Competitive intelligence is the process of gathering actionable information on your organization’s competitive environment.
Competitive intelligence involves understanding and learning what’s going on outside of your business so you can be as competitive as possible. It involves learning as quickly and as much as possible about your industry and competitors. Competitive intelligence allows organizations to anticipate and tackle challenges.
The following steps will help ensure a successful competitive intelligence project:
Establish the needs and expectations of end-users by communicating with cross-functional stakeholders.
Approve and validate only information that contains useful insights and provides strategic insights.
Perform an in-depth analysis to create an understanding of the main drivers behind market and competitor performances, changes in customer attitudes and economic changes.
Share and distribute information to stakeholders.
The inherent value of competitive intelligence is the ability to shape and influence decision-making and impact positively on business performance.