Competitve Intelligence
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Competitive intelligence is a systematic process for gathering, analyzing, and managing external information that can impact a company's plans, decisions, and operations. It relies on 80-90% of information being publicly available and believes business decisions should be based on analyzed information from the company's perspective. The competitive intelligence process involves defining questions, gathering and organizing data, synthesizing and filtering the data, analyzing it, preparing findings and recommendations, and following up to update the process. Specific skills needed for effective competitive intelligence include creativity, persistence, communication abilities, analytical skills, and business acumen.
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Competitve Intelligence
- 1. Competitive Intelligence A Sword For That War Called Business
- 2. What are your competitors doing? How will their actions affect your company’s plans, decisions and operations? Are there new competitors on the horizon? Can you see changes in your market before they occur?
- 3. What is competitive intelligence? According to the Society of Competitive Intelligence Professionals: “ A systematic and ethical program for gathering, analyzing, and managing external information that can affect your company's plans, decisions, and operations.” With 80% – 90% of all information part of public knowledge.
- 4. What is competitive intelligence? CI believes that business decisions should not be made on instinct or intuition, but on information that has been gathered and analyzed . Analyzed from your point of view.
- 5. Competitive Intelligence Model Intelligence Information Data Organize Analyze
- 6. Competitive Intelligence Technical Intelligence Technical Information Technical Data ORGANIZE ANALYZE Business Intelligence Business Information Business Data TECHNICAL EXPERTISE BUSINESS EXPERTISE TECHNICAL EXPERTISE BUSINESS EXPERTISE Technical and Business Intelligence SOURCE: Krol, Coleman & Bryant, Drug Information Journal 1996;30:243-256.
- 7. The Competitive Intelligence analytical process Define the question Gather & organize data Synthesize/relate & filter the data Analyze appropriate data Prepare findings & draw insights Prepare recommendations Draft, review, approve, and issue report Follow-up –update the process Competitive intelligence
- 8. The Competitive Technical Intelligence and Competitive Business Intelligence Processes Planning Collection Analysis Delivery Use Evaluation Competitive Technical Intelligence – CTI Competitive Business Intelligence - CBI
- 9. Precipitating Events Intelligence Products Context Objectives Operations Tools Results Uncertainties Findings Implications Data Gaps Feedback Define Framework 1 Compile Inputs Materials Process Inputs Interpret Results Intelligence Analysis Process Develop Technical Strategy 2 4 5 Create Response Actions 6 Intelligence Information System 3
- 10. Competitive Intelligence should include tracking: Competitors New technologies Market trends Government regulations
- 11. Importance of Competitive Intelligence to the organization Fewer surprises Validate rumors Able to put competitive actions in context Less frustration trying to interpret overwhelming or contradictory information What about more money?
- 12. Corporate mistakes often could have been avoided with good CI. For example, companies have: Developed and introduced a new product that was opposite of market trends. Ignored an “inferior” competitor who was going to put them out of business. Believed in a vendor’s story that turned out to be false. Importance of Competitive Intelligence to the organization
- 13. Specific skills needed to effectively execute the process of acquiring intelligence Traits: creativity, persistence, written and oral communication skills, analytical ability, understanding of scientific methodology, independent learning skills, and business savvy.
- 14. Teachable Skills: strategic thinking, business terminology, market research and presentation skills, knowledge of primary information sources and research methods; communication skills, analytical ability, and a familiarity with scientific methodology. Specific skills needed to effectively execute the process of acquiring intelligence
- 15. Specific skills needed to effectively execute the process of acquiring intelligence Professional Experience: knowledge of corporate power structures and decision making processes, industry knowledge; enhancement of: primary research skills, business savvy, and journalistic interviewing and observational skills. skills, and research skills
- 16. Mentoring: creativity, persistence, strategic thinking, and business terminology; enhancement of: communication Specific skills needed to effectively execute the process of acquiring intelligence
- 17. You must know What companies do you compete with? Why? Which company scares you the most? What idea, technology or condition could put you out of business?
- 18. Often don’t realize who we compete with and why. Might consider the “big guys” but not those small companies wanting to take our business. The biggest threat may not be a company, but a “thing.” CI can bring to light other threats. Believe it or not
- 19. What do you need to start a CI program? Staff Resources Money
- 20. Staff… Dedicated CI is part of their jobs May not do CI full-time Trained In the methodology & a variety of resources How to analysis and interpret the data Empowered Can act with authority to gather data
- 21. Thank You !