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Competitive Intelligence

Competitive Intelligence. An Introduction INLS 227 Fall 2002 Business Reference Sources and Services. Presented by Amy Davis, SILS, UNC Chapel Hill 2002. What is Competitive Intelligence?.

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Competitive Intelligence

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  1. Competitive Intelligence An Introduction INLS 227 Fall 2002 Business Reference Sources and Services Presented by Amy Davis, SILS, UNC Chapel Hill 2002

  2. What is Competitive Intelligence? • “Competitive Intelligence is a systematic and ethical program for gathering, analyzing, and managing external information that can affect your company's plans, decisions, and operations” Source: Society for Competitive Intelligence Professionals

  3. What CI Is Not... • Corporate Spy Source: Society for Competitive Intelligence Professionals

  4. CI and Ethics • “Economic espionage represents a failure of Competitive Intelligence” • SCIP’s Code of Ethics states: • Professionals must accurately disclose their identity when soliciting information • Respect all requests for confidentiality • Good competitive intelligence uses publicly available sources: • Published information sources • Interviews • CI professionals can ethically discover information in a fashion similar to that of journalists and other researchers. Source: Society for Competitive Intelligence Professionals

  5. The Goal - Why Use CI? • Early Warning • Good competitive intelligence allows decision makers to prepare for changes in the market • Act instead of react Source: Society for Competitive Intelligence Professionals

  6. The CI Cycle Planning & Direction Feedback Collection Analysis Dissemination Source: Society for Competitive Intelligence Professionals

  7. The CI CycleStep One - Planning & Direction • Working with management to determine information needs • Develop effective communication, interviewing and presentation skills • Know the organizational structure, culture and environment • Know your internal and external capabilities • Conduct an information resource gap-analysis • Articulate findings about intelligence needs into the cycle Source: Society for Competitive Intelligence Professionals

  8. The CI CycleStep Two - Collection Activities • Collecting information a legal and ethical manner. • Sources used: • Primary • Secondary • Internal • External • Must be able to ensure validity of sources • Recognize patterns and anomalies in information • Formal research skills are crucial Source: Society for Competitive Intelligence Professionals

  9. The CI CycleStep Three - Analysis • Interpreting data and drawing meaningful conclusions for recommended actions • Arguably the most important step in the cycle. • Raw data itself cannot usually contribute to key decision making and strategy Source: Society for Competitive Intelligence Professionals

  10. The CI CycleStep Three - Analysis • Guidelines for analyzing data • Use inductive and deductive reasoning • Employ alternative and creative thinking • Be familiar with analytical models and know when and why to use them. • Ex. Risk assessment, Opportunity analysis and Trend analysis • Recognize gaps in information • Know when to quit! Source: Society for Competitive Intelligence Professionals

  11. The CI CycleStep Four - Dissemination • Presenting key discoveries to management • Organize findings and convey them with assertiveness and diplomacy • Accentuate the positive • Cost savings • Competitive advantage • Modes of dissemination • Custom reports • Databases • Training seminars • Personal communications Source: Society for Competitive Intelligence Professionals

  12. The CI CycleStep Five - Feedback • Evaluating the response of management and decision makers is crucial to determining success of CI endeavor. • Be sure to capture all feedback to incorporate in future projects • Use this dialogue to determine future information needs. Source: Society for Competitive Intelligence Professionals

  13. Competitive IntelligenceTricks of the Trade • CI Professionals use a variety of tools and techniques • Wargame Exercises: Use alternative competitive scenarios to test “what-ifs” • Patent Tracking: Reveal areas in which competitors are likely to make breakthroughs • Data mining existing information • Creating psychological profiles of key management figures in competing companies • Use trade shows and conferences wisely Source: Society for Competitive Intelligence Professionals

  14. Competitive IntelligenceTools of the Trade • Advancements in technology have improved efficiency and impact of CI programs • Corporate Intranets • Data management programs • Data mining programs • Text retrieval and classification • Patent searching • Still lacking in systems to analyze data Source: Society for Competitive Intelligence Professionals

  15. Competitive IntelligenceSources • Primary Sources • Internet • Financial Reports • Government Documents • Annual Reports • Speeches • Secondary Sources • Internet & Online • Edited TV/Radio Programs • Analysts’ Reports • Newspapers & Magazines Source: Society for Competitive Intelligence Professionals

  16. Competitive IntelligenceSources Source: Society for Competitive Intelligence Professionals

  17. Competitive IntelligenceWho Uses CI? - Industries • A 1998 survey showed that 82% of companies with annual revenues of more than $10 billion have an organized intelligence function • Top Industries with CI groups • Chemical/Pharmaceutical • Communications/Telecom • Computers/Hi Tech • Defense/Aerospace • Financial Services Source: Society for Competitive Intelligence Professionals

  18. Competitive IntelligenceWho Uses CI? - Internal Customers • Competitive Intelligence is most utilized by the following departments: • Market Planning & Research • Research & Development • Business Development • Product Planning • Strategic Planning • Financial Planning Source: Society for Competitive Intelligence Professionals

  19. Competitive IntelligenceWhere Does CI Reside? • The Competitive Intelligence function can operate out of a wide variety of departments in an organization. Prominent examples include: • CI Department • Market Planning, Research, or Analysis • Strategic Planning • Information Center or Services • Business Development/Product Planning • Financial Planning Source: Society for Competitive Intelligence Professionals

  20. Competitive IntelligenceProject Examples • Identification and assessment of competitors for start-up, niche consulting firm • Company information • Organizational • Financial • What’s the other guy doing? • Marketing efforts • Product release Source: Society for Competitive Intelligence Professionals

  21. Competitive IntelligenceFor More Information…. • Society for Competitive Intelligence Professionals • Educational Programs and courses • George Washington University • UCLA • Rutgers • CI Consulting Firms • Brief seminars Source: Society for Competitive Intelligence Professionals

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