What are the objectives of a Competitive Intelligence program?
The primary objective of a Competitive Intelligence system is to provide information that will allow an organisation to compete effectively in its marketplace.
What is Competitive Intelligence?
Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers more certainty, competitive advantage, insight, growth & security.
There are four main objectives of a Competitive Intelligence system:
To identify potential threats
In order to achieve this goal, a Competitive Intelligence program must collect data from various sources. These sources might include competitors, customers, suppliers, government agencies, and other organisations. And then this data should then be analysed to determine whether there are any threats to the company’s business.
To understand competitors’ strategies
Once the data has been collected, it needs to be analysed. Analysing the data involves looking at trends and patterns within the data, and it also includes determining what actions need to be taken based on the findings.
To develop countermeasures
To effectively analyse the data, it must first be organised into categories. So this process is called categorisation. Categorising data helps to make sense of the large amounts of information available.
To share information with other departments
In order to effectively use a Competitive Intelligence program, an organisation must first understand what its goals are. And once these goals are understood, the next step is to determine how much effort should be put into gathering the necessary information. This will depend on the size of the company, the number of people involved, and the type of information being gathered.
What are the objectives of a Competitive Intelligence program?
In conclusion, a Competitive Intelligence program should focus on gathering data from multiple sources, analysing it, and sharing it with others who need it. So, finally, the four main objectives of a Competitive Intelligence program are:
- To gather data from multiple sources.
- To organise the data into categories.
- And to analyse the data.
- To share the results with others.
