Don’t be fooled. The business world is extremely competitive. The difference between success and failure may very well be found with those who have Competitive Intelligence. Operating a business requires a certain amount of business savvy. Operating a very successful business means taking that savvy up a notch. Experts in the competitive intelligence field have the skills to provide their client with the competitive edge by accumulating intelligence about competitors, the products they produce and the customers that purchase them. This valuable information can provide a client with the strategic approach that can introduce success.
Defining Competitive Intelligence
In simple terms competitive intelligence is nothing more SWOT analysis reports than intelligence gathered about the competition that will offer benefit to another. It is important to note here that unlike Commercial Espionage the act of Competitive Intelligence is perfectly legal. This ethically sound practice permits an expert to pursue intelligence and then analyze it for the value of its content. Experts in the field realize that if the information gathered does not offer benefit than it is not intelligence at all but rather simple information. Therefore they pursue intelligence with vigor and skill until beneficial content is produced.
Achieving Competitive Intelligence
The ability to obtain the edge when it comes to early detection of various market opportunities and risks is unparalleled in the business world. Detection can come from numerous methods and avenues. Analyzing newspaper clippings, examining market statistics and exploring financial reports are just a few approaches to competitive intelligence. A qualified professional can analyze recent trends and observe events and developments that could lead to beneficial intelligence. This intelligence is not geared towards competitors alone but rather to the complete competitive environment and all related information that may be deemed beneficial and actionable.
Numerous major companies that market around the globe have realized the vitality of CI and have established departments specifically designated to its practice. CI can not only protect a company from the threats that plague the market but can provide the organization with strategic options as well. When you break it down CI is comparing your company to the competitors in your field of expertise. Companies need to know where they are strong and where they are weak in relation to others. By gathering the right intelligence a company can make better decisions that may provide them with the edge on a specific product or service.