Avoiding Costly Mistakes And Maximising Benefits
These eight bullet points emphasise the importance of making informed decisions when purchasing competitive intelligence for businesses. While competitive intelligence can provide significant benefits, it also highlights the potential pitfalls and challenges companies may encounter. The article aims to shed light on these issues to help businesses navigate the world of competitive intelligence more effectively.
- Buying competitive intelligence can be beneficial for businesses.
- Some companies have had negative experiences with management consultants and researchers who provided expensive reports with little substance.
- Lack of experience can make companies unsure of what to expect from navigating competitive intelligence.
- Simply subscribing to competitive intelligence software may not satisfy the company’s needs.
- Clear expectations need to be set from the beginning of the project.
- It is important to define and clarify all aspects of the project before starting.
- Competitive intelligence agencies should not rely solely on technology but also conduct research and analysis.
- Reports should provide valuable insights rather than filler content like pie charts or line graphs.
Avoiding Costly Mistakes and Maximising Benefits
In conclusion, while buying competitive intelligence can provide valuable insights for businesses, it is essential to approach the process with caution and awareness. The article highlights the potential risks and challenges that companies may face, such as misleading reports and unrealistic expectations. By understanding these factors and taking proactive steps to address them, businesses can make more informed decisions when purchasing competitive intelligence and maximise its benefits for their operations.
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What is competitive intelligence?
Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.