While market research often focuses on fulfilling specific information needs, Competitive Intelligence is an ongoing process of developing a holistic analysis of your organizational environment. “Competitive” Intelligence is not “Competitor” Intelligence. Competitive Intelligence can focus on a specific aspect of Competitor Intelligence, but it can also focus on other disciplines such as products, customers, employees, lost prospects, marketing, sales or environmental aspects. Competitive Intelligence provides organizations with a competitive advantage in any of those disciplines when a structured program is properly implemented, managed and maintained.
Competitive Intelligence is not market research, nor is it espionage, nor is it simply doing internet searches. It is a completely legal and an ever increasingly essential element in allowing organizations to make more effective decisions on both strategic and tactical initiatives. Competitive Intelligence also provides vital insights and serves as an early warning of future events, which uncovers positive or negative impacts to your organization.
One of the most important aspects of implementing any intelligence program is the ability to convert data and information into actionable intelligence. It is often said that information costs you money, while intelligence makes you money. In order for that to happen the data and information obtained has to be strategic, unbiased, measurable, actionable, and above all, repeatable. Without that foundation in-place, intelligence programs are much more susceptible to failure.
This online course will uncover and discuss all aspects an organization should understand and consider when it comes to what Competitive Intelligence is comprised of and all the different facets that it can be leveraged for.
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