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

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Taxonomy Collection
The Art and Science of Taxonomy Development for
Market and Competitive Intelligence
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Table of Contents

• Introduction An overview on Taxonomy
• Benefits of Taxonomy in Market and Competitive
  Intelligence
• Storing
• Retrieval
• Analysis
• Conclusions and takeaways

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Introduction

• Overview on Taxonomy

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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.

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How does Taxonomy helps?

• Storing
• Retrieval
• Analysis

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Storing
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• 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.

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Retrieval
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• 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.

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Analysis
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• 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.

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Conclusions and takeaways
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• 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.

Key takeaways
Principles of taxonomy are essential for working
on Competitive and Market Intelligence.
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