| Competitive Intelligence (CI) represents an enterprise | | | | alliance or an expansion into a new market or |
| practice that executes a coordinated and continuous | | | | geographical territory |
| ethical and legal program for the collection, selection, | | | | 2. As a response to the improved competitive position |
| storage, analysis and dissemination of information | | | | of a competitors or group of competitors. |
| about the current business environment. The objective | | | | A CI program can offer additional benefits like the |
| of competitive intelligence is to obtain advantages over | | | | protection of intellectual property. Effective |
| competitors and to answer questions of a strategic | | | | management of competitive intelligence programs in |
| nature. Also known as Business Intelligence, | | | | mid to large scale companies can be structured in |
| Technology Monitoring and Competitive Analysis, | | | | different ways (i.e. centralized or decentralized, globally |
| Competitor Intelligence is distinguished from industrial | | | | or narrowly, or formally or informally). It all depends on |
| espionage. | | | | corporate culture and what is currently happening in |
| Competitive Intelligence can have a tremendous impact | | | | the industry. |
| to an organization's overall corporate strategy, | | | | To realize the most benefits from their CI programs, |
| effectiveness of business units and policies and | | | | the best organizations are learning organizations that |
| procedures followed by functional areas. From the | | | | leverage the key findings from competitive intelligence |
| strategic perspective, some activities contemplated by | | | | and respond quickly to any threats or opportunities |
| CI are: | | | | presented. However to get to this point, emerging |
| - To analyze the present and potential competitors | | | | Competitive Intelligence learning organization can start |
| with respect to their strategies and objectives and to | | | | in a more focused approach. At first perhaps using |
| study possible competitive responses. | | | | freely online tools to keep track of the competition and |
| - To investigate and to define the opportunities and | | | | other easy to implement programs. Actually going out |
| threats of the industry or business sector. | | | | and interacting with key players in the market or |
| - To keep watch and to be on alert to important | | | | industry and/or operating as a leader tend to naturally |
| changes with key customers, technologies | | | | allow the best organizations to gain the benefits |
| (Technological Monitoring), legislation and other areas | | | | competitive intelligence. That is the proverbial "being in |
| including related markets. Use a site like ChangeDetect | | | | the right place at the right time" strategy. |
| for both free and paid CI tools. | | | | Sometimes the results of Competitor Intelligence |
| Competitive Intelligence also contemplates all those | | | | programs from different avenues such as commercial, |
| activities of tactical nature which contribute to the | | | | technological, economic or financial can be fed into the |
| creation of the new prices and product promotions, | | | | organization in a dispersed or fragmented manner. In |
| credit risk from customers, reverse engineering | | | | this case, it requires a Competitive Intelligence program |
| attempts, third party benchmarking activities and | | | | officer or team to put it all together for making overall |
| important trade shows etc. The use of Competitor | | | | or "big picture" assessments and/or recommendations. |
| Intelligence tools and techniques is not limited to only | | | | Whatever is learned from CI programs should be |
| large companies. Small companies can also very easily | | | | pushed out to all areas of the organization and made |
| leverage CI strategies quite easily and creatively. The | | | | freely available. After all, true Competitive Intelligence is |
| benefits associated with implementing Competitive | | | | both ethical and legal so there should be no problem in |
| Intelligence is classified into two groups: | | | | disseminating the information internally to be used for |
| 1. Mitigate the risk of project failure as in the | | | | the benefit of a stronger competitive position. |
| development of a new product, potential acquisition or | | | | |