Competitive Intelligence and Its Role in Increasing Competition
In an article by Mr. Cynthia Cheng Correia, describe the importance of Competitive intelligence for companies.
Competitive intelligence is the practice of examining the external competitive environment – direct rivals, clients, economic/regulatory matters, and more – to support the development of more resilient, robust strategy and tactics. The intelligence outcome is meaningful, actionable, and provides “an insight about change and future developments and their implications to the company. Effectively, CI improves tactical and strategic decision-making through understanding the competitive environment.
Unlike business intelligence, which has become a catch-all term that is used to describe data mining and activities involving business information, CI involves competitive analysis and examines competitive forces within one’s industry. While competitive intelligence is concerned with industry forces, competitor intelligence distinctly centers on the activities of a rival. Finally, competitive intelligence must also be distinguished from competitive information gathering, which is a component of CI, but lacks analysis and meaning – the essence of intelligence. This includes company profiles or news items, which inform about a competitor, but – without analysis or context – provide little meaning and insights to support strategy and decision-making. More
Competitive intelligence is the practice of examining the external competitive environment – direct rivals, clients, economic/regulatory matters, and more – to support the development of more resilient, robust strategy and tactics. The intelligence outcome is meaningful, actionable, and provides “an insight about change and future developments and their implications to the company. Effectively, CI improves tactical and strategic decision-making through understanding the competitive environment.
Unlike business intelligence, which has become a catch-all term that is used to describe data mining and activities involving business information, CI involves competitive analysis and examines competitive forces within one’s industry. While competitive intelligence is concerned with industry forces, competitor intelligence distinctly centers on the activities of a rival. Finally, competitive intelligence must also be distinguished from competitive information gathering, which is a component of CI, but lacks analysis and meaning – the essence of intelligence. This includes company profiles or news items, which inform about a competitor, but – without analysis or context – provide little meaning and insights to support strategy and decision-making. More
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