Competitive technical intelligence aims to recognize the competitor’s R&D strategy and innovation pipeline to discover the next generation of threats in the marketplace. Competitive technical intelligence, often referred to as CTI, seeks to include the analysis of patents, scientific publications, new sources, open innovation needs and other technological, engineering or scientific sources.
CTI focuses on finding technological trends, opportunities and threats and how they relate to competitor business strategies. Utilizing sufficient technology at the right time is more and more necessary for business success. CTI is imperative across all industries, not only in science related organizations such as pharmaceuticals or chemicals.
Competitive Technical Intelligence Benefits Include:
- Provides ongoing monitoring of competitive environments to ensure opportunities for technical innovation are discovered early on.
- Ensures organizational decision makers take advantage of opportunities to defend, grow or improve competitiveness that creates business assets.
- Helps organizations develop, manage and use its own technical intelligence programs to acquire a competitive advantage.
- Makes certain organizations stay on top of changes in markets, customers, technologies and competitors.
- Facilitates idea creation and organizational collaboration.
The competitive technical intelligence process of collecting, analyzing and disseminating data, information and knowledge about technologies enables and empowers organizations to keep informed on current and new innovations, technology trends and possible future developments, and maintain a better stance on strategic planning and decision-making.