Competitive intelligence (CI) is the process of collecting, analyzing and distributing relevant, timely and accurate information about an organization’s competitors, market and environment. The goal of CI is to help the organization make better strategic decisions and respond better to market opportunities and threats.
The CI can be used for a variety of purposes, including:
- Identify new market opportunities
- Monitor competitors
- Evaluate market trends
- Develop marketing and sales strategies
- Improve decision making
CI can be collected from a variety of sources, including:
- Industry publications
- Commercial events
- Social networks
- Public databases
- Confidential sources
The CI process usually follows the following steps:
- Define the objectives of the CI. What information does the organization need to make better decisions?
- Identify sources of information. Where can you find the necessary information?
- Collect information. Information can be collected manually or automated.
- Analyze the information. Information must be analyzed to identify patterns and trends.
- Distribute the information. Information must be distributed to the people who need to make decisions.
CI is a valuable tool for any organization that wants to remain competitive in the market. CI can help organizations make better decisions, identify new opportunities, and respond better to threats.
Here are some examples of how CI can be used in practice:
- A technology company could use CI to identify new products or services that could be popular in the market.
- A retailer could use CI to monitor its competitors and see what they are doing to attract customers.
- A financial services company could use CI to evaluate economic trends and see how they could affect its business.
CI is a continuous process that must adapt to the changing needs of the organization. Organizations that are willing to invest in IC can improve their chances of success in the market.
