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Everything you need to know about Competitive Intelligence

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Competitive intelligence

A few months ago we started publishing a line of articles on Competitive Intelligence. The different dimensions of this discipline, its applications and the techniques or methodologies used have been explored in depth. 

Business intelligence

Competitive Intelligence is a tool for companies, which allows them to know the environment thanks to the data obtained and analysed by a team of specialists. This makes it possible to anticipate in the management of knowledge in order to subsequently make strategic decisions in the company.

Our fictitious entity, SENS, with the creation of the Competitive Intelligence Unit, has been able to do several things:

  • Positioning in the market.
  • Identify their main strengths.
  • Setting goals
  • Objectives and business plans according to the competitive situation of the market.
  • In addition, it has been able to anticipate potential risk situations by making thorough assessments of its customers, its business, suppliers, partners and competitors.

Competitive Intelligence: the top 5 Tips

In the 5 chapters published, the different aspects of Competitive Intelligence that have helped SENS to position itself in the market have been explored in depth.

In case you missed any of the series, here is a brief summary of each of them:

1. Competitive Intelligence Tips: how to build your CI Unit from scratch

In this entry, a brief overview of the introduction to Competitive Intelligence and the importance of the work of its members. Supporting strategic decision making to reduce uncertainty and minimise risk. But also, they are useful for tactical and operational decision making.

2. Competitive Intelligence: Techniques and Methodologies 

In this chapter, the following types of competitive intelligence were discussed in more detail types of Competitive Intelligence:

  • The first is offensive , based on obtaining and analysing information of interest about the company's environment.
  • The second is defensive, where actions are aimed at the comprehensive protection of the company.
  • In addition, the main analysis techniques used were discussed: SWOT analysis, competitive profile matrix and competitors' stock maps.

3. Do you know how to set up a Competitive Intelligence Unit?

In the third article of the series, we looked in depth at the setting up a Unitthe phases and the importance of the diversity of profiles.

This entry reminds us of the relevance of having heterogeneous ways of thinking among the members of a team. It is also important to have a relationship based on assertive communication that helps to reduce analytical errors.

4. Tips for a good Competitive Intelligence Report

In the penultimate entry of the series, it was considered relevant to delve into the Competitive Intelligence reports and their added value. In addition, a compilation of the main sources of information that a report draws on was also made.

5. Competitive Intelligence Services: OSINT and Cyberintelligence 

Finally, the last published chapter in the series explored the different services that can be provided by an open source and cyber intelligence analysis unit. in the business sector.

Nowadays, companies seek to be able to anticipate potential risks in their environment. To do this, it is important to be aware of the information that the company projects in its environment with digital brand monitoring or technology watch services. But it is also important to have a good knowledge of suppliers, partners and competitors with services aimed at detecting, as accurately as possible, the companies that influence our own. 

Finally, cyber-intelligence services aimed at detecting, analysing and mitigating risks and threats to Information Security that may occur in cyberspace were also discussed.

Competitive intelligence

Importance of Competitive Intelligence

As we have seen, Competitive Intelligence has enabled SENS to be more aware of changes and developments in the market. It has automated the identification of alerts and improved its defence system with cyber intelligence services.

Today, it is able to anticipate change, get innovation on its side and reduce risk. All this, with the aim of facilitating decision-making and developing a competitive advantage.

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