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Develop a Best-in-Class Bio-Pharma Competitive Intelligence Function to Drive Innovative Strategic Decisions

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A high-value competitive intelligence function can help bio-pharmaceutical companies to anticipate and strategically respond to external changes.

Key components that can enhance the strategic role and impact of the competitive intelligence function include the structure and scope of the function; sources utilized to gather data, data collection process, activities conducted to collect vital data and performance measurement.

This benchmarking report from Best Practices, LLC identifies innovative methods for enhancing the strategic role and impact of the competitive intelligence function. Insights from this report can be used to evaluate and compare the performance of your competitive intelligence function against industry benchmarks.

Download Full Report: http://bit.ly/2dpnWwd

Published in: Healthcare
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Develop a Best-in-Class Bio-Pharma Competitive Intelligence Function to Drive Innovative Strategic Decisions

  1. 1. Best Practices, LLC Strategic Benchmarking Research Competitive Intelligence Excellence Benchmark: Creating a High-Value CI Function to Drive Better Business Decisions
  2. 2. Page | 2 Table of Contents  Executive Summary pgs. 3  Research Overview pg. 4  Participating Companies pg. 5  Competitive Intelligence Pyramid pg. 6  Key Findings & Insights pgs. 7-13  Structure & Scope of Your CI Function pgs. 14- 21  Key Sources for CI Data Collection pgs. 22-29  CI Source Effectiveness pgs. 30-35  “How much" is Competitive Intelligence used in your Organization pgs. 36- 41  CI Collection Processes pgs. 42-44  Collecting CI Data Effectively & Efficiently: Key Activities pgs. 45-48  Performance pgs. 49-52  CI Customers & Customer Relationships pgs. 53- 58  Benchmark Class Profile pgs. 59-60  About Best Practices, LLC pgs. 61-62
  3. 3. Page | 3 Competitive Intelligence Benchmark Research: Objectives, Methodology & Topics 24 Survey Respondents • 42% -- Director, Exec. Director or Associate Director • 42% Senior Manager or Manager • 16% Lead or Senior Analyst Respondent’s Role Survey Objective Research Overview Methodology Topics Covered Best Practices, LLC conducted this benchmarking study to identify best practices and innovative methods for improving the strategic role and impact of the Competitive Intelligence function within the pharmaceutical and related industries. Provide healthcare industry leaders with metrics and insights they can use to evaluate and compare the performance of their Competitive Intelligence organizations. Best Practices, LLC engaged 24 Competitive Intelligence leaders from 20 companies in the healthcare industry to participate in this benchmarking study.  CI Sources & Activities  CI Budget & FTE Levels  Uses of Third Party Vendors  Top 5 CI Employee Skills  CI Evolution & Trends  CI Structure & Leadership  Best Practices & Lessons Learned
  4. 4. Page | 4 Benchmark Class And Representative Job Titles Of Participants: Twenty-four competitive intelligence leaders from 20 companies in the healthcare industry participated in this benchmarking study. Participants represented small, midcap and large biopharmaceutical and medical device companies. Almost 60 percent work in U.S. locations. Universe Of Learning: 20 Companies Participated In Study
  5. 5. Page | 5 Strategy/ Action Knowledge/ Insights Intelligence Information that has been subjected to analysis. Information Data that has been organized & processed. Raw Data Miscellaneous bits about competitor. Not yet organized. Successful CI Programs Develop a Strategic Focus Competitive Intelligence Pyramid New programs typically begin at the tactical level and then build, but “too often groups get mired at the tactical level,” said a former head of a recognized pharma CI program. Vetting, prioritizing, organizing, synthesizing, and testing information precedes analysis. The most successful CI groups provide recommendations. They focus on providing top executives with the information and insights they need to make strategic business decisions. Tactical Focus Strategic Focus CI adds value and gains buy-in through the strategic process of transforming raw competitive data into actionable insights that have a financial impact for the company. CIValue Best-in-Class CI groups deliver analyses that interpret information and explain its significance to company.
  6. 6. Page | 6 Key Findings & Insights Few of the key findings and insights that emerged from this study:  Reporting:  Brand teams, marketing, business development and market research are the primary internal CI customers, in line with this CI function reports to market research at 29% of companies. The CI heads report to vice presidents at 46% of companies.  Top 3 Sources and Tools:  Participants cited a wide variety of CI sources and tools they must have to do their jobs effectively. Below are the top 3:  CI vendors  Industry experts/KOLs and other human contacts  Pipeline databases  Delivery Format For CI Insights:  The top 3 delivery formats used are ad-hoc reports/ presentations, real-time/early warning CI alerts and regularly scheduled CI reports.
  7. 7. Page | 7 Best Practices observed eight key hallmarks of excellence in the CI programs at participating companies. Hallmarks of Excellence in Competitive Intelligence Programs Focus on top decision- makers and understand their issues Build strong relationships with a few key customers Hire staff with past experience involving outcomes responsibility Provide relevant, forward- looking deliverables with analysis & recommendations Exhaust secondary resources before engaging in primary research Reduce risk by engaging Legal in developing polices & processes Engage internal clients in a continuous feedback loop Measure results to show that CI function can ‘move the needle’ Competitive Intelligence Excellence
  8. 8. Page | 8 % Respondents CI Reports to an Array of Different Functions There is no clear reporting relationship for the CI function. While at 29% of companies the CI head directly reports to market research. At other companies, CI also reports to marketing, the C-suite, business development and brand teams. N=24 Q. Please indicate the functional group into which your Competitive Intelligence head directly reports. Competitive Intelligence Reporting Brand Team / Business Unit Business Development Board (CEO, CFO, COO…) level Market Research / Industry Analysis Business Planning / Business Insights Marketing / Communications / Press / Investor Relations Others 17% 8% 4% 29% 17% 13% 12% Others: Research Networking, Discovery Research, Strategy
  9. 9. Page | 9 Preferred CI Delivery Formats Is Ad-hoc CI Report Ad-hoc reports or presentation are the most valued delivery format. Providing real time/ early warning alerts ranks second. Other preferred formats are regular CI reports, periodic newsletters and personal calls to affected executives. N=19 Q. Which of the following delivery formats are your Top 5 most effective methods for delivering CI insights to your internal customers and stakeholders? Top 5 Delivery Formats for CI Insights Monthly/periodic newsletters are scored 81, whereas daily round-up scored only 44 Ad-hoc CI reports or presentations (130) 1 2 3 4 5 Real-time/early warning CI alerts (96) Regularly scheduled CI reports or presentations (89) Monthly/periodic newsletters (81) Personal phone calls to affected executives/ stakeholders (81)
  10. 10. Page | 10 % Respondents Average Corporate Size Is $14 billion On average the benchmark companies corporate size supported is $14 Billion. N=24 Q. What were the approximate total revenues ($US) and FTE strength that your company reported during the last fiscal year Corporate Size Supported 75th Percentile $21 Billion Mean $14 Billion Median $14 Billion 25th Percentile $2 Billion Note: Each bundle represents $1 Billion
  11. 11. Page | 11 Best Practices®, LLC is an internationally recognized thought leader in the field of best practice benchmarking®. We are a research, consulting, benchmark database, publishing and advisory firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by leveraging the best business practices, operating tactics and winning strategies of world-class companies. 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 (Phone): 919-403-0251 www.best-in-class.com Learn More About Our Company:

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