Predicting the future is impossible. Despite that fact, business leaders still need to be able to capitalize on future trends in order to gain a leg up on the competition and achieve business success. Unless you have the proverbial crystal ball, producing accurate insights and turning them into trends can be extremely challenging – given that there are only two reliable sources for identifying trends: Market Analysis Reports and Predictive Intelligence Tools.
The following definitions should help provide some context:
Market Analysis Report – also known as Market Research Reports, these are generally lengthy documents comprised of survey data, expert analysis, and predictive assumptions within a given market or industry. (Think Gartner, Forrester, TechNavio, etc.)
Predictive Intelligence Tool – this is a software platform that analyzes massive amounts of data in order to provide intel into future events. (Think IntelligenceNode in commerce, ExactTarget in marketing, etc.)
Now that we’ve further defined both Predictive Intelligence Tools and Market Analysis reports – here are four reasons why the former is superior to the latter:
1. Real-Time Data vs. Old or Stagnant Data
A predictive intel platform utilizes real-time data to provide the most up-to-date predictions possible. In comparison, Market Analysis Reports take a snapshot of current data right before completing the report, but quickly after the report is published that data becomes old and stagnant. At the rate that markets change now, it’s imperative to have real-time data at your fingertips in order to plan for the future. Market reports simply do not deliver the same value as a predictive intelligence tool.
2. Machine Learning & Big Data vs. Survey Responses
Market Analysis Reports generally rely on surveys and polls in order to collect their data, and ultimately make assumptions on that data. In some cases, the firm conducting the report has access to the industry’s leading minds, which certainly provides value, but still only offers analyses from a small segment of the market. In contrast, predictive intelligence tools harness the power of big data and machine learning, rather than just the thoughts of industry leaders. The ability to analyze an immense amount of data and generate predictive intelligence in real-time simply cannot be produced or replicated by a group of industry leaders, or a team of analysts.
Predictive intelligence programs generally harness the power of machine learning & big data.
3. Customized Insights vs. Standard/Stock Insights
If you’re a small volume, boutique beverage maker odds are you’re not going to find value from the standard beverage market reports which are often geared toward the Pepsi and Coca Cola’s of the world. This, however, doesn’t mean that you are “out of luck” when planning for market trends. With the right predictive intelligence tool, you can customize available data to your market segment and size so that the intel is valuable and actionable.
4. Objective vs. Subjective
Unfortunately, Market Analysis Reports are often developed and viewed through a subjective lense. Whether written by an industry leader, or perhaps sponsored by firm within the industry, Market Analysis Reports have a tendency to be subjective. Even if ample and accurate data is provided, the analysis can be skewed by the author’s interpretation of that data. With a predictive intel tool, you gain actionable, objective insight into the future. This allows you to confidently make business decisions based on objective data, and mitigates the risk of an analysis being skewed by subjective insights.
Now that you know why predictive intelligence platforms are superior to market reports when planning for the future, take advantage of a free demo and trial of iNCompetitor and learn how you can gain access to actionable insights that allow you to make better business decisions.