been adopted in the recent years. When we talk about this form of strategy, we are talking about data related to outside things.
For instance, gathering data about our competitors and using the findings to anticipate their next move. Thus, giving you the scope to not only understand your competition better but also stay ahead.
What is the Difference between Business Intelligence and Competitive Intelligence?
There is a strong of difference between business intelligence and competitive intelligence. However, covering it all up in a mere article is not possible. For this purpose, we are going to help you get a little closer with three pointers.
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- Scope –
Business Intelligence lays great focus on bettering all the aspects of an organization’s operations. The data is collected is such a way that all the angles of a company get covered.
Competitive intelligence oozes a narrow or more restricted focus. As mentioned above, the data is centred around what the competitor does. Hence, it is all about how a business can beat the competition rather than working to make something better than is already being offered.
- Data Focus –
The data gathered for business intelligence strategies are more focused on the internal aspects. Thus, it covers various elements such as company’s systems, processes, and tools. Hence, the data analyst gets a better picture about how to improve any aspect that is lacking behind.
Competitive intelligence is more focused on third-party alternative data. Thus, competitor technologies and public research processes are studied better.
- Orientation –
Business intelligence is inward facing and thus, works to make the internal working better. Be it tools, processes, or system, business intelligence focuses on all of it.
Competitive intelligence is outward facing. It is about adapting new strategies to outscore competitors as well as other factors outside the company.
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