Information monitoring is a very effective tool when used correctly. But did you know that there are several types of information monitoring? That several tools could support you in this process? That certain steps are essential to the effectiveness of monitoring? You will find the answers to all these questions in this comprehensive article on what you need to know about information monitoring in 2023.
Information monitoring in #Shorts
- Simple definition of information monitoring : process of monitoring, collecting and analyzing information about your company or your field of activity
- The different types of information monitoring :
- Competitive intelligence
- Technology watch
- Regulatory monitoring
- Online reputation monitoring
- Sector watch
- Business Intelligence
- Why it is important to do information monitoring :
- Allows you to make informed decisions, benefiting from an overview of the subject
- Allows you to anticipate future trends
- Allows you to adapt your decisions to the next trends
- Improves the competitiveness of the company
- Enables better risk management
- Allows the identification of new opportunities
- How to do ?
- Set goals
- Identify sources of information
- Collect information
- Analyze information
- Communicate the results
- Keep your watch up to date
- What tools to use?
- Google Alerts
- His mailbox
What is Information Watch?
Information monitoring is a process of monitoring, collecting and analyzing information about your company or your field of activity.
Monitoring can include monitoring news articles, scientific publications, blogs, social networks, online forums, etc.
Information monitoring can be used by 3 main types of users, and for several reasons:
- By companies to keep up with market trends and innovations in their sector
- By governments to assess threats to national security
- By individuals to stay informed on the topics that interest them
The objective of information monitoring is to enable an organization or a person to make informed decisions by being informed in real time of relevant events on the subject, which could impact the final choice.
What are the different types of information monitoring?
There are several types of information monitoring, which can vary according to the field of application and the objectives set. Here are some examples of types of information monitoring:
- Competitive Intelligence : Targets competitors’ activities and strategies to understand their position in the market and information that may affect business performance.
- Technology Watch : Monitors technological advances in a specific area to identify innovation opportunities and trends.
- Regulatory watch : follows legislative and regulatory developments to understand the implications for the company and anticipate future changes.
- Online reputation monitoring : Monitors company mentions in social media, online forums and blogs to track public perception of the company.
- Industry Watch : Monitors industry developments and trends to identify opportunities and threats.
- Strategic watch : analyzes long-term trends and developments relevant to the company’s strategic planning.
These types of information monitoring can be conducted internally or externally, manually or automatically, and can be combined to meet the specific needs of an organization or an individual.
Why is it interesting to carry out an information watch?
There are several reasons why information intelligence can be useful and important, especially for businesses.
First of all, it allows you to make informed decisions, with full knowledge of the facts. Thanks to information monitoring, people and companies can base their decision-making on concrete and current elements, while benefiting from an overview of trends .
Conducting an information watch, whatever its nature, also makes it possible to anticipate trends and stay one step ahead of direct competitors who do not do so. By gathering information upstream, companies can anticipate future trends and adapt their decisions to these changes.
Another reason justifying the interest of information monitoring, which is closely linked to the previous one, is that it improves the competitiveness of the company . By monitoring the activities of competitors, competitive intelligence can help a company improve its own performance by adopting best practices and innovating.
Better risk management is also favored when a company sets up an information watch. It is relatively logical, if the company is better informed, and can anticipate, it is more likely to avoid the potential risks that could arise.
And finally, the last reason to carry out this type of watch is the possibility of identifying new opportunities, since the watch also serves to identify potential opportunities that could correspond to the field of activity of the company.
How to do information monitoring? (6 Key Steps)
Information monitoring can be carried out in different ways depending on the objectives and the resources available in the company.
But we can present you with 6 key steps to carry out effective information monitoring.
Good to know :
- It is important to note that information intelligence can be a complex process and specialized tools and resources may be required to perform effective intelligence.
- It is also important to ensure that information monitoring complies with laws and policies regarding the protection of privacy and intellectual property rights.
1. Set goals
It is important to begin by determining the objectives of the information watch in order to be able to target the most relevant sources of information. How to do ?
- Start with a business needs assessment : determine what information your business needs to achieve its goals. For example, you might need to monitor market trends, competitors, regulations, technologies, etc. What do you want to monitor?
- Clearly define objectives : Once you have identified the information you need, formulate clear objectives for your information monitoring. For example, you might want to follow market trends to anticipate opportunities for innovation, or monitor competitors to stay competitive. With what criteria do you want to monitor the information?
2. Identify sources of information
It is then interesting to choose which are the most relevant sources of information to find data on the subject: websites, social networks, online forums, blogs, scientific publications?
Here are some tips to help you identify the right sources of information for your information watch:
- Target the most reliable sources : Prioritize reliable and credible sources of information, such as reputable news websites, market analysis reports published by respected companies, etc. Avoid unreliable sources, such as personal blogs and dubious websites.
- Monitor online sources : Use search engines and social media to find information on topics of interest to your business. You can also use automated intelligence tools to monitor online sources in real time.
- Focus on specialized sources : For more specific topics, it can be helpful to focus on specialized sources, such as niche blogs, online forums, and professional journals.
- Hear the opinions of thought leaders : Hear the opinions of opinion leaders and experts in your industry to get a more informed perspective on important trends and developments.
- Evaluate sources regularly: Evaluate information sources regularly to ensure that they remain reliable and relevant to your information monitoring. If a source no longer meets your needs, don’t keep it.
3. Collect information
Once the objectives and sources of information are determined, you can begin to collect information.
The collection of information can be done manually or automated using information monitoring tools. We will tell you about information monitoring tools a little further down in this article.
It is important to keep the information collected in an organized manner so that it can be easily consulted later.
4. Analyze information
The analysis of the information collected will allow you to understand the trends and the relevant changes to put in place.
This may include information classification, pattern detection, and comparison with prior information.
5. Communicate results
It is important to communicate the results of information monitoring to interested parties, such as employees, business partners or investors.
This can be done as a report, presentation or online update.
If you don’t keep the right people informed, they won’t be able to act in a way to change the process, which will render your monitoring work useless, and prevent the company from progressing.
6. Keep the watch up to date
And finally, it is essential to keep your monitoring up to date!
Information monitoring must be an ongoing process to be effective. It is important to regularly update information and news sources.
What tools to use?
If you are wondering what tools to use to carry out an information watch, it is because we have convinced you of its benefits! We have written an article dedicated to tools for carrying out information monitoring, you can consult it by clicking right here.
Some examples of companies that use information monitoring
L’Oréal uses information intelligence to monitor beauty market trends and stay up to date on new products and competitors .
The Company collects information using a variety of sources, including social media, consumer blogs and market research.
The data collected is analyzed by the company’s intelligence teams to derive insights and guide strategic decisions.
Carrefour uses information monitoring to monitor trends in the food retail sector and remain competitive .
The company uses automated tools to monitor social media, price comparison sites and consumer review sites.
The information collected is analyzed to determine opportunities for differentiation and innovation for the company.
Total uses information intelligence to monitor oil and gas market trends and anticipate regulatory changes .
The company collects information from sources such as news agencies, industry reports and academic publications.
The information collected is analyzed to guide strategic decisions and future investments.
Orange uses information intelligence to monitor trends in the telecommunications sector and stay at the forefront of innovation .
The company uses automated tools to monitor social media, technology blogging sites and industry forums.
The information collected is analyzed to guide strategic decisions and future investments.
Information Watch FAQ
How to assess the effectiveness of an information watch?
Assessing the effectiveness of your information intelligence is an essential part of ensuring that you are investing your time and resources effectively .
Here are some tips to help you assess the effectiveness of your information watch:
- Measure the results : To assess the effectiveness of your information monitoring, it is important to measure the results. You can do this by tracking statistics such as the number of news sources used, the number of articles read, and the number of informed decisions made through your information intelligence activities.
- Evaluate the quality of the information collected : The quality of the information collected is a key indicator of the effectiveness of your information monitoring. Regularly assess the quality of the information collected to ensure that it is reliable, up-to-date and relevant to your business.
- Evaluate the relevance of the information : Check that the information collected meets the objectives of your information monitoring. If the information is not relevant to your business, you may need to review the sources of information you use.
- Assess the impact on business decisions : It is important to measure the impact of your information intelligence activities on business decisions. Evaluate how the information collected helped your business make more informed decisions and how it affected the results.
- Evaluate the time and resources devoted to information monitoring : Evaluate the time and resources devoted to your information monitoring to ensure that these investments are justified by the results obtained. If you’re spending a lot of time and resources on information intelligence without getting the desired results, you may need to revise your strategy.
Who manages information monitoring within a company?
It all depends on the size of the company and its organizational structure. Here are some examples of people or teams who can lead information intelligence within a company:
- Research and development department : In companies that are constantly changing and looking to innovate, the research and development department may be responsible for information monitoring.
- Human resources department : Companies that are focused on human resources may have a dedicated information intelligence department to monitor labor market trends, new regulations, etc.
- Marketing team : Marketing teams may be responsible for information intelligence to monitor market trends, consumer buying habits, etc.
- Management team : In small businesses, information intelligence can be led by the management team to ensure that all decisions are made on an informed basis.
Information monitoring can be carried out by a single person or by a team, depending on the needs of the company.
Before starting the watch, you must identify the person or team who will be responsible for it and ensure that they have the necessary resources to accomplish their task effectively.
What are the potential risks of information monitoring?
While information intelligence can bring many benefits to a business, there are also some potential risks that should be considered:
- Information surplus : Information intelligence can generate a considerable amount of information, which can be difficult to manage and select the most relevant information.
- Waste of time : If information intelligence is not carried out effectively, it can be time-consuming and divert company resources from its core activities.
- Poor quality of information : It is important to carefully select sources of information for information monitoring, as some sources may be unreliable or outdated.
- Confidentiality and security : Some information collected during information monitoring may be confidential or sensitive, so it is important to take the necessary security measures to protect this information.
- Negative influence on decisions : If information intelligence is misused or incorrectly interpreted, it can lead to erroneous decisions that can harm the business.