Competitive Intelligence A Sword For That War Called Business
What are your competitors doing? How will their actions affect your company’s plans, decisions and operations? Are there new competitors on the horizon? Can you see changes in your market before they occur?
CI believes that business decisions should not be made on instinct or intuition, but on information that has been gathered and analyzed .
Analyzed from your point of view.
Competitive Intelligence Model Intelligence Information Data Organize Analyze
Competitive Intelligence Technical Intelligence Technical Information Technical Data ORGANIZE ANALYZE Business Intelligence Business Information Business Data TECHNICAL EXPERTISE BUSINESS EXPERTISE TECHNICAL EXPERTISE BUSINESS EXPERTISE Technical and Business Intelligence SOURCE: Krol, Coleman & Bryant, Drug Information Journal 1996;30:243-256.
The Competitive Intelligence analytical process
Define the question
Gather & organize data
Synthesize/relate & filter the data
Analyze appropriate data
Prepare findings & draw insights
Draft, review, approve, and issue report
Follow-up –update the process
The Competitive Technical Intelligence and Competitive Business Intelligence Processes Planning Collection Analysis Delivery Use Evaluation Competitive Technical Intelligence – CTI Competitive Business Intelligence - CBI
Corporate mistakes often could have been avoided with good CI. For example, companies have:
Developed and introduced a new product that was opposite of market trends.
Ignored an “inferior” competitor who was going to put them out of business.
Believed in a vendor’s story that turned out to be false.
Importance of Competitive Intelligence to the organization
Specific skills needed to effectively execute the process of acquiring intelligence Traits: creativity, persistence, written and oral communication skills, analytical ability, understanding of scientific methodology, independent learning skills, and business savvy.
Teachable Skills: strategic thinking, business terminology, market research and presentation skills, knowledge of primary information sources and research methods; communication skills, analytical ability, and a familiarity with scientific methodology. Specific skills needed to effectively execute the process of acquiring intelligence
Specific skills needed to effectively execute the process of acquiring intelligence Professional Experience: knowledge of corporate power structures and decision making processes, industry knowledge; enhancement of: primary research skills, business savvy, and journalistic interviewing and observational skills. skills, and research skills
Mentoring: creativity, persistence, strategic thinking, and business terminology; enhancement of: communication Specific skills needed to effectively execute the process of acquiring intelligence