Does Competitive Intelligence help you during a crisis?
We all know the clear and obvious benefits of knowing the answer but does Competitive Intelligence help you during a crisis? However big or small, there is always some confusion during a crisis. It can be down to too much or too little information flying around.
Article Summary
The article discusses how competitive intelligence helps during a crisis by providing a rational analysis of competitors’ actions, enabling informed decision-making and strategic planning.
And not a great deal of time to deal with it or find it. Everyone is running around with their hats on fire, with no time to rationalise the situation with considered analysis. Many people will call for action, and some will be vested in success and failure.
The Press during the COVID crisis immediately springs to mind. They seek answers to inform the public and try to catch politicians out, accusing them of failure, U-turns, and the like.
Some lessons can be learned from Military Intelligence.
Start by assuming that your competitor, customer or whoever is behind the crisis is behaving rationally. And there is a method to their madness. Before Saddam Hussein invaded Kuwait, US diplomats assured him they wouldn’t get involved in a local dispute. Iraq owed a significant sum of cash to Kuwait to pay for their war with Iran. Saddam took the US stance that he could resolve his debt issue by invading Kuwait. Rational in the eyes of a dictator who naturally is surrounded by yes men. Read more: Why Intelligence Research is Critical for Future Business Success.
Weapons of Mass Destruction
Claims of weapons of mass destruction were also a rational claim by the Iraqi leadership. They had just suffered a long, deadly and costly war with Iran. The Iraqi leader didn’t want to seem weak to his neighbours. He feared his neighbours more than the Western powers.
So, denying possessing weapons of mass destruction would make him look weak. It is a rational action for a dictator and mass murderer. It’s sensible to assume your enemy is not hell-bent on going to war with you without a rational reason in their eyes. Here are five key questions to answer to help you think about what your competitor is up to:
- Are the directors wholly committed to achieving their objective, whatever it is? Is it a priority for them? Are they determined to make it happen?
- Is their objective attainable?
- Do they have the capability to achieve their objective immediately, or do they need to build up their abilities to accomplish this?
- Have all options for them been exhausted, or do they have alternative actions?
- Is there a significant or low risk to the future well-being of your business?
If you get a firm yes to most of the above questions, the chances of the crisis escalating to dangerous levels are very probable. You better get your tin hats on and get in the trenches. But at least you now know. And can plan and react accordingly. And be in a position to take evasive action.
Yet, if you answer questions 2 or 3 in the negative, your risk is reduced. Either way, you can make your decisions based on a better understanding of the situation. Read more: What is The OODA Loop?
Conclusion
Competitive Intelligence during a crisis?
As discussed in many other articles, we should know the clear and obvious benefits of knowing the answer using Competitive Intelligence. This article asked if Competitive Intelligence helps you during a crisis. During a crisis, there is always some confusion. It can be down to too much or too little information flying around. So understanding the situation you face is very important and sensible. Answering the suggested questions will help you determine how deep the mud you are in and how you will get out of it.
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