Competitive intelligence is a critical input for decision making in a global, competitive and rapidly changing business environment in which companies operate today.
Asking the right questions about the external business environment is the first step towards getting actionable competitive intelligence.
Determining the right questions is not trivial, as each individual’s perspective on the competitive environment is governed their role, past experience, level of knowledge, personal biases, predisposition, and so on.
Organizations need to undertake a systematic exercise to identify the key intelligence they need in order to ensure that
– they are able to achieve their strategic goals
– they are able to take advantage of emerging opportunities, and mitigate
risks and threats
– they are not taken by “surprise” by developments in their external environment
– they are able to gain and maintain a competitive advantage in the
industry vis-à-vis their competitors
Defining the key intelligence needs of an organization is best done collaboratively by the key decision-makers and competitive intelligence professionals
A careful needs assessment enables an organization to
– maximize the ROI on its CI
– meet its business objectives
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