Market intelligence' is the information relevant to a company’s markets, gathered and analysed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.
- Business Intelligence refers to skills, processes, technologies, applications and practices used to support decision making. Business Intelligence often aims to support better business decision-making and as such can be defined as a decision support system.
- Market intelligence includes gathering of data from the company’s external environment, whereas the Business Intelligence process primarily is based on internal recorded events – such as sales, shipments and purchases. The purpose of incorporating Market Information or intelligence into the Business Intelligence process is to provide decision makers with a more “complete picture” of ongoing corporate performance in a set of given market conditions.
- To support corporate strategy and ongoing decision making, a Business Intelligence System comprise roughly of an Extract, Transform and Load (ETL)) processor, a data warehouse and a range of reporting tools. Information from existing corporate data sources is extracted, transformed and then loaded into a data warehouse. From here data is being analysed and pulled into various reporting systems.[4 The market information feed from the external environment into an analytical processing unit, which could be either within or outside the Business Intelligence tool.