Competitive Intelligence is a systematic thought process and method companies can deploy to gather and analyze information about their competitors. The purpose is to make more informed decisions based on what their ever evolving business environments look like and what key competitors are doing.
Why should you use Competitive Intelligence?
Maybe your organization is a multimillion-dollar company, with its business model figured out and fully staffed with plenty of resources to deploy. Even in that case, senior management is accountable to investors. But if your company is still growing, you have to optimize for growth using as few resources as possible. Experts consistently agree that a company’s most limited and valued resource is time. Money is probably a close second, but the fact of the matter is that resources are limited. You don’t have the time to take on your competition with baseless strategies, and whilst it would be great to take the time to get familiar with every aspect of your competition, you have day to day decisions to make.
Competitive Intelligence prepares you to confidently make strategic choices for your company without costing you valuable time. You win by acquiring exactly the information that you need whether working with internal resources or in conjunction with a specialist agency, exactly at the time you need it.