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The need for competitive intelligence
 

The need for competitive intelligence

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most companies do not have a formal competitive intelligence (CI) plan in place

most companies do not have a formal competitive intelligence (CI) plan in place

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    The need for competitive intelligence The need for competitive intelligence Presentation Transcript

    • THE NEED FOR COMPETITIVEINTELLIGENCEFor additional information about Competitive Intelligenceplease visit www.Intelligence2act.com
    • www.Intelligence2act.comEven though all businesses would like to know what their competitorsare thinking and what they are implementing, most companies do nothave a formal competitive intelligence (CI) plan in place.If they do it is usually something like subscribing to their newsletter orfollowing their tweets, which is good if it makes up a component of theoverall CI plan, but is severely inadequate on its own. Having anintimate understanding of what your competitors are planning orthinking will allow you to make better decisions for your own companyto prosper.While this information shouldn’t impair your companies own uniqueproposition, it can provide valuable insight that can aid the timelyrelease of new products, or help your organization to evaluate newbusiness strategies at arm’s length.2
    • www.Intelligence2act.comFor nothing else but to provide industry or niche benchmarks,competitive intelligence can dramatically affect the direction ofbusiness progress.By allowing you company to identify its strengths and weaknesses, ascompared to its competitors, it is better able to increase thecompetitive advantage around the strengths and shore up or remedythe weaknesses.Collecting the data is only a part of a good CI plan, as it has to beanalyzed and formed into an actionable format. Having all of the CI datais great but not having understandable actionable results from it is asgood as not having it at all.3
    • www.Intelligence2act.comWhen you are able to gain insights into your strengths and weaknessesas compared to your competitors, through a well-rounded CI process,your organization will be more inclined to take action to resolve thenegative differences.By merely taking a look at the areas that could use the mostimprovement your company will likely put forth an effort to reach thesame level or even surpass the competitive baseline.Depending on the energy and resources, your company may even usethis CI data in order to become the niche or sector leaders.4
    • www.Intelligence2act.comOnce your company can get in the habit of collecting, analyzing, andusing the competitive intelligence data that is available, it will likely bein a better position to take a stronger position in the market.The multiple benefits from implementing a solid CI process are many,and the faster that you are able to implement, even a rudimentaryprocess, the faster that you will gain an advantage over yourcompetition.Innovate and iterate on the CI process and you will have all of the datathat you need to make the best decisions on future plans, as well asimproving your organization’s weaknesses.5
    • For additional information about Competitive Intelligenceplease visit www.Intelligence2act.com