Open Source Business Intelligence
Open (public) sources – both online (like Internet) and offline (like books and printed media) – contain vast “deposits” of the potentially useful information; application of Business Intelligence techniques (such as text mining or text analytics) to these sources may bring many insights of two types.
First type is presented with market insights – like new trends (identified at the early stage with selected experts) or peculiar patterns in customer behavior (that may be beneficially utilized with the suppliers).
Another kind of insights refers to companies; it’s a common place that each company possesses 100% of information about its own activities – and the company’s rivals, clients and partners have limited information about that company. Thus using corporate data (for Business Intelligence) is the better way to obtain useful and relevant insights about the company’s business. However, sometimes it’s beneficial to know what other market stakeholders know and think about your company; such “third-person view” may potentially solve few important tasks:
- Possessing information on how your rivals perceive you and your business may open the eyes to your weaknesses (in most cases they are “successfully” exploited with the competitors)
- Your clients’ view on your business may bring the understanding for CRM improvement
- Sometimes “third-person view” may even to assist in identifying the hidden patterns in your business; moreover, few of such patterns may be found only with the “third-person view”, while your corporate sources may not contain the respective data
“Third-person view” technique is well-known to the researchers who make market research and interview the company’s customers; but market surveys target collection of the “market insights” – i.e. how the customers see your market position or market share, etc. while market researchers rarely ask your clients about particular aspects of your business. However this task may be solved with the Open Sources Business Intelligence approach – i.e. search for the insights (that refer to your company, its organization, activities, strengths, weaknesses, decision-making patterns, etc.) in the “third-party” sources – such as rivals’ and customers’ corporate reports and presentations, expert articles and news (that may be also analyzed in a context of who owns the media that published the article with particular information/opinion about your company), industry databases, etc.