What Are Career Opportunities in Corporate Intelligence?
Many people are curious about career opportunities in the field of corporate intelligence. This article will walk you through the various requirements, expectations, and opportunities for a corporate intelligence analyst to help you figure out if this could be your next career change.
Corporate Intelligence Job Description
Businesses in nearly every industry are reporting that they’re having to battle more competitors in their market than ever before. In fact, 90% of businesses in one survey reported that their industry is more competitive now than it used to be.
That means that corporate intelligence professionals are in demand like never before. Corporate intelligence analysts track down information about a business’s competition to help the business make smarter, more competitive decisions.
Insight from corporate intelligence can help answer questions like: What decisions have been most successful for my competitors? Are my competitors planning any new product releases? What can my business learn from the competition to improve our strategy? What threats should I anticipate in my industry?
Businesses are relying on strategic insight like this from corporate intelligence analysts to help them make the best decisions moving forward. Here’s how you can become part of this growing field.
What Background and Skills Are Required of a Corporate Intelligence Analyst?
Most corporate intelligence analysts are required to have a bachelor’s degree in a business or data related field, such as marketing, business administration, statistics, or computer programming. Some programs require a master’s degree for more advanced training in the business world.
Successful corporate intelligence analysts usually have a background in sales, marketing, or business. Since analysts must be comfortable discussing their recommendations to business leaders and stakeholders, sales experience is helpful.
Recently, as digital marketing has gained popularity, corporate intelligence analysts should also be familiar with the important elements of the field. These can include digital advertising, search engine optimization, social media, and content creation. Businesses will often rely on insight from corporate intelligence analysts to guide their digital marketing strategy, which means analysts should have a thorough understanding of these tactics.
The field of corporate intelligence requires several key skills. Successful analysts will have keen research skills, which will help them investigate competitors and critically evaluate sources. Since much of their work revolves around interpreting data they have gathered from their research, analysts should also be skilled data analyzers. Problem solving and computer skills are especially helpful.
Communication skills are also critical. Corporate intelligence analysts will be interacting not only with their clients, but also with potential sources or competitors. To be successful, analysts should have strong interpersonal skills.
Corporate Intelligence Job Requirements
With such a new, growing field like corporate intelligence, you might be wondering what it takes to work as a corporate intelligence analyst. The field is expanding rapidly and is always looking for talented analysts to help businesses gain a competitive edge in their industry.
There are three key components to the job of a corporate intelligence analyst. Analysts should expect each of these aspects to be vital parts of their daily job.
Research and data gathering
Corporate intelligence analysts spend a great deal of time gathering information about a business’s competitors. Analysts collect data from a variety of sources to pass on insight and detailed recommendations for business leaders.
They glean information from competitor websites, social media sites, patent databases, customer surveys, online forums, and other sources. They use this information to help business leaders understand what their competitors may be planning to do next. Their data can also be used to highlight a business’s weaknesses compared to the competition or to figure out what practices have been most successful for competitors.
Data analysis and trend detection
Data gathering is an important first step. But after corporate intelligence analysts collect all that information, they have to make sense of it.
The corporate intelligence professionals at Archintel take data analysis seriously. They work hard to turn data into insight. Businesses need corporate intelligence to help them minimize uncertainty about their competitive landscape. Analysts are responsible for tracking down trends or details that might indicate what the competition is planning to do.
Their experience and suggestions should be able to guide business leaders toward smarter, more informed decisions. For example, evaluating patent databases can help them figure out if the competition is releasing any new products. Analyzing the competition’s social media updates can indicate whether the competition might be trying out a new marketing strategy.
Corporate intelligence analysts will sift through the wide variety of information they gather to determine what’s most important for businesses to consider when crafting their game plan.
After a thorough investigation of the competition, corporate intelligence analysts are responsible for communicating key findings to the client business’s stakeholders. Analysts will often present their findings in meetings, but they also often write up their recommendations in a written report.
Analysts should be able to clearly articulate their findings. Business leaders will use these recommendations to restructure their own marketing strategies and business plans based on what the competition is planning. One of the corporate intelligence analyst’s most important roles is translating a high volume of data into understandable action for business leaders.
Which Industries Offer Corporate Intelligence Opportunities?
The field of corporate intelligence is predicted to grow 10% over the next decade. Corporate intelligence analysts are needed now to meet the demand from businesses looking to improve in their industries.
Opportunities for corporate intelligence positions continue to expand. A wide variety of industries are investing in the services of corporate intelligence professionals. These industries include retail, defense, construction, pharmaceuticals, energy, and software. Other organizations like education companies and legal firms also rely on corporate intelligence to get a better idea of what their competitors are doing.
Usually, a corporate intelligence agency will hire analysts who will then work for a variety of client businesses. Analysts should be flexible and prepared to investigate a number of different industries. Because of the huge selection of industries that rely on corporate intelligence, career opportunities in corporate intelligence are constantly growing.
Check out Archintel’s compiled list of opportunities for corporate intelligence positions to get ahead in your next career!