Why is Competitive Intelligence the killer secret to your success?

Why is Competitive Intelligence the killer secret to your success?

This article asks why is Competitive Intelligence the killer secret to your success? Strategy without Intelligence isn’t a strategy; it’s guessing. Competitive Intelligence assists you in understanding your competitor’s business models. And assess their relative strengths and weaknesses versus your own.

What is Competitive Intelligence?

Defining what Competitive Intelligence (AKA Market Intelligence) is has been contentious for years. Well, since data analysts nicked the term Business Intelligence off us.

SCIP definition

Strategic & Competitive Intelligence Professionals define the subject as:

Competitive Intelligence is a discipline that enables organisations to reduce strategic risk and increase revenue opportunities by having a deep understanding of what has happened, what is happening, and what may happen in their operating environment.

Finding, sorting and critical analysis of information

We describe Competitive Intelligence as the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Aslo it offers more certainty, competitive advantage, insight and growth.

Drilled down further.

Competitive Intelligence creates insight, options, and competitive advantage by knowing the what, how, how, why, and critically the next. Not to be confused with Competitor Intelligence, which only looks at Competitors. A common requirement within our project requirements. But only a fraction of Market Intelligence’s,… Sorry, Competitive Intelligence insight capabilities

So why?

So back to the reasons for CI. We have produced a list of why is Competitive Intelligence the killer secret to your success?

Few reasons why

  1. It reduces uncertainty when making decisions.
  2. Reduces uncertainty when making decisions.
  3. It reduces uncertainty when making decisions. Point made 🙂
  4. Allows you to find a real competitive advantage.
  5. Allows you an insight into the way your competitors conduct business.
  6. It can help you understand your competition and its strategies. This information can help you adjust your own strategy to stay ahead of the competition.
  7. It can help you identify new opportunities in the market. By understanding what your competitors are doing, you can identify areas where you may be able to gain a competitive advantage.
  8. Therefore, it will help you protect your business from potential threats from your competitors.
  9. It shows you how your competitors plan to do a business. Based on recent, evidence-based insight rather than outdated assumptions.
  10. Gives you the options so you can decide to do something about it. Doing nothing is also an option, of course.
  11. Gives you the ability to assist your mergers and acquisitions.
  12. Allows you to see and then shift strategies in time to match the changing realities.
  13. However, it’s not market research. Competitive Intelligence is the ability to out-think, outmanoeuvre and outperform adversaries.
  14. It has a common mandate with Military Intelligence. That being that its main objective is to reduce uncertainty for policymakers.
  15. Allows you to see the big picture and create long-range forecasts and predictions
  16. Helps avoid strategic surprise.
  17. The early isolation of the indications and signals that a competitor is to make a particular move
  18. It helps you and your team challenge your orthodoxies by shedding light on business blind spots.
  19. Reveals in technicolour brilliance incorrect assumptions about your ever-changing competitive arena.
  20. It helps ensure that decisions and actions are based on foresight and insight rather than gut feel or industry experience.
  21. Prevents lessons learned with hindsight.
  22. It provides managers with a unique source of unbiased news and analysis.
  23. It reinforces a competitive culture in the organisation using increased competitor awareness.
  24. Helps promote an understanding of threats to the company’s intellectual capital.
  25. Isolates sand the need for counterintelligence and countermeasures.
  26. Above all, Competitive Intelligence helps minimise uncertainty and increase competitive advantage.

Why is Competitive Intelligence the killer secret to your success?

In conclusion, insight is essential for any business looking to be successful. Why is Competitive Intelligence the killer secret to your success? You can adapt your strategies and operations to stay ahead of the curve by understanding your competition. If you’re not currently using competitive Intelligence in your business, it’s time to start!

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