Why Competitive Intelligence is powerful and needed for your competitive advantage

Why Competitive Intelligence is powerful and needed for your competitive advantage

Now, admittedly, in some respects, these terms could perhaps overlap with each other. Still, the Competitive Intelligence process is far too distinct not to stand out on its own. So, this begs the question, what is Competitive Intelligence?

What actually is Competitive Intelligence?

There are several groups Competitive Intelligence focuses on. Aside from competitors, there are also:

Your customers. Other stakeholders like their management and culture, markets and products could benefit from such a tool.

The primary purpose of Competitive Intelligence is to understand your business’s external environment. So that you can do whatever is necessary to compete against it. Or decide to avoid competing in their pool. But taking Business Intelligence, for example, we see it also aims to obtain information and tends to sway toward studying internal data. And Competitor Analysis differentiates from Competitive Intelligence as it tends to evaluate competitors rather than delve deeper into their bigger picture.

What is the importance of Competitive Intelligence?

This is our definition:

How can you conduct Competitive Intelligence?

  • Conferences
  • patent databases
  • news media
  • Your customers
  • Industry experts

User-generated content is at an all-time high on forums and websites. More and more information has become accessible. This has paved the way for ‘information overload’. This has given companies a reason to obtain and analyse data at their disposal. And via ever complicated tools and platforms to just confuse anyone And, without a doubt, these tools efficiently bring results from the data obtained.

Why Competitive Intelligence is your way forward…

Do something with the Competitive Intelligence insight

Ultimately Competitive Intelligence is a waste of time if nothing is done about it. This lack of action and desire to change is why Competitive Intelligence fails. And then, no surprise, what gets the blame from finance a few months later?

The main reason for the lack of action is usually based on the lack of desire to change. Or that the senior team, specifically the CEO, have not bought into the process, project or the potential change. Sometimes the CEO does not read the report, and they let someone else tell them about the project. But of course, the message is filtered to fit the message of the person telling the story.

It is important to maximise the impact of the insight. The company’s CEO and management team must be briefed on the project and commit to supporting the Competitive Intelligence team with their backing. Emphasis must be on what the CEO needs to do to make the most of insight and how they will gain a competitive advantage.

This can be challenging, especially if the Competitive Intelligence team or intern has just searched the internet. And focused on what has happened.

All Competitive Intelligence must be focused on what’s next. What’s next regarding a competitor, market, new sector, or product? And what’s next for the company itself? And the company has to be prepared to take action.

Why Competitive Intelligence is powerful and needed for your competitive advantage

Why Competitive Intelligence is Powerful And Needed For Your Competitive Advantage

Why Competitive Intelligence is powerful and needed for your competitive advantage

Now, admittedly, in some respects, these terms could perhaps overlap with each other. Still, the Competitive Intelligence process is far too distinct not to stand out on its own. So, this begs the question, what is Competitive Intelligence?

What actually is Competitive Intelligence?

What is Competitive Intelligence?

Competitive Intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

There are several groups Competitive Intelligence focuses on. Aside from competitors, there are also your customers. And other stakeholders like their management and culture, markets and products could benefit from such a tool.

The primary purpose of Competitive Intelligence is to understand your business’s external environment. So that you can do whatever is necessary to compete against it. Or decide to avoid competing in their pool. But taking Business Intelligence, for example, we see it also aims to obtain information and tends to sway toward studying internal data. And Competitor Analysis differentiates from Competitive Intelligence as it tends to evaluate competitors rather than delve deeper into their bigger picture.

What is the importance of Competitive Intelligence?

This is our definition:

How can you conduct Competitive Intelligence?

  • Conferences
  • patent databases
  • news media
  • Your customers
  • Industry experts

User-generated content is at an all-time high on forums and websites. More and more information has become accessible. This has paved the way for ‘information overload’. This has given companies a reason to obtain and analyse data at their disposal. And via ever complicated tools and platforms to just confuse anyone And, without a doubt, these tools efficiently bring results from the data obtained.

Why Competitive Intelligence is your way forward…

Do something with the Competitive Intelligence insight

Ultimately Competitive Intelligence is a waste of time if nothing is done about it. This lack of action and desire to change is why Competitive Intelligence fails. And then, no surprise, what gets the blame from finance a few months later?

The main reason for the lack of action is usually based on the lack of desire to change. Or that the senior team, specifically the CEO, have not bought into the process, project or the potential change. Sometimes the CEO does not read the report, and they let someone else tell them about the project. But of course, the message is filtered to fit the message of the person telling the story.

It is important to maximise the impact of the insight. The company’s CEO and management team must be briefed on the project and commit to supporting the Competitive Intelligence team with their backing. Emphasis must be on what the CEO needs to do to make the most of insight and how they will gain a competitive advantage.

This can be challenging, especially if the Competitive Intelligence team or intern has just searched the internet. And focused on what has happened.

All Competitive Intelligence must be focused on what’s next. What’s next regarding a competitor, market, new sector, or product? And what’s next for the company itself? And the company has to be prepared to take action.

Why Competitive Intelligence is powerful and needed for your competitive advantage

Art by Kamran Chaudhry. Words by Billy Devereux-Dixon

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We Provide More Certainty & Competitive Advantage With Competitive Intelligence & Competitive Strategy