It can be used by managers to assess their performance in comparison to competitors. Key performance indicators, such as the customer satisfaction rating, growth of revenue over time and gains in market share compared to rivals, etc., are assessed. The information can then help with strategic planning by creating goals and action plans based on the metrics. This data can be collected by analytics tools that provide live updates to managers so they can monitor progress toward achieving their stated goals.
Summary: This tool is designed to help marketing and management teams solve business problems by gaining insight into the different aspects of their environment. It also gives them the most up-to date information needed to make informed decisions.