Businesses in the 21st century must absorb as much useful and actionable data insight as they can get in order to be competitive in their marketplace. Successful companies have been using business intelligence to better understand how their own business operates, and to find efficiencies, opportunities and advantages.
Now, commerce intelligence has become the next wave of insight and information that companies need to complement their current business intelligence initiatives - even if they don’t know it yet. And the commerce intelligence Onvia provides for the business-to-government (B2G) marketplace is truly in a class of its own.
Defining BI and How Businesses Use It
Nearly every company employs business intelligence in some way. Gartner, a renowned information technology research and advisory company, defines business intelligence as “an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.”
Simply put, business intelligence is gathered when companies leverage their advanced technology and data in order to solve internal business problems, combining multiple datasets to create a coherent overall picture of a company’s health. But companies solely relying on business intelligence will find one large blind spot in their view of business operations.
These systems focus inward on gathering and analyzing data about the company itself, and not the environment of the marketplace which the company operates in. Companies using only business intelligence to track their performance risk missing the forest for the trees.
Introducing Commerce Intelligence
This opens the door for another kind of intelligence system – commerce intelligence.
While business intelligence provides primarily internal information for a company, commerce intelligence provides primarily external data. This type of intelligence system delivers insight about clients, competitors and other data for a given marketplace, such as B2G. Commerce intelligence serves as a vital, complementary type of information for any business seeking to succeed and grow in their market.
By utilizing both external and internal intelligence systems, and integrating them into their day-to-day operations, an organization can paint a more complete picture about how their business – or an entire industry – operates. The data they receive will help determine which markets they should actively engage in more closely, which leads they should prioritize and which products they should focus on developing.
How Commerce Intelligence Applies in B2G - Where Onvia Comes In
Here at Onvia we are tackling the challenge of bringing commerce intelligence to the B2G marketplace. We are at the forefront of using data science, advanced search and intelligence technologies to curate B2G commerce information.
Consider the vast amount of leads, future spend, historic awards, contacts, vendor information and more that exists in the government procurement marketplace. All of this information fits underneath the definition of commerce intelligence, and all of it is necessary to understand how to win contracts from federal, state and local government agencies.
Onvia makes it all more accessible, structured and actionable, with the goal of stimulating more buyers and sellers to participate in a more efficient marketplace. Our data value chain engages state-of-the-art technologies to organize the vast volumes of B2G commerce data, and makes it extremely quick and convenient to find opportunities aligning with what businesses in every industry have to offer. We also have partnerships with government agencies that supply contract information directly into our system – much of which cannot be found anywhere else.
Commerce intelligence allows vendors to gain the insight, efficiency and confidence necessary to win in their field. And the commerce intelligence provided by Onvia to provide the greatest possible insight into the B2G marketplace is truly in a class of its own.
Speak with one of our B2G market advisors to learn how Onvia equips companies of all sizes to grow their public sector sales and government agencies to gain procurement efficiency.