They say you should keep your enemies even closer than your friends. But what about your competitors? When entering a new market, knowing your competitors and what consumers want is essential. Relying on data that takes months to collect is not the smartest way. We spoke to Andrea Gilberti, President & CEO at Matchplat, about how Artificial Intelligence is helping organisations understand their markets and the importance of KPIs.
Andrea, what are things that companies should and shouldn’t do when entering a new market?
First of all, having clear objectives and responsibilities is a must. Another is to have some information as a navigator and this is our job. A thing I would say they shouldn’t do is to follow a plan without ever changing it. This is typical for startups when even though the perception is they are on the wrong track they do not change because of the business plan.
Having clear KPIs is one of the best approaches we can follow.
But how to know you have chosen the correct KPIs for the market?
The first one is to identify your potential partners and business opportunities. The second is to find the potential competitors and how you can be different from them, what your value proposition is.
There are several ways to do these. A typical one is to go to trade shows or to use search engines like Google. But you can also use a more professional approach by using databases from Chambers of Commerce or a rating company.
The problem with them is that they usually have lots of information about financial data but not real quality. A quality data is the one that focuses on what the company actually does and about the industrial sector.
How to know that the data you have is valuable and useful?
Matchplat, for example, buys that data and then compares it with what is on the web. We match the information coming from an official source and we check it with the help of artificial intelligence.
Is AI what will drive business development going forward?
Organisations like ours are not focused on just one industrial sector. Our core business is the technology that can be used for many different topics. We focus on the knowledge we have and develop it day-by-day.
Because of that we can apply it to anything from pharmaceutical to agricultural without a problem.
You can watch the full video interview with Andrea Gilbeti and learn more about how AI is helping business intelligence and market expansion now.✷