Competitive Intelligence is amongst the most advanced business practices. It has made achieving competitive advantage more effective and much easier.
Many large businesses rely on Competitive intelligence to dominate their market.
Competitive intelligence has proven its significance in improving the organizational ability of companies and businesses.
Even more so it has improved business practices as a whole, providing greater value to consumers and target market.
This has initiated transformations in industries and markets due to greater competitive advantage provided to the consumers.
However it has not only improved the competitive advantage capabilities of businesses but their overall framework and competence.
Competitive intelligence has Provided Businesses the ability to take greater risks. By providing it with intelligence as certainty to move forward. The maneuvering capability has helped businesses become more decisive and advantageous in their activities.
This has turned organizations to be more competitive and courageous in their attitudes towards obstacles and environmental changes. Most certainly this has a huge impact on how we see business today.
Having solid leads in their efforts to improve provides them opportunities to expand their market share and explore their environment more effectively. Furthermore businesses make better decisions with competitive intelligence aiding their understanding.
Competitive intelligence has allowed businesses to develop innovative strategies to achieve their long term and short term objectives. This has improved the capability of businesses to integrate themselves into the market and capture customer segments.
Furthermore businesses can improve their weaknesses in face of competition and problematic obstacles. Thus making them progress smoothly in their efforts to make profits.
Competitive intelligence consultants executives focus on actionable intelligence. Not only do they desire relevant information but this information must be able to be manipulated and used to improve the framework of business.
This framework often includes organizational structures and management strategies.
Competitive advantage has allowed businesses to morph into more complex hybrid structures to propose more value and improve their models
This is perhaps the most exciting phenomenon competitive intelligence has developed. Hybrid organizations have made it possible for social enterprises to rise and thrive in poor economies and bad business environments.
Social enterprises provide greater social value through their resilient models to serve the triple bottom line. Hence fulfilling the needs of society and improving lives of people by solving problems that are increasingly developing in society.
Competitive intelligence is used to do once own internal analysis. However this provides detailed answers unlike SWOT analysis conducted without using the process of competitive intelligence.
Competitive intelligence provides not just answers to “what” questions but answers “How” as well
Thus providing a deeper understanding of one’s own weaknesses and strengths. Which allows businesses to make better decisions and improve their management. Further competitive intelligence can be used to improve processes within the business.
For example, A company needs to understand the right time to give promotions to their employees and give grants in the most cost effective ways possible. Perhaps competitive intelligence can be used to deduce the best times to do so in a financial year.
Taking into account cash flow, and finances, costs of operations and employee performance. It takes considerable understanding to judge performances of employees and choose the best candidates to receive promotions and rewards.
Perhaps the most important use of competitive intelligence is to develop effective strategies for businesses to achieve their objective. These objectives may be dealing with competition, Capturing markets, Developing new products and services.
Dealing with competitors may be a nuisance. They are always on your back looking for your weaknesses, stealing your customers, spoiling your plans.
In this case the best possible practice would be to turn to your competitive intelligence executives for answers.
Competitive intelligence done right, can provide you with comprehensive strategies to deal with all sorts of competition in all types of situations. Perhaps you can consider it a magic wand for your business.
Competitors pose direct and indirect threats to your business. These threats if not taken care of can be troublesome for your business. In Fact they can take your business intos serious losses. Many businesses collapse because they are not able to deal with indirect competition.
What bigger pain can there be other than not seeing competition that ended up taking you out of business. Competitive Intelligence allows you to highlight such threats in real time so that you may not fall victim to unforeseen competition.
Competitive intelligence takes a slight change in name when done to understand the Market. Information gathered and analysed to be processed into intelligence from the market is called Market Intelligence.
Figuring your way through the market can be a comprehensive and difficult task. Marketing is not easy for someone who doesn’t understand it. Market intelligence provides the basis for developing this understanding.
Market intelligence provides information about the size of the market, its demographics, it’s psychographics and potential. So that you may be able to develop effective Marketing strategies to earn profits.
Market intelligence provides you with reason as to why a product or service is successful and why it failed. This gives you a detailed understanding of the needs and wants of your target market.
So you can develop products and brand them according to this information. Furthermore you can understand and analyse the success rates of substitute products and services. And integrate those factors into your product in order to dominate the market.
Moreover you can develop effective branding strategies using market intelligence. What greater pain would there be if you cannot brand a product that fills a gap in the market.
Furthermore you will be able to position yourself better by having a detailed understanding of the market
Market intelligence provides you with the ability to create a strategy to increase sales and improve customer satisfaction.
It is often more important for businesses to retain customers than develop new customers. Hence customer satisfaction plays an important role in developing customer loyalty.
With detailed understanding you can make your customers more loyal to your product and services. And make profits to thrive in your market and stand firm in face of competition.