What is Competitive Intelligence?

Definitions of Competitive Intelligence

  • To develop a mode of governorship whose object is the control of the strategic information which has as a finality the competitiveness and the safety of the national economy and the national companies. (Alain Juillet)
  • Systematic program to collect and analyze the information upon the activities of the competitors.... in view to achieve the strategic goals of the company. (Larry Kahanner)
  • Analyze the information, upon the competitors which are involvedwithin the decision process of the company. (Leonard Fuld)
  • Knowledge and forecast of the surounding world -in view to assist the decision of the company’s CEO. (Jan Herring)
  • Master the Information which allows decision making. (Ben Gilad)
  • Systematic program to treat, analyze, understand, disseminate information upon the activities of the competitors, the technologies and the general tendencies of the company's activities, in view to achieve the best strategic goal of the company. (Henri Dou)

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Why use Competitive Intelligence?

Have you ever heard the saying, “keep your friends close, but your enemies even closer” – well, we’re not suggesting for one minute that your enemies know that your keeping them close, but knowledge is power after all, and the more you know about their business, the better position you are in to keep ahead of them.

A recent survey of Fortune 500 companies showed that a whopping 55% of them regularly utilize competitor information when they are composing their own business strategy. Incidentally, every one of the firms are market leaders in their own industry, and every single one of them knows its enemies business.

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How to use Competitive Intelligence?

In a world in which knowledge is power, what you don't know can hurt you. The good news: It's not so hard to find out what your rivals are up to. Some savvy (and perfectly legal) snooping - otherwise known as competitive intelligence - can drive your strategy, soothe your fears about the future, and give your company a competitive edge.

Competitive Intelligence can really help to give you greater insight into your market place, deeper competitor understanding and ultimately help you to make vital decisions – the right vital decisions that is.

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