Prioritize Competitive Intelligence
Oftentimes competitive intelligence is perceived as an action taken by companies who already feel like their competitors pose a threat to them. While this scenario is a clear revelation that your business needs competitive intelligence assistance it is not when you should first consider its values. This article will demonstrate why you should prioritize competitive intelligence.
In fact, one of the most important points in which competitive intelligence can offer its greatest assistance is when you are already on the top. Companies who lead in their market can benefit just as much, if not more, from competitive intelligence as those already in trouble. It is reported that 90% of all of Fortune 500 companies practice competitive intelligence. If these highly successful companies see the need to invest in competitive intelligence so should you.
Advantages of Competitive Intelligence
There are many advantages of competitive intelligence but there are some that directly relate to a business such as yours, who are dominant in their market. Here are some of those advantages.
Better Utilize Your Time
We know that success doesn’t come without devotion and dedication. In order for your business to operate as a market leader your attention should be focused on making sure your own business runs smoothly and less time looking over at what competitors are up to. This struggle of where to place your efforts is difficult and we are here to help alleviate you from this difficulty.
When you let ArchIntel operate your competitive intelligence efforts you are free to focus on what needs to be done to maintain the success of your internal operations. ArchIntel will provide you with the research and analysis, so you can focus on just the most essential information. Our competitive intelligence reports provide useful information in a digestible format.
With the ease of access of the internet, we are often overwhelmed with information. When there is so much information to review it can be hard to truly get anything of value out of it. That is why having a dedicated competitive intelligence report is so important to actually getting the right information.
ArchIntel offers a daily news summary which is a daily update on any competitor or industry news that has just been announced. This is a tool that could benefit any company but for an industry leader it is even more crucial as it provides valuable information on a regular basis, sent directly to those in charge.
Having a Dedicated Team Assisting Your Decision Making
Having dedicated personnel in charge of your competitive intelligence efforts is a great way to utilize your time. With a dedicated team focused on the task at hand you are making sure the right amount of attention is being given to competitive intelligence, without taking efforts away from other parts of your business. If you or another member of your team were to take on the task of competitive intelligence for your business, you would not be able to provide the right amount of time needed to be successful in gaining results; at least not without making sacrifices in the other tasks of your job.
According to the 2020 State of Competitive Intelligence report, 46% of businesses surveyed said they planned on increasing their competitive intelligence budget. The remaining 54% was made up of 48% saying it would stay the same and 6% saying it would decrease. This 46% planning to increase is a three year high, as 40% was reported in 2019 and 33% in 2018. With this increase in the importance of growing and maintaining a strong competitive intelligence team, it is clear that companies see the value in having dedicated staff members handle their competitive intelligence needs.
Help Stay on Top
There are no guarantees in business. Just because you are on the top no doesn’t mean you will be forever. All great companies need to evolve and look towards the future as continuing to do the same thing can only work for so long.
While competitive intelligence is no guarantee of a secure future, it is a great tool to better inform your decision making process. With the information that competitive intelligence can provide you are sure to stay ahead of threats and capitalize on the right opportunities; not only keeping your business afloat but sailing towards continued success.
Failure to Compete
There are countless instances of businesses getting too comfortable at the top and losing their competitive edge. While some businesses have become mainstays in their market, generation after generation, the most reputable companies are just as susceptible to falling behind changing times. For example, the retail giant of the 20th century, Sears, Roebuck and Co. was once one of the biggest American companies. It was a household name and a retailer that could be found across the country, now it is a shell of what it once was and most of that is a failure to adapt to changing trends and modernize their business model.
While not all cases are as drastic as those of Sears it is one that all businesses should be concerned with as it is a potential fate that they could come across if they don’t actively look towards the future. Competitive intelligence can help inform companies looking to find out what competitors are doing, industry standards, and consumer tastes. A change in any of these can lead to a shift in the market.
Passing Trend or Permanent?
While shifts can be a sign of things to change for good, they can also be passing trends. We want to make sure you know what incoming information is here to stay and what can be waited out for a few months. While there is no complete certainty, our analysis looks at if results are building up to reshape the industry or if they are just being tested out. By providing you with this insight we plan to make the distinction comprehensive.
Competitive intelligence is a great way to stay informed and direct decisions towards results. We, sat Archintel, know that in the business world decisions don’t get made without the research to back them up. We want to make sure you are well equipped when you enter a board meeting so that any questions executives or shareholders might have can be answered and supported with facts. This way we can make sure you can leave any meeting with the approval needed to go ahead instead of having to come back months later with more details.