The Art and Science of Taxonomy Development for Market and Competitive Intelligence

1. Taxonomy Collection The Art and Science of Taxonomy Development for Market and Competitive Intelligence

2. Table of Contents • Introduction – An overview on Taxonomy • Benefits of Taxonomy in Market and Competitive Intelligence • Storing • Retrieval • Analysis • Conclusions and takeaways

3. Introduction • Overview on Taxonomy

4. What is Taxonomy? Taxonomy has the onus of making market and competitive intelligence precise. • Taxonomy is about the naming of things and organizing them in categories. • In the context of market and competitive Intelligence, Taxonomy is trusted as the principle that systematically organizes information using predefined terms. • It helps in arranging the information (actionable insights) in hierarchies of superior and subordinate groups. • It helps the analyst to score relevance and structure timeline of strategic insights. • The applications of the taxonomy concepts are universal. The awareness and application of taxonomy is equally poor. • For example, organizations addresses its employees as ‘team members’ or ‘staff-members’? But Disney explored an out of the box approach to call their park employees ‘cast members’. So, these are the small things that lead us to a collective perspective in developing growth of a business model.

5. How does Taxonomy helps? • Storing • Retrieval • Analysis

6. Storing 1 • Different organizations have unique approaches to store the relevant database as per their requirement. • Mostly business models work on ‘shared with all’ kind of data drives so that everyone is on the same page while leveraging insights for different purposes. • Storing of data need to be in a categorized form which is called indexing of data to streamline interpretations of different information.

7. Retrieval 2 • The decision-makers of the organization highly depend on the retrieval of the correct information. • There can be cost associated when relevant information is not retrieved correctly. • The consequences can even include reinventing the information time and again. • The structured approach of taxonomy, one can be efficient in collecting the information, analyzing it, and disseminating it.

8. Analysis 3 • The most important part of the process is extracting insights to be incorporated in strategies. • The analyst use topics relevant to their business dimension to filter out relevant content and then eventually add topics that reflect the analysis perspective. • The dissemination mode of information is also peeped through via analysis. • Such a taxonomy dimension works for business models in multiple dimensions.

9. Conclusions and takeaways

10. Key takeaways • Business models run in structure and hierarchy. And so is information. • Without a proper structuring, Competitive Intelligence is simply plain data. • Without taxonomical inputs, intelligence (actionable information) is inherently unstructured without any shape or form. • Different tools and techniques better the taxonomy in Competitive Intelligence • Competitive Market Intelligence solutions ease the taxonomy creation and maintenance process. Principles of taxonomy are essential for working on Competitive and Market Intelligence.

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