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Understanding Competitive Intelligence
Successful
CI enables companies to predict a competitor's next move and respond more
quickly. By knowing the competitors' strategies, their weakness could
potentially be transformed into your strength. CI also allows companies to
proactively stay ahead and anticipate changes occurring in their
marketplace and industry. In short, competitive intelligence is used
primarily to gain or maintain competitive advantage.
Competitive Intelligence as A Critical Success Factor
Competitive
Intelligence has become a necessity for a vast number of people in the
corporate world. The Society
of Competitive Intelligence Professionals (SCIP), mentioned previously,
is a significant resource for providing information on Ethical standards, education, and training
relevant in obtaining competitive intelligence. Its annual membership
numbers have risen substantially in the past few years.
The Stakes Are Rising
Due
to the rapidly changing face of business, competition now spreads across
the continents and information technology networks. Technology is speeding
the flow of transactions, decisions, and knowledge-flow and as a result,
corporations are demanding more CI information. Some firms depend on their
senior-level management to locate key information on competitors.
Others
have a centralized internal division solely for the purpose of conducting
CI reviews. Still others spend large amounts of money through the
employment of Competitive Intelligence companies, in exchange for a wealth
of competitor information. CI teams come in all sizes, yet it must be
realized that information must reach the right people at the right time.
Communication, credibility, collaboration, teamwork, consistency and
confidentiality are key elements in conducting CI.
By
understanding competitive intelligence and how important it has become in
businesses all over the world, it is evident it has become a requirement in
corporate management's strategies and decisions and a necessity to master
and comprehend in order to succeed.
Learn More>
If
you have any suggestions, comments or questions, please contact The Competitive Intelligence Center.
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