Updated: Jun 12
What is competitive intelligence (CI)? Is it for big corporations or can start ups and small businesses benefit? In what ways can CI contribute to growth of any company?
Let's delve right in.
What Is Competitive Intelligence?
Competitive intelligence is a system for gathering and analyzing data and information about a competitor and how understanding aspects of your competitor can help further your companies goals for growth and continuity.
In essence, CI collects a lot of information and provides context and meaning by turning raw competitive data into actionable intelligence.
Who Benefits From Competitive Intelligence?
Every business can benefit from CI. What company (small or large) doesn't want some sort of information that would give them a leg up on their competitor?
Some of the benefits to a competitive intelligence project or continued program include:
Helps companies anticipate market changes
Aids in anticipating the actions of competitors
Can help discover new competitors
Finds emerging potential competitors
Learn from success and failures of your competitors
Increases the quality of Mergers and Acquisitions (M&A)
Learn about how the pace of technology is helping competitors
See your own business with an open mind
Find new management tools
Is Competitive Intelligence Illegal or Unethical?