What is the Benefits of Competitive Intelligence?
Know and Understand the Benefits of Competitive Intelligence.
A formal competitive intelligence program can do the following;
Anticipate change in the marketplace: Companies that observe the marketplace tends not to be caught unawares, but companies that fail to observe the market place tends to pay a high price for their mistake.
Anticipate the action of competitors: Competitive intelligence activity will create an opportunity to understand what competitors are trying to do in other to outsmart their competitors.
Look at own business practice with an open mind: Competitive intelligence activity will expose organizations to new ideas and concepts because their method of business might be stale and outmoded. Also, it will help organizations to be externally focused.
Help implement the latest management tools: Competitive intelligence activity will provide organizations with relevant information that will assist organizations in re-engineering as well as enhancing customer satisfaction.
Discover new or potential competitors: Competitive intelligence activity will provide an insight into the new segment or market a competitor is entering.
Learn from the success and failure of others: Competitive intelligence activity will investigate if the customer is happy with competitors and use their findings as a yardstick for development.
Learn about new technology, products, and processes that affect business: Competitive intelligence activity tends to reveal if the project being embarked upon by their company is worth investing in or needs additional resources or the project needs to be shut down because some project doesn’t worth any extra expense or resource.
Learn about political, legislative or regulatory changes that can affect business:
The competitive intelligence activity will help analyze the impact of a law or regulation proposed by the government because this government law affects everybody and forces all to change.
Increase the range and quality of acquisition target: Competitive intelligence activity will create insight on target company for acquisition because not all company that posses as a threat are really worth acquiring because some companies are created on deception.
Enter new business: Competitive intelligence activity will help organizations decide if they should enter a new business by observing the success and failure of the market competitor.
A formal competitive intelligence program can do the following;
Anticipate change in the marketplace: Companies that observe the marketplace tends not to be caught unawares, but companies that fail to observe the market place tends to pay a high price for their mistake.
Anticipate the action of competitors: Competitive intelligence activity will create an opportunity to understand what competitors are trying to do in other to outsmart their competitors.
Look at own business practice with an open mind: Competitive intelligence activity will expose organizations to new ideas and concepts because their method of business might be stale and outmoded. Also, it will help organizations to be externally focused.
Help implement the latest management tools: Competitive intelligence activity will provide organizations with relevant information that will assist organizations in re-engineering as well as enhancing customer satisfaction.
Discover new or potential competitors: Competitive intelligence activity will provide an insight into the new segment or market a competitor is entering.
Learn from the success and failure of others: Competitive intelligence activity will investigate if the customer is happy with competitors and use their findings as a yardstick for development.
Learn about new technology, products, and processes that affect business: Competitive intelligence activity tends to reveal if the project being embarked upon by their company is worth investing in or needs additional resources or the project needs to be shut down because some project doesn’t worth any extra expense or resource.
Learn about political, legislative or regulatory changes that can affect business:
The competitive intelligence activity will help analyze the impact of a law or regulation proposed by the government because this government law affects everybody and forces all to change.
Increase the range and quality of acquisition target: Competitive intelligence activity will create insight on target company for acquisition because not all company that posses as a threat are really worth acquiring because some companies are created on deception.
Enter new business: Competitive intelligence activity will help organizations decide if they should enter a new business by observing the success and failure of the market competitor.
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