| Steps In The Competitive Intelligence Process
|
| Although organizations approach and manage the competitive
intelligence process in different ways, there are some common elements across
those approaches. The basic steps are as follows:
|
| • |
Define and validate the information need with stakeholders |
| • |
Create a plan to gather, organize, synthesize and present the information |
| • |
Conduct the collection and analysis |
| • |
Produce the agreed upon deliverable or report
|
| • |
Present the competitive intelligence findings to stakeholders and get their
feedback |
| • |
Make the competitive intelligence information available for others in the
organization |
| Benefits of Competitive Intelligence |
| There are numerous benefits to competitive intelligence. Some of
the larger benefits include: |
| • |
More effective decision making |
| • |
Improved strategic planning process |
| • |
More effective SWOT analyses
|
| • |
Improved Sales and Marketing performance |
| • |
Enhanced Market Research process |