What is the difference between Business Intelligence, Market Research and Due Diligence?

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What is Business Intelligence?
October 22, 2020
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What is the difference between Business Intelligence, Market Research and Due Diligence?

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Market research and Business Intelligence, despite their similarity in some aspects, both have significant differences. The main difference lies in the output. Market research is a method for collecting, processing, and interpreting data, primary and secondary, to analyze various things related to market conditions using quantitative or qualitative method. It is aimed, in general, to answer the question of “What, Why, and How” and serve to provide general overview of market condition.

Due Diligence is an investigative activity against a business unit that investors usually submit to their prospective business investment. Due Diligence usually involves legal investigations covering legal, financial, competition and other aspects. Similar to market research, due diligence also employs both qualitative or quantitative methods, obtained through primary and secondary data.

Business Intelligence goes a step further where the results of data interpretation obtained from market research and due diligence report are combined with other intelligence information related to the object of research to produce not only an information, but also a knowledge about the subject. Business Intelligence combines a statistical data and other non-commercial and non-operation factors into account hence it provides a wider landscape of information to the user.

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