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Frequently Asked Questions
("FAQs")
What is the Competitive Intelligence Center
("the CIC")?
The
Competitive Intelligence Center is a portal dedicated to the systematic,
legal and ethical collection of gathering, analyzing and publishing of
competitive information. The goal of the CIC is to provide the community
with a single place to obtain information, guidelines, tools and templates
to conduct efficient competitive intelligence activites for a positive
bottom line impact. Among the findings in a March 2002 Trendsetter
Barometer survey from PricewaterhouseCoopers: Fast-growth CEOs who rated
competitor information as being either "very" or
"critically" important grew revenues by 14.2 %, versus 11.8% for
all others -- a 20% faster rate. Significantly, those placing a premium on
competitor information are outperforming their peers on sustained revenue
growth, gross margins, and a number of other key performance measures.
What Is Competitive Intelligence?
According
to the Society of Competitive Intelligence
Professionals CI is:
"The legal collection and analysis of information regarding the
capabilities, vulnerabilities, and intentions of business competitors,
conducted by using information databases and other "open sources"
and through ethical inquiry."
How will the Competitive Intelligence
Center Help Me?
Access
to tools, links information and downloads to guide CI users and help
increasing productivity and knowledge about Competitive Intelligence
activities to provide a greater impact on your organization's startegic
comfort level and decision making prowess. CI adds value to information
gathering and strategic planning activities by introducing a disciplined
system not only to gather information, but also to perform analysis and
disseminate findings tailored to the needs of decision makers.
Why is Competitive Intelligence (CI) So
Critical?
Competitive
intelligence has become an increasingly important function in the corporate
world. Advancements in technology, the rapid emergence of a new breed of
competitors, and changes in the economy all have lead companies to
acknowledge the need for a systematic means to proactively gather and share
Competitive Intelligence (CI). In a 2002 survey published by the
Fuld-Gilad-Herring Academy of Competitive Intelligence, most company's are
unprepared for increased industry risk. Among the survey's findings:
- Over 77% of managers believe that they
will face and increased business risk over the next 2-3 years.
- Nearly half forsee major competitive
threats from competitors introducing a proprietary or breakthrough
product or service or an alternative technology replacing the need for
their company offering.
- Only 5.4% consider their management
proactive in responding to industry shifts with over half finding
their management' either slow to react or gripped with analysis
paralysis (see Factiva).
What is the CIC focused on since
Competitive Intelligence is such a Broad Subject?
The
Competitive Intelligence Center is focused on providing quick access to
online sources of intelligence and leveraging the most popular CI tools:
performing competitive reviews and SWOT analysis.
Is CI truly valued in the business
community?
The
March 25, 2002 online edition of Time magazine looked at how, post-9/11,
executives are demanding better information not only about security risks,
but about threats to their competitive edge as well. - From the Society of Competitive Intelligence
Professionals.
How large is the CI market?
The
market for business intelligence is worth about $2 billion a year worldwide,
including services ranging from detailed investigations to clipping news
articles, according to Kroll Inc. (as reported by Reuters on Sept. 2,
2001). In a survey of SCIP members, over 25% said their company's total CI
spending in 2000 topped $100,000. Almost 14% said their company spent over
$500,000. - From the Society of Competitive
Intelligence Professionals.
How many firms have formal CI systems?
According
to a survey by researchers at The Futures Group, in 1997 a full 82% of
companies with annual revenues over $10 billion had an organized system for
collecting information on rivals, while 60% of all surveyed U.S. companies
had an organized intelligence system (up from 58% two years earlier).- From the Society of Competitive Intelligence
Professionals.
If
you have any suggestions, comments or questions, please contact The Competitive Intelligence Center.
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