Answers to Competitive Intelligence Questions by a UK Government Official
Today we are delighted to read the thoughts of a highly experienced Competitive Intelligence professional currently working for a UK government department. He answers Competitive Intelligence questions for us. The article provides answers to Competitive Intelligence questions by a UK government official
1. In your view, what’s Competitive Intelligence?
The gathering of information on competitors and the market environment with the aim of gaining a competitive advantage
2. In your view, what’s the true benefit of CI?
Gaining a better understanding of the market environment and thereby have a better chance of increasing market share. Or having the knowledge to decide if to enter a particular market
3. How would you advise a company with no experience in Competitive Intelligence to get started?
Understand SWOT and PESTLE analysis
4. What analytical tools do you recommend?
SWOT, GAP analysis, PESTLE, 80:20 rule, horizon scanning
5. Competitive Intelligence is becoming too much about risk mitigation, copying the competitor and the last dataset. And not enough about growth, exploration and creation. It can stop people from being original, risky and creative enough. Do you agree?
No, those who want to succeed in a market will have to take risks, but it is about taking educated risks
7. Artificial Intelligence and platforms will transform CI, and there will be no need for human input in the future. The longevity of the job of a Competitive Intelligence analyst is limited? Do you agree?
Not at all. It is totally about the human input and human reaction to events
8. Finally, what’s the one piece of advice you would give a CI analyst?
Do a complete analysis of the market through SWOT for your own company and PESTLE for the external market forces. Look at horizon scanning for the mid to long term events in the market and environment.
Today’s questions were answered by an unnamed, highly experienced Competitive Intelligence professional.
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