Data is the new oil for businesses

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These and other reflections have been put this afternoon on the table in the Conference on Market Intelligence held in Getxo with the aim of bringing Basque SMEs closer to the possibilities offered by market intelligence tools.

These tools make it possible to analyze the vast amount of information we have to convert the data into intelligence that helps companies in their decision making.

“Companies that incorporate these solutions into their daily management will gain a competitive advantage over the rest,” said Ricardo González, Managing Director of SPYRO.
Nearly a hundred representatives of SMEs from Bizkaia attended this afternoon to the “Market Intelligence, What Contributes to my Business?” Event, attended by speakers from companies and entities such as SPRI, Kutxa, Oracle, Fegemu, Webalianza Or Enantio, as well as IETeam and SPYRO, organizers of the meeting. The event has served to bring to the participants the opportunities and competitive advantages that today offer companies the tools of business intelligence, both through presentations and the presentation of concrete cases of success in Basque SMEs.

“Technological change – which is rapidly moving towards digitization -, the need to detect the background trends by monitoring the environment and the new business models, justify the change of culture in the company towards an intelligence environment. This has been emphasized by Iñaki Beristain, Head of Strategic Planning and Studies at Kutxabank, in his presentation “How do I apply market intelligence in my business?”.

Beristain has emphasized that intelligence systems – adapted to the needs of each case – “should serve to facilitate decision making and, for this, they must be aligned with the company’s strategy and have the support of the first level Of the organization “. In his view, technological advances and new trends “lead us to new scenarios where opportunities arise from the combination of them. All this accelerates the change and makes it necessary to know the environment so as not to be left behind and to miss the opportunities that are offered to us. The final conclusion is that the monitoring of the environment is not optional, although it is a progressive process that must be tackled little by little, with much patience and without place to discouragement, “he stressed.

In this sense, Ricardo González, General Director of SPYRO has emphasized that today the great amount of information we have is wasted “and few of them collect it, analyze it in depth and incorporate it into its daily management.” Faced with this, he recalled that there are technological solutions in the market that are available to SMEs and that give them a great competitive advantage. “At SPYRO we are so convinced of the value of these solutions that we have even created a unit that aims to find products with high added value in this field and market them,” he said.

Success stories

Xabier Garatea, Managing Partner of IETeam and Aitor Michelena, Internationalization Consultant of the company, have exposed the success of his company after applying market intelligence to its internationalization process. “Today we are present with our own delegation in France, Sweden, Germany, Brazil and Colombia, and we also have exclusive agreements with Partners in many other destinations in which we are present,” they explained. Both stressed the importance of incorporating market intelligence into the processes of internationalization, “in our case thanks to an international network of its own that knows and understands the context and the market where our customer wants to go and to which we accompany him, in Information on GDP, potential locations, the local market, etc. For decision-making in its internationalization process. ”

Another successful case was the one from the Gipuzkoan company FEGEMU, which, after a year working with the market intelligence tool Enantio, has been able, among other things, to know the data and analysis of the markets to The ones that to address, to analyze monthly and in real time the markets where they already exported to study the launching of new products, or to capture new suppliers. “After a year, all this information has been integrated into the managerial profiles becoming an integrated management tool in its day to day. It is data that we transform into information easy to understand and use to integrate it into decision making, “said Eduardo Kaibide, co-founder of Enantio for whom,” data are the new oil companies.”

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