I have worked in competitive intelligence for over 25 years and here are some timeless key findings.
1. What Is Competitive intelligence Anyway?
Competitive Intelligence is NOT competitor spying. While competitors are definitely part of the external scanning and analysis process: customers, suppliers, regulators, new technology and so many more sources are part of the competitive puzzle.
2. Company Insularity Is Not a Competitive Advantage.
Too many companies spend too much time being insular since it is comfortable and are encouraged by executives who want to do it their way. Unfortunately many companies compensate their executives to be low risk takers since they get paid very well whether the company is doing well or not.
3. Don’t Forget: Your Employees Are Smart!
Yet, you don’t want to be too focused on the external environment so as to disregard what your employees are telling you. You don’t want to stifle their creativity by saying it won’t work, since…
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