The first thing that pops into people’s heads when they hear the term competitive intelligence (CI) usually has to do with come covert spy type scenario, but most of the time CI is far less exciting

1. FIVE COMPETITIVE
INTELLIGENCE MYTHS
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The first thing that pops into people’s heads
when they hear the term competitive
intelligence (CI) usually has to do with come
covert spy type scenario, but most of the
time CI is far less exciting.
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COMPETITIVE INTELLIGENCE INVOLVES
CORPORATE ESPIONAGE OR SPYING
Although this myth has been dispelled for many years, the actions of
some rogue organizations seem to perpetuate the concept.
The main difference between CI and corporate espionage (CE) is that
they information that is gathered is done so ethically and legally,
whereas CE usually isn’t.
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ONLY LARGE CORPORATIONS NEED TO GATHER
CI
CI is valuable for companies of any size; even start-ups that haven’t
even sold a unit yet.
Most large companies have whole teams or departments that are
responsible for gathering and compiling this data but small businesses
can gather and compile CI in the same way, although likely with less
detail.
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COMPETITIVE INTELLIGENCE IS ONLY NECESSARY
PERIODICALLY
Practicing proper competitive intelligence requires you to track the data
over time to spot trends.
While data can be great to give you an idea of where your competition
stands, spotting a trend or seeing the direction that they are moving in
is far more valuable.
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COMPETITIVE INTELLIGENCE ISN’T A LONG-
TERM STRATEGY
If you are doing it correctly, CI should be a daily routine that becomes
part of your long-term decision making process.
Most large companies are increasing their CI budgets in order to ensure
that they have a good picture of the market place and what their
competitors are up to.
For most of these companies they want to make sure that they have as
much actionable intelligence as they can.
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COMPETITIVE INTELLIGENCE IS ONLY VALUABLE
IF CURATED BY CI EXPERTS
While being an experienced CI analyst helps, any information that is
corroborated and compiled is valued.
Developing a CI process will help you to gather the information that you
require and iterate on the process to refine it over time.
The more accurately and quickly that you can develop the competitive
intelligence the faster you can make a decision on it.
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8. For additional information about Competitive Intelligence
please visit www.Intelligence2act.com