Detecting disruptive changes in the market, technology and competition at an early stage enables us to adapt to the new context and ensure long-term development. That’s why many companies have set up an in-house intelligence unit with specialized software, human resources and organized information circuits. In support of this activity, outsourced monitoring can bring many advantages. However, there are a number of risks to consider. The choice of partner is critical to long-term success.
With the development of the Internet and digitalization, more and more information is available. Companies therefore have access to numerous information channels to anticipate developments and detect opportunities. To facilitate decision-making, decision-makers need to organize their knowledge of the environment and its evolution. Calling on a specialized service provider enables you to outsource the monitoring of all or part of your competitive, regulatory and technological environment.
5 good reasons to outsource your business intelligence
- Control costs: implementing a monitoring system in-house can lead to high, uncontrolled costs (software licenses, human resources, subscriptions to paid sources, copyright). Using a service provider simplifies management and facilitates control of the dedicated budget.
- Focus the company’s internal resources on its core business: market analysis, management and operational actions. Digital intelligence is not a corporate business. This means that a specialized service provider has more optimized human and technical resources than most companies.
- Flexibility of resources: a service provider can respond more easily and rapidly to an internal need, especially when internal capacities are saturated. A service provider can therefore also complement an in-house intelligence team, for example by focusing on a particular issue.
- A specialized team and multi-disciplinary: business analysis, information systems, consulting, translation, etc… Monitoring requires a wide range of technical skills: setting up the system is becoming increasingly technical, and requires appropriate skills. The coordinated activity of monitoring, collecting, analyzing and disseminating information requires a sound knowledge of web technologies, monitoring tools, the company’s business, translation, data management and visualization.
- Technical and user support. This is an aspect that is often underestimated at the outset of a monitoring project, but whose importance is revealed in practice. Users sometimes need support to get the most out of the monitoring system. Reactivity in answering questions or solving technical problems is a must, because information must be available when you need it.
Outsourcing risks to consider
While companies benefit from having a specialist partner, there are also risks to be considered when outsourcing their market intelligence:
- Highly automated monitoring is a strong temptation for companies, but the quality of the information may well fail to meet strategic information needs. While tools are needed to process large volumes of information, human analysis by qualified, experienced people is essential.
- A poor understanding of the company’s business means you can’t capture relevant, accurate information and put it into perspective. Working with an external partner should therefore be a long-term project, with qualified, dedicated analysts, to build up knowledge over the long term.
- Uncontrolled confidentiality: The targeting plan and monitoring priorities are information that must remain confidential, as it can provide valuable insights into the company’s strategy. A confidentiality agreement is therefore essential. Dedicated, clearly identified analysts also guarantee confidentiality.
Outsourcing has many advantages, but the choice of partner is important to ensure a high level of quality and to provide managers with a genuine company management tool, beyond the decision-making process.
Since 2007, Humind has been providing its customers with a complete intelligence solution, tailored to their organization and business. This solution combines targeted, qualified data, an information system that can be integrated with the company’s own, and responsive support to turn the system into a real competitive advantage.
