As the business world becomes more competitive, it is essential for companies to stay ahead of the curve when it comes to market and competitive intelligence. We are excited to announce that Cronycle has been listed as a Representative Vendor in the 2023 Gartner Market Guide for Competitive and Market Intelligence Tools for Technology and Service Providers.
Why use competitive and market intelligence?
Competitive and market intelligence (C&MI) is maturing and informing many dimensions of business strategy. Every organization uses market and / or competitive intelligence in some form. Often, it informs marketing strategies, product roadmaps, sales conversations and strategic investment decisions. In short, C&MI helps companies understand their competitive environment, identify market growth opportunities as well as risks.
However, many organizations have highly fragmented competitive and market intelligence software and processes. Digital transformation, accelerated by the pandemic, has placed tremendous pressure and visibility on C&MI. Ad-hoc fragmented approaches are not enough any more.
If you want your C&MI software and efforts to be effective and durable, you need a more formal market research practice. To be efficient, you need competitive and market intelligence software that can aggregate insights from a wide range of information sources. C&MI tools make it easier to gather and analyze crucial information about competitors and the market. Importantly, they can do it at a scale and speed not possible without technology.
According to the Gartner Market Guide-
“by 2027, 45% of technology and service providers with over 100 employees will use commercial off-the-shelf competitive and market intelligence tools, up from less than 15% today.”
Challenges highlighted by the Gartner competitive intelligence market guide
The Gartner report points to several challenges, one in particular of which is close to our hearts.
Gartner notes “Enterprises of all sizes struggle with both collecting meaningful data relating to their competitors and analyzing the data in order to create actionable insights that are consumable across the organization.” Indeed, incomplete information, available in structured and unstructured formats, coming from a vast array of sources, is a serious challenge. Unfortunately, achieving this is key to success: only actionable insights are valuable in the end.
“Part of this challenge is knowing where to look and understanding what is meaningful, coupled with how to make the insights consumable across the organization. Such challenges lead to wasted effort and the inability to maximize the impact of competitive intelligence and market intelligence across multiple roles.”
Discuss your C&MI challenges with us to see how we can support you:
So, what makes the best M&CI software?
Another point raised in the Gartner report is the need for competitive and market intelligence software to serve several teams: “C&MI tools are used by multiple stakeholders within technology and service providers, primarily C&MI analysts, as well as product marketing, product management, sales and corporate strategy.”
As a matter of fact, we at Cronycle built our entire business model on the research workflow. Our solution supports common research actions at a lower cost per user. As a result, information is available across silos, making collaboration possible. Ultimately, we believe in the power of knowledge flows in marking organizations successful. You can learn more about our competitive and market intelligence tool for different teams: product marketing managers, sales enablement, and even product innovation and content marketing.
In particular, enabling sales teams is a key area of focus. Indeed, for Gartner, “Sales-related use cases and the exploitation of competitive and market intelligence in the field is a key area of focus and demand.” Namely, sales teams need up-to-date and short actionable insights. But in fact, keeping sales battlecards updated by collecting competitive intelligence in real-time is no easy task. The Cronycle approach to overcome the limitations of battlecards is to reposition them as collaborative competitive dashboards maintained collectively.
Gartner’s segmentation the C&MI tools market and Cronycle
Gartner’s segmentation of the competitive and market intelligence tools is based on the three main phases in the workflow. They are: gather, analyze and exploit.
We believe that Cronycle has a strong proposition compared to the other C&MI tools, particularly at the Gather and Exploit ends. A few points of proof:
- Cronycle Topics help users find emerging information from unknown sources, using our artificial intelligence (Gather).
- Feeds help filter information down to a manageable flow (Gather).
- We support human intelligence with an efficient workflow to annotate and extract insights (Analyze).
- Our integrations and embedded newsletter editor enable easy and regular sharing of bitesize updates to stakeholders across the organization (Exploit).
We believe that artificial intelligence is best at augmenting human intelligence. We use AI to help users deal with scale during the gathering stage. However, we believe that creating meaningful and relevant insights is still best done by humans.
Contact us to see how Cronycle can power your competitive and market intelligence practice:
Gartner, “Market Guide for Competitive and Market Intelligence Tools for Technology and Service Providers”, Chris Meering, Rahim Kaba, Dan Tolan, January 10, 2023.
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