Editor’s note: TJ Kiely is director of corporate marketing and global content at media, social and consumer intelligence company Meltwater. This is an edited version of an articled originally titled, “Why You Should Create a Centralized Competitive Intelligence Database.”

Competitive data has many homes – websites, social media channels and SWOT analyses, to name a few. Bringing all of this data together gives companies a more holistic view of who their competitors are and where they stand. That’s why creating a centralized competitive intelligence database should be high on your list of priorities.

For data-driven decision-making to thrive, companies need the truth, the whole truth, and nothing but the truth. The truth is harder to come by when it’s scattered across various documents and systems. Simplifying the way you collect and organize competitor data makes it more accessible, usable and useful. The result: better decisions made on complete, accurate, up-to-date information.

A centralized competitive intelligence database creates a single source of truth for your competitive data. It funnels information from various sources into a single location for analysis and reporting.

This approach reduces or eliminates many of the struggles companies face with competitor data management. For example, a centralized database improves collaboration across teams and makes data more accessible. It also removes the need to manage multiple data sources, allowing companies to gain a single view of the competitive landscape.

Developing a business intelligence database offers a range of benefits and purposes. It ensures all users are on the same page and can access the same data regardless of need. Here’s how this approach proves beneficial in any organizational context.

Breaking down data silos is a top priority for many organizations. One study found that 62% of decision makers believe that th...