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To survive in today’s fast-paced and ever-changing market landscape, every business needs competitive intelligence (CI) – a comprehensive knowledge of your competitors and how your business is performing.
Competitive Intelligence Software Maker
CI allows you to monitor competitor behavior and gain the insights you need to create a competitive advantage. It allows you to take advantage of new opportunities, see emerging risks before they become threats, and make informed decisions at all times.
Elements Of Competitive Intelligence
There’s just one problem – the sheer amount of data to collect and analyze is astronomical. In order to have complete competitive intelligence, you must be able to get data from the thousands of places it exists on the Internet. It is impossible to do this without the right technology to support the process.
CI professionals have never had more data at their fingertips. Yet it has become increasingly difficult to cut through the noise and find the insights that really matter.
In a business landscape that never stands still, organizations must keep their finger on the pulse of what is happening and changing in their market. Reactive CI strategies—even those informed by real-time data—are not enough to stay ahead of the competition.
Competitive intelligence tools streamline the data gathering and market landscape mapping steps so you can move straight into strategic analysis. They give you a complete picture of your competitive position and the other top players in your industry, whether they’re on your radar or not.
Benefits Of Business Intelligence
Certain CI tools are also equipped with AI-based capabilities, such as sentiment analysis and creative AI, which allow you to not only be aware of market and competitor events, but also understand how key stakeholders (i.e. investors, customers and peers) feel about them and get an insight into what is likely to happen next.
As a result, your company can be the first to take advantage of new opportunities, spot market trends, and gain a competitive advantage that propels your market position upward.
To find the best competitive intelligence tool for your business, you need to know what to look for and what questions to ask during your research.
In this guide, we’ll explore these questions in terms of 10 of the best competitive intelligence tools on the market today. We’ll compare their key features, strengths and limitations, pricing, and the types of organizations best suited to use each.
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By the end of this guide, you’ll know which CI tools best fit your goals, business needs, and budget, and you’ll be equipped to make an informed and confident purchasing decision.
Best for: Conduct comprehensive competitive research and analysis with advanced AI functions for increased reach, speed and accuracy – all in one platform
AlphaSense is the leading all-in-one market intelligence platform, designed for financial services firms, corporations and consulting firms. It is an ideal tool for business professionals who want to implement a qualitative research strategy powered by automated features and specialized AI search technology.
AlphaSense is used by 85% of the S&P 100, 97% of the Dow 30 and 80% of the world’s top consulting firms. In 2023, AlphaSense was named to the Forbes AI 50, which recognizes the top AI companies globally, and is consistently ranked as an industry leader by TrustRadius and G2.
Advanced Competitive Analysis Guide
Additionally, AlphaSense provides access to broker research and an expert call library that facilitates deeper insights into businesses and markets. These additional resources are available through two AlphaSense content kits:
AlphaSense uses intelligent search capabilities to ensure platform users find everything they need for their research and offers unique features such as:
AlphaSense makes it easy to track individual companies, as well as entire industries or macro themes.
With Search Analytics and Company Tearsheets, you get instant updates on the companies on your radar, giving you in-depth coverage across document types, industries and regions.
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For macro topics or industry updates, AlphaSense’s automated and customizable real-time alerts help you customize your benchmarking process and ensure you’re the first to know about anything that could impact your strategy.
Sentiment analysis, an NLP-based tool, analyzes the tone and subjective meaning behind what an executive, news outlet or customer is saying. It also analyzes any emotional changes over time using a numerical Attitude Change Score. Using this tool can help uncover subtle inflection points in language that indicate market movements and provide early indicators of changing business performance.
Another key feature is Smart Synonyms™ — a capability that understands the intent behind your search queries and ensures that your search results reflect all relevant synonyms in your original query. Using advanced algorithms, AlphaSense automatically excludes results with matching keywords that are irrelevant to your search, reducing noise in your research and reducing information overload.
Known for its intuitive, user-friendly interface, AlphaSense’s market intelligence platform was designed and built to be easily integrated into a company’s existing system processes. Simple search functionality, data export capabilities (such as Excel or OneNote), and collaboration features make AlphaSense a tool that can be seamlessly integrated into existing workflows.
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No official cost information is available for the AlphaSense platform. To find out if it fits your budget, you need to contact the AlphaSense team.
AlphaSense subscription prices vary for SMBs and are tailored by plan (i.e. enterprise vs. enterprise-level packages) and by package (you can choose to purchase only the Stream expert copy collection, or get the full recipe. AlphaSense content universe). AlphaSense also offers an extensive collection of market research and expert insights on its website for free, such as The Innovator’s Guide to Competitive Intelligence and How to Leverage AI for Competitive Intelligence.
Klue is a market and competitive research platform built to automate, streamline and facilitate the dissemination of intelligence across an organization. Klue enables product marketers and other users to organize, collect, analyze and distribute competitive intelligence information across organizational departments.
Klue has an automated web crawler that keeps users updated on competitor product offerings, promotions, price changes, and marketing strategies. Using artificial intelligence, Klue verifies and directs insights from its research and provides information about your competitor’s activities. However, Klue’s AI suffers from potential research noise and doesn’t deliver real-time insights. It also tends to completely miss priority insights.
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Klue pulls data from the web, social media, product launches, press releases and releases, and reviews. It also allows users to add research insights about their own company and competitors. However, at its core, Klue is a web eavesdropper and only provides access to public data. It does not offer access to valuable content sets such as global and SEC filings, broker research and transcripts of analyst calls – all of which are essential for holistic market research.
Klue doesn’t have its pricing packages publicly listed, but some online sources say it costs around $1000/user/year. Contact Klue for the most accurate quote.
Crayon is a leading competitive intelligence platform focused on helping companies uncover revenue opportunities and identify new growth areas. It is designed for midmarket and enterprise teams who want to understand and create sustainable advantages in their respective markets.
Crayon is one of the most recognized competitive intelligence tools available today—11X G2 Grid leader and 3X PMA Pulse leader.
Business Intelligence (bi) Frequently Asked Questions (faq)
Crayon collects content from various companies both online and offline and stores it in one place, accessible to users conducting competitive research. It uses advanced artificial intelligence and machine learning (ML) functionality, flagging critical information and displaying actionable insights from millions of sources, saving valuable time in research and analysis.
Many industries—including retail, technology, finance, pharmaceuticals, and software—use Crayon’s platform to track market trends, increase sales, and streamline business processes. However, Crayon may not work for companies that have a large amount of competitors to track, or that need to frequently change the competitors they track. It still uses human experts to process data, so scalability is a challenge.
Crayon doesn’t have pricing plans available on its website, but customer reviews say the platform is expensive, and their entry on the HubSpot Marketplace shows packages starting at $15,000 per year.
Contify is a competitive and market-savvy platform serving clients primarily in the BFSI, pharmaceutical, IT and consulting industries. Its platform is built on strong AI search and analytics capabilities, and it pulls data from 500,000+ sources, including company websites, press releases, social media, regulators, job portals and news media.
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Contify comes with a variety of features that include: news tracking, market intelligence, competitor monitoring, and customer insights. Users can collaborate and share knowledge using the News API, enabling teams and colleagues to work more efficiently and make better data-driven decisions.
Contify serves companies of all sizes and across a variety of industries, including finance, healthcare, technology and consumer goods. It can track multiple companies at once, making it especially useful for companies looking to expand their market presence, launch new products, or stay ahead of the competition.
Key areas of search focus for Contify users are patent, innovation, regulation, M&A deals, supplier and risk. Contify’s customers operate in highly technical and highly regulated sectors, meaning the accuracy, relevance and reliability of data insights is
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