The Importance of Competitive Intelligence in a Business

China Competitive Intelligence

Competitive intelligence program is a foundation where a particular organization’s business, strategies, and tactics are scored and modified. This activity also maximizes the potential and life cycle of an industry, including competitors’ ability to maintain or develop their competitive intelligence. China competitive intelligence is especially important because the competition rate is undeniably high.

Competitive intelligence program also affects decisions about a product, market, and business lines. It will make business owners able to develop their business in terms of investments, development, even building and stopping partnerships with other businesses.

Common Things Found in Competitive Intelligence Programs

There are different ways carried out by different companies in implementing competitive intelligence program. However, they all have things in common:

  1. Competitive intelligence programs focus on industries and competitors’ profile creation, especially identifying competitors’ action and reaction as an implication from changes in industries and organizations.
  2. The data and information collected are organized and evaluated in a way that gives business owners new advantages as well as getting different knowledge about the meaning of competition; every individual in the organization are given formal responsibilities to perform intelligent tasks.
  3. Competitive intelligence program is developed to overcome critical issues and ensure that the organization can be renewed.

An organization will continuously look for new ways to reach a superiority and to combat aggressive competition. A proactive business organization will get advantages, because they have known about pros and cons of performing a competitive intelligence program like China competitive intelligence.

  1. Early warning for opportunities and threats, such as the need to do an acquisition or alliance in product and competitive service in the future.
  2. Raising better awareness for the management team about changes in rivals, so the organization can adapt and respond to changes quickly and precisely.
  3. Making sure that decisions of strategic planning are based on things that are relevant.
  4. Performing audits on organization competitiveness and their position objectively.

There are many ways to perform competitive intelligence. However, these are the steps needed for an effective competitive intelligence process:

  1. Defining the problems in business
  2. Deciding the sources of competitive data and information
  3. Collecting and organizing data
  4. Communicating outcomes and findings; giving suggestions in the strategic planning process
  5. Giving feedbacks for future evaluation

China competitive intelligence in the tactical level focuses on business’ problems such as competitors, consumers, and suppliers’ behavior that will affect a business in the current time, next month, or even the next few years. Strategic competitive intelligence measures, although frequently baited by tactical information, demands initiatives from the senior management level of a business. it is recommended to collect data from staffs, publicized information, interview results, and research.

Source: http://www.chinacompetitiveintelligence.com/

 

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