Frequently Asked Questions (“FAQs”) About the Competitive Intelligence Center

What is the Competitive Intelligence Center?

The Competitive intelligence Center is a portal dedicated to the systematic, legal and ethical collection of gathering, analyzing and publishing of competitive information. 

What Is Competitive Intelligence?

“The legal collection and analysis of information regarding the capabilities, vulnerabilities, and intentions of business competitors, conducted by using information databases and other “open sources” and through ethical inquiry.”

– From the Society of Competitive Intelligence Professionals (http://www.scip.org)

What impact can Competitive Intelligence Center Have On My Organization’s Performance?

Access to tools, presentations, links to informational sources and downloads to guide CI users and help increasing productivity and knowledge about Competitive Intelligence activities to provide a greater impact on your organization’s startegic comfort level and decision making prowess. 

The goal of the CIC is to provide the community with a single place to obtain information, guidelines, tools and templates to conduct efficient  competitive intelligence activities.  Among the findings in a March 2002 Trendsetter Barometer survey from PricewaterhouseCoopers: Fast-growth CEOs who rated competitor information as being either “very” or “critically” important grew revenues by 14.2 %, versus 11.8% for all others — a 20% faster rate. Significantly, those placing a premium on competitor information are outperforming their peers on sustained revenue growth, gross margins, and a number of other key performance measures.

What is the CIC focused on since Competitive Intelligence is such a Broad Subject?

The Competitive Intelligence Center is focused on providing quick access to online sources of intelligence and leveraging the most popular CI tools: performing competitive reviews and SWOT analysis.  

Is CI truly valued in the business community?

Yes. In companies all over the world, SCIP members are enabling executives to make the informed decisions that keep companies responsive, well-positioned, and profitable. The March 25, 2002 online edition of Time magazine looked at how, post-9/11, executives are demanding better information not only about security risks, but about threats to their competitive edge as well.

How large is the CI market?

The market for business intelligence is worth about $2 billion a year worldwide, including services ranging from detailed investigations to clipping news articles, according to Kroll Inc. (as reported by Reuters on Sept. 2, 2001). In a survey of SCIP members, over 25% said their company’s total CI spending in 2000 topped $100,000. Almost 14% said their company spent over $500,000.

– From the Society of Competitive Intelligence Professionals (http://www.scip.org) 

How many firms have formal CI systems?

According to a survey by researchers at The Futures Group, in 1997 a full 82% of companies with annual revenues over $10 billion had an organized system for collecting information on rivals, while 60% of all surveyed U.S. companies had an organized intelligence system (up from 58% two years earlier).

Isn’t it true that CI is only important for big businesses?

No. Clearly, executives at many global companies — like Xerox, IBM, and Motorola — have already realized the importance of CI and have developed their own operations. But small businesses, like large corporations, must compete in the marketplace. It’s just as important for decision makers in small businesses to know what lies ahead as for CEOs at Fortune 500 companies.

– From the Society of Competitive Intelligence Professionals (http://www.scip.org)

Is it possible for a company to practice some form of CI without realizing it?

Yes. Any employee who visits a trade show, reads a newspaper, or talks to friends in the same industry is doing research (one of the components of CI). But other CI components are often missing in businesses today. CI adds value to information gathering and strategic planning by introducing a disciplined system not only to gather information, but also to perform analysis and disseminate findings tailored to the needs of decision makers.

Is CI Spying?

No. Espionage is the use of illegal means to gather information. It isn’t necessary to use illegal or unethical methods in CI. In fact, doing so represents a failure of CI, since almost anything decision makers need to know about the competitive environment can be discovered using legal, ethical means. Most information that can’t be found through open-source collection and ethical inquiry can be deduced by using a variety of analytical tools — just one of the ways CI adds value to an organization.