How to manage data within Competitive Intelligence
This article discusses how to manage data within Competitive Intelligence. In the rapidly evolving business world, competitive intelligence has emerged as a critical toolkit for staying ahead. This article delves into the nuanced practice of managing data within competitive intelligence, an essential process that involves collecting, analysing, and utilising information to make informed strategic decisions.
By understanding the dynamics of data management, businesses can effectively discern between valuable data and noise, identify key drivers of competition, and strategically position themselves in their respective industries. From identifying sources of raw data to refining the information into actionable insights, we explore various methodologies and tools that enhance businesses’ capability to navigate the competitive landscape efficiently.
Data management can be broken down as follows:
- Place data into driver baskets and remove anything that doesn’t fit.
- Play with the data
- Then, we try to distinguish between what is known and unknown and what we think we know.
- Determine Hard drivers (capability) and soft drivers (intent).
- Grade the confidence of each designated driver (Red. Amber, Green)
- Any vulnerability to overconfidence in assessing intent?
- How many drivers are graded green? Too confident?
- Focus on the gaps in my knowledge and how can we address them
- How will we present these gaps in the final report?
- Is there data which does not fit into one of the driver baskets?
- What do we do with it?
Where can we get this data?
The first place you will look is probably the internet. However, relying solely on the Internet has several disadvantages. The obvious one is that most companies tend not to publish valuable information.
You may find news on your rivals and industry, but it will likely be very general, historical, and of little use. Even if you find a source of information useful to you, it may be very time-consuming to collect. Software and outsourcing collection and specific projects will significantly reduce the time taken.
Secondary data sources include:
Market Research Portals
They rarely live up to the sales hype, but they can answer simple questions like who the key market players are and put your own organisation into context. Yet, we often find that after the initial enthusiasm, access becomes limited, or they do very little with the information. In some cases, the cost of the combined access would pay for a CI operation!
Press releases
Press releases are published every day, in their thousands, both written and online. But very few actually become news.
By reviewing press releases, you can learn about significant Competitor developments, such as mergers and acquisitions, takeovers, management changes, new products, new financial offerings, earnings, restructures, etc. What a press release does not say is sometimes just as important as the text itself.
Trademarks
Trademark activity could indicate your rival’s future development activities, ownership issues, and foreign market strategies. You can also watch how litigious your rivals are and how successful they have been in their actions.
Domain names
This area of research is becoming an essential part of an organisation’s image. Organisations tend to have many domain names. To represent their products, associated companies, brands and divisions. So, monitoring can reveal future strategies and related new products. Look for evidence of cyber-squatting and bad faith.
Analyst reports
Analysts gather actionable information on their industry.
You can source reports and information on your competitor’s revenue, profit margins, growth, sales, expenses, earnings forecasts, market fluctuations, and predictions. You already have many excellent sources of primary information, some of whom you talk to every day. Your employees are not only your greatest asset, but they are also your most significant source of competitive information.
Also, they may have previous experience working with your rivals, know people in other organisations, and, of course, have day-to-day dealings with your customers—those customers your opponents pursue. Without compromising any restrictive covenants, your employees may know their pricing or have a copy of your rival’s sales information. Look within your business to draw parallels among each department working on business development.
How to Manage Data
The information your business developers source during a networking event can be precious. But only if it is accessible in a useable format, analysed and acted on. This article discussed how to manage data within Competitive Intelligence.
Successfully managing data within competitive intelligence is not just about gathering extensive information but also about strategically categorising and analysing that data to forge actionable insights. Throughout this article, we have examined the process of placing data into distinct categories, assessing the reliability of these data points, and addressing the unknowns that could impact strategic decision-making. In doing so, businesses can enhance their understanding of the competitive environment, predict future trends, and optimise their operational strategies. Whether through internal sources like employee insights or external ones such as market research and analyst reports, effective data management is pivotal in sculpting a comprehensive view of the competition and securing a competitive edge in the market.
We are Octopus. The Global People-Powered Competitive Intelligence Agency.
Outsmart your competition. Make the unknown known. Octopus helps you gain clarity in complex markets. With clients and tentacles around the world, we deliver sharp, actionable competitive intelligence through a blend of deep primary (HUMINT) and secondary research. If you’re looking to make smarter decisions, beat the competition, and reduce uncertainty, we’re the partner you want on your side.
