Understanding Competitive Intelligence
Successful CI enables companies to predict a competitor‘s next move and respond more quickly. By knowing the competitors’ strategies, their weakness could potentially be transformed into your strength. CI also allows companies to proactively stay ahead and anticipate changes occurring in their marketplace and industry. In short, competitive intelligence is used primarily to gain or maintain competitive advantage.
Competitive Intelligence as A Critical Success Factor
Competitive Intelligence has become a necessity for a vast number of people in the corporate world. The Society of Competitive Intelligence Professionals (SCIP), mentioned previously, is a significant resource for providing information on Ethical standards, education, and training relevant in obtaining competitive intelligence. Its annual membership numbers have risen substantially in the past few years.
The Stakes Are Rising
Due to the rapidly changing face of business, competition now spreads across the continents and information technology networks. Technology is speeding the flow of transactions, decisions, and knowledge-flow and as a result, corporations are demanding more CI information. Some firms depend on their senior-level management to locate key information on competitors.
Others have a centralized internal division solely for the purpose of conducting CI reviews. Still others spend large amounts of money through the employment of Competitive Intelligence companies, in exchange for a wealth of competitor information. CI teams come in all sizes, yet it must be realized that information must reach the right people at the right time. Communication, credibility, collaboration, teamwork, consistency and confidentiality are key elements in conducting CI.
By understanding competitive intelligence and how important it has become in businesses all over the world, it is evident it has become a requirement in corporate management’s strategies and decisions and a necessity to master and comprehend in order to succeed.
- Competitive Intelligence (CI) (amilovan.wordpress.com)
Filed under: Business Intelligence, CI Strategies, Competitive Analysis, Competitive Intelligence, Strategic Marketing Plan, Strategy | Tagged: Bill Tyson, Business, Business intelligence, Competition, Competitive Intelligence, Information Assets, Knowledge Management, Management, Society of Competitive Intelligence Professionals, The Savvy Strategist | Leave a comment »