3 Efficient Applications of Competitive Intelligence in Business
Wednesday, December 03, 2014
Posted by: Admin
Globalization and diversification processes in the present-day business cause a highly competitive environment. New business practices and rapid growth of entrepreneurship both stimulate companies' business development and make management teams work harder. Therefore, a detailed analysis of competitors, your industry, and local law regulations would empower you and secure your business position on the market. This kind of detailed analysis of current economic environment of a certain company gives you knowledge that is called competitive intelligence.
For gaining competitive intelligence, one can use a plethora of useful methods. They can be executed by conducting research on Internet, and this task can be outsourced to a qualified agency if your company does not have a qualified team for that or lack time resources to get it done.
Skimming through particular websites will give you an idea of the current situation and will provide you with relatively professional knowledge about the latest business trends and paths you may follow or spark some insights on avoiding other ones. It's surely a cheaper and faster way, although, as was mentioned above, it's an "amateur" way as well. On the other hand, resorting to a consulting agency might guarantee you a professional and detailed report on the important issues, including an analysis of the competitive environment and a plan for a better decision-making process. There will be a team of qualified managers who will assist you in bringing your company to the top.
In short, Competitive Intelligence can be used in researching 3 significant sides:
- The position of your company on the market;
- The business environment of your organization, including competitors analysis, current law situation, financial rates, state policy for business sector;
- The business development plan you have to imply to proceed.
Gaining Competitive Intelligence about your organization means detailed research on the financial, organizational, and management state of the company. You have to be armed with the important information so that you can be confident when taking up a challenge.
Your current business environment analysis will determine how many companies are functioning in the industry, what is their market rate and value, what is the financial state of the country, what are the new law regulations reflecting the business processes, and so on. Acknowledging this information, you will be able to anticipate challenges and take proper actions beforehand. The variety of tools (customized dashboards, tracking systems, etc.) will enable you to view the clear, big picture about you company.
To put it in other words, Competitive Intelligence simply means constant learning and awareness of what is going on in your competitive landscape. This precious knowledge will grant you the opportunity to be a strategically evolved company.