Competitive Intelligence (CI) is an integral piece of every successful business strategy. It’s important for a company to understand where they stand within their market, so they can make intel-driven decisions. CI avoids operating in a vacuum, instead encouraging decisions designed to place itself as separate from and ahead of the competition.
Competitive Intelligence requires understanding not just the general concepts, but the various nuances and subcategories that fall within. Keep reading to understand the complete picture of what CI entails.
1) Competitive Intelligence
Competitive Intelligence is the process of capturing and analyzing information about your competitors to drive internal strategy changes and tactics. CI is important because, while most companies have a great understanding of what’s happening internally, external information is necessary to drive sound strategic decisions.
The key here is making data-based, informed decisions based on the competitive landscape in conjunction with internal factors. CI allows organizations to make more informed business and strategic decisions.