What is Commercial Intelligence?
Commercial intelligence that helps businesses understand competitive environments, opportunities and challenges means collecting, analyzing, interpreting information about competitors, customers, products, and other market factors, and using them in strategic decision-making processes that can provide competitive advantage. The collected information is target oriented. After this information is interpreted and turned into intelligence, it is transformed into a decision and practice.
What are the Channels to Acquire Competitive Intelligence?
In competitive intelligence, data sources are divided into two as primary and secondary.
1.Primary Data Sources
The primary data source is a source where data is collected first-hand by the researcher for a specific research purpose.
- Government officials
- Industry experts
2.Secondary Data Sources
Secondary data sources are pre-compiled for various purposes using primary data sources.
- Commercial databases
- Financial reports
- Search engines
- Competitors' websites
- Newspapers and magazines
- Ready reports
- Technical and patent documents
- Consultant reports
- Commercial consultancies
Importance of Commercial Intelligence in Import and Export
The intense competitive environment in international trade necessitates the use of commercial intelligence in strategic decisions. The use of commercial intelligence in all decision-making stages in foreign trade is of great importance for both companies and countries to increase their competitiveness.
In exports, target market determination, target country market research, target customer and competitor analysis using commercial intelligence, and target-oriented use of all power and resources thanks to commercial intelligence help to obtain more effective results with pinpoint exports.
For good quality, cheap, reliable and sustainable import, it is possible to determine the importing countries on a world scale, to find potential suppliers and to make price researches thanks to commercial intelligence.
Increasing the competitiveness in world trade in imports and exports, saving time and money with accurate target market determinations, taking steps by knowing the competitors and the market well depends on analyzing and interpreting the correct information acquired through commercial intelligence.
Benefits of Being Ahead in Commercial Intelligence for Competitors and Current Partnerships
Being ahead in commercial intelligence is of great importance in terms of competitiveness. Using commercial intelligence, it is possible to obtain information about changing market needs, price policies of competitors, new developments in the sector, potential competitors, threats or opportunities that may affect competitiveness, strategies and investments implemented by competitors, short and long term trends, strengths and weaknesses of competitors. Analyzing this information and using it in strategic decision stages provides great benefits in ensuring the continuity and strengthening of the partnerships, acting with the knowledge of the strategies followed by the competitors, meeting the changing market needs and increasing the competitiveness by making correct pricing.
Innovations and Benefits of Information Age to Commercial Intelligence
Commercial intelligence experts have spent a considerable amount of time in the past to manually access, analyze and make decisions based on the information they have obtained. The possibility of changes in the market at the end of this long process meant that all these efforts turned into a waste of time and money. However, with the development of technology and the intense competitive environment, the fact that commercial intelligence has almost become a necessity has increased automation in this process.
With the development of technology, data collection and analysis methods have changed. The widespread use of the Internet has created a huge data pool. However, it was still a very time-consuming process to reach the required data in this crowd of data. With the development of information technologies, B2B services have emerged that provide data services and enable this data to be analyzed and made meaningful and useful. Thanks to these services that provide processed and interpreted business intelligence, it has become fast, easy, reliable and low-cost to turn to the right markets and to take strategic activities in these markets.
Some data provided by TradeAtlas.com to its members;
- New importer information for exporters,
- From which supplier, how much and at what price foreign importers import,
- Monthly and annual total import value of foreign importers,
- At what price to which importers foreign competitors export,
- How much importers import from their competitors,
- Average unit price of exporters' export products in foreign markets,
- Which companies import a product in a certain country at most and how often,
- In which period of the year an importer company imports,
- How much share an importer has in the import of the country concerned.
As Trade Atlas, we also process data for the intended purpose and make it more useful for companies. While doing this, we analyze the data using "big data" processing techniques, and with the "smart search" feature on the website, we highlight the importer or exporter company information sought among millions of companies by using certain parameters. Thus, we facilitate and safely present searches that require specialization, take time and may lead to erroneous results if done individually.
Our member companies determine their target markets more easily, reach the right customers without wasting time, and follow their competitors better with the commercial intelligence service and data we offer.
Trade Atlas is a global importer and exporter search engine that contains 1.5 billion bill of lading and shipment details data of 17.5 million importer companies in more than 230 countries around the world. Trade Atlas is with you to accompany you in taking steps towards becoming a more important part of global trade! To become part of the global ecosystem, you can register and search for free by clicking here.