Competitive Intelligence is an analytical process which transforms fragmented data from company, industry and markets into actionable strategic knowledge on the position, performance, capabilities and intentions of competitors.
This is one of the most valuable and cost-effective competitive tools managers can utilize.
Primary intelligence from interviews with your competitors and their various stakeholders is genuine, first-hand intelligence that gives you the competitive edge. Secondary data provides only – at best – a baseline of publicly available information that is equally accessible to everyone, including your competitors.
Benefits of Competitive Intelligence
- Gain better understanding of existing and potential competitors, suppliers, customers, partners and acquisitions
- Assess the dynamics of your market: anticipate trends, threats and opportunities
- Evaluate new businesses, markets and technologies
- Strengthen your competitive position through benchmarking, SWOT analysis, differentiation
- Reduce uncertainty and potential risks for decision making