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This article has been written by Sailee Karambe pursuing a Diploma in Content Marketing and Strategy from Skill Arbitrage.

This article has been edited and published by Shashwat Kaushik.

Introduction

In today’s glamorous dimension and outreach of AI tools, the work of many competitors in the market is quite notable. Many profit-making techies have grown their businesses using AI tools and various platforms. Artificial intelligence has always been in the limelight for prospective high-tech companies, and it is capable of revolutionising a strong cord amongst technology and its end users. Hence, the question, how easily is AI accessible to all?

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What is artificial intelligence

AI is a state-of-the-art tool that assists in collecting information, measuring and fabricating it, and then inspecting and scrutinising the data, which in turn helps to build a foundation. In the market, there are countless tools to seek that help expeditiously and skilfully study and track competitors’ progress. AI is extensively used in large businesses to direct their functioning and vision accurately to a great extent, as a human brain may not be able to deliver the results with that agility.

Competitive analysis is a very important feature for devising action plans for business growth. It comprises assessing competition and its fierceness in the market, how opponent businesses are performing, their current placement in the market, vulnerability to any aspect, etc. A detailed analysis provides assistance in conducting a SWOT analysis of one’s own businesses and how one can improve their market position. Artificial Intelligence has substantially helped to collect and define data required for such competitive analysis.

AI tools for competitive analysis

The way AI has been performing in collecting data and statistics to determine competitive analysis in the market is awe-inspiring. Below are some pointers:

Simplified and quick data processing

Web scraping is one such AI skill that assures that legit and the latest data is provided about potential competitors and their products, pricing, and marketing strategies. All the information from any site, social media posts, or any posts on blogs is scrapped, and the data is automated to make it easily accessible to analyse the business trends of competitors. Hence, information is gathered in bulk in order to evaluate prospects in the market.

Aggressive analysis of trends

Market analysis judgement helps in diagnosing that space or clients where one can do branding of the product to capture potential clients. This could help in developing emergency plans to reduce uncertainties and liabilities. In competitive analysis, using AI technology also helps in the advancement and expansion of any project, contributing to designating the required amount of time, which eliminates unnecessary downtime. It also contributes to better funding for the vital company’s drive. It is finally the path that one selects to accommodate the imminent trends in the dynamic market.

Importance of AI today

Artificial intelligence has the ability to reconstruct one’s growth with adeptness, expertise, and illustrative exposure to the virtual world. It’s a journey from transforming our day-to-day activities to the way we welcome technology into our lives and incorporate it into businesses. Does AI matter in today’s fast-growing world? Yes, it does, and we have numerous reasons to call for:

Performance and mechanisation

Here, what is meant is the automation of repeating functions or tasks any firm undertakes. This will help lift performance and efficiency so the business can clear up tasks faster and deliver service on time. For example, one can use AI tools to anticipate the performance of a manual mechanical system based on previously collected data.

Judgement and direction

AI has the ability to process huge data files and unveil design, flow, or judgement that any individual might fail to collect. AI-driven tasks can also reduce expenses and leverage computer programme use, the processing of language spoken to create huge documents instantly, and the initiation of quick, accurate decisions. For example, AI technology can help in making informed decisions prior to a court case being held, speeding up the final verdict of court cases, etc.

Customising data

AI generates data as per human demand, as it will customise the output and present it to the end user. Let’s say the banking sector is booming. Many banks have opted for AI tools to cater to customers’ needs, such as marketing their products and services on their websites, managing risks, etc. Here, AI helps in processing the data as instructed and presenting it in a customised way.

Save up expenses

AI has the capability to reduce expenses by studying purchases in the past, how clients have been performing, and the advancement or revision of business procedures, if any. For example, by reducing human errors based on past analysis and optimising resource allocation, an AI tool can help save expenses by scrutinising the issue in the production process.

Modernisation

AI is fascinating and compelling for modernisation. Today’s necessity towards a broader and more advanced future has made AI more innovative in areas such as the improvement of products and services. Google Maps uses AI technology to generate real-time traffic updates and track exact locations; the Apple iPhone uses SIRI technology, which helps to make our lives easier.

Various AI tools to use

There are various AI tools which are present in the market, many of which have useful features, such as video and audio editing, image creation, content and copywriting, art generation, web scraping, SEO tools, data collection, etc. The use of AI tools is no longer a luxury; it has become a necessity. Nowadays, there are ample job opportunities in the market, one of which is the role of a Virtual Assistant (VA). The demand for VAs has never been higher. People have become more connected and businesses respect remote work. Specialists who have the competency to streamline their work can deliver quick and quality work. Such individuals are needed and respected.

How accurate is AI

AI tools are not always accurate, but they can be in some cases. The results of AI can vary depending on the guidelines used in the development of the tool. The AI will produce output that is anticipative and can be accurate more often when statistical data is in the command. If the data is not verified or recognised by a human brain one cannot make inferences that the processed data is accurate. An AI lacks sensibility, as it cannot feel or understand in the way an intelligent human brain does. But there is no doubt that AI has already overpassed human brains in many areas; for example, video games have AI players, computers, video makers, etc.

In our childhood, we learn and adapt to many emotions, feelings, workability, pressure, logical thinking, etc as these are human traits, but can an AI tool adapt to such traits? That can be possible, as we spend a lot of years knowing these human characteristics, and so can AI adopt such a mindset, but at present, this is not in existence. However, if AI accomplishes gaining humane qualities, then that might be a pinnacle point where there will be no intervention of the human brain and this kind of automation could significantly penetrate the market scenario.

SWOT analysis using AI

SWOT analysis, short for strengths, weaknesses, opportunities, and threats, serves as a valuable tool for organisations to gain insights into their market position and set strategic goals for improvement. While traditionally conducted through manual surveys, advancements in artificial intelligence (AI) have revolutionised the process.

AI-powered SWOT analysis tools enable organisations to gather and analyse vast amounts of data quickly and efficiently. These tools leverage natural language processing (NLP) to extract key information from various sources, such as company reports, news articles, social media platforms, and customer reviews. This comprehensive data collection process allows for a more accurate and comprehensive understanding of an organisation’s internal capabilities and external environment.

With AI, organisations can conduct SWOT analysis not only for themselves but also for their competitors. By analysing competitors’ strengths and weaknesses, organisations can identify potential vulnerabilities and develop strategies to gain a competitive advantage. AI tools can track competitors’ market share, product offerings, pricing strategies, customer satisfaction ratings, and more. This information empowers organisations to make informed decisions regarding product development, pricing, marketing campaigns, and overall business strategy.

Additionally, AI-enabled SWOT analysis tools offer real-time insights, enabling organisations to adapt quickly to changing market conditions. By continuously monitoring key metrics and trends, organisations can stay ahead of the curve, identify emerging opportunities, and mitigate potential threats.

In summary, AI has transformed SWOT analysis from a static, time-consuming process into a dynamic and data-driven tool. By leveraging AI tools, organisations can gain a comprehensive understanding of their strengths, weaknesses, opportunities, and threats, both internally and externally. This empowers them to make strategic decisions, stay competitive, and achieve long-term success in a rapidly evolving business landscape.

Strengths

The biggest strengths of any business are its faithful customers, brand pricing, and market position. AI tools can be used to locate the right place to enter the niche market for new brands and potential customers for existing brands.

Weaknesses

One of the greatest weaknesses that a business can have is some intrinsic factors like obsolete technology used, the right amount of marketing not done to create a broad image and unskilled employees in the organisation. AI tools and software can facilitate the right training for employees in organisations and deal with image branding, as AI itself is an updated version of the technology.

Opportunities

Formulating action plans and techniques, having the ability to foresee future trends, and making relative decisions to evade contingencies and risks in the future are some opportunities associated with AI tool assistance for competitive analysis in business.

Threats

These could be some extrinsic factors like alterations in government policies which can create prohibitions in promoting the brand, negative connotations in other languages in different countries, fierce competition, descent in economic budget, etc. Here, AI helps to alleviate such threats by alerting us well in advance to avoid them. This is possible by using AI tools for competitive analysis of not only consumers and their buying behaviours but also about the latest products available in the market.

Suggestions

AI tools for competitive analysis are definitely worthy and indisputable. The way AI is advancing very quickly, it seems all our future tasks will get automated. This seems really exciting, but what about manual jobs? It should not hamper the employment cycle. Hence, AI, in a way, is a boon to the technology world and a mere job snatcher. There is no doubt that the process of analysis and execution has tremendously changed and been transformed in a very smooth and uncomplicated way due to AI tools. The data, which was earlier not accessible to all, is now obtained very effortlessly. It is said that there is about a 20% increase in cost efficiency since companies have adopted AI tools for competitive analysis. AI assists organisations in better decision-making and performing strategies effectively. AI is the future.

Conclusion

Finally, it is understood that AI tools and technology are trending and represent the future for obtaining the most calculative and comparative trends and insights. The data that is processed by AI can be obtained accurately in numerous languages. Yes, there could be many challenges while using the tools but if one beats them and understands the technique to use them in their businesses, it would be highly beneficial. One can filter out their strategies to elevate their businesses and accomplish their targets. The impact of AI on humans is very impressive and it is one’s responsibility to steer away from unethical practices in using these tools to establish an unbiased platform for all.

References

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