Competitive Intelligence is defining, gathering, analyzing, and distributing intelligence about goods, customers, competitors, and any aspect of the conditions; necessary to assist make tactical and strategic judgments.
Competitive Intelligence is a function within the company, as is Quality Control or Talent Management. Like these other functions, the Intelligence Function can be partially outsourced. Still, to do it perfectly, you will require Competitive Intelligence software to allow you to integrate the information with the visible consultant.
Examples of Competitive Intelligence Software
Microsoft SQL Server: Database and analysis offering quickly delivers the next generation of scalable e-commerce & line-of-business solutions. Microsoft SQL Server pricing starts at $931.00 per user as a one-time payment. There is a free variant. Microsoft SQL Server offers a free trial.
Tableau: Tableau supports people to transform data into actionable insights that make an impact. Effortlessly attach to data stored everywhere, in any format. Instantly perform ad hoc analyses that expose hidden possibilities. Drag and drop to build interactive dashboards with exceptional visual analytics. Then engage in your work with anyone and make an impression on your business. From global companies to early-stage startups and modest firms, people everywhere use Tableau to see and interpret their data.
Semrush: Semrush is a central online visibility management software-as-a-service platform. With over 50 products, accessories, and add-ons across online visibility management, including tools for search, content, social media, and business research, data for more than 140 countries. It is seamless integration with Google and task management platforms; Semrush is a critical solution for all companies dangerous about online presence.
Advantages of Competitive Intelligence Software
Drive innovation: Innovation and R&D are critical in an increasingly competitive and agile market. Technology watch is key to generating robust innovation in times of uncertainty. We should not launch any development project in the medium term without incorporating technology watch and market intelligence throughout the project timetable. With a technology watch, you can detect and integrate new components or technology in our product or the company’s internal processes. Monitoring the technology of our competitors and suppliers, or new players in the market, is essential for our innovation project to achieve its objectives in the most efficient way possible. Beyond focusing on technology, strategic Intelligence will identify and analyze new business models that may disrupt our market.
Improved decision making: According to a global survey by the consulting firm Frost & Sullivan, CEOs ask for Competitive Intelligence to integrate employee knowledge when making decisions. It makes no sense to seek and incorporate the best possible talent if that knowledge is not used in intelligence analysis to support strategic decision-making. For this, we must rely on collaborative Competitive Intelligence software, which integrates the team.
Establish sales: It is common to hear that “the sales team is bustling” and does not have the opportunity to monitor the market to transfer market intelligence. However, any savvy salesperson understands that market intelligence is essential to heightening sales. For example, to manage sales energies towards the right prospect or reinforce your arguments, whether technical, sustainability or any issues. Without overlooking the meaningful impact of Competitive Intelligence in preparing witnesses at fairs or market research missions.
Reduce costs: In the first place, with good Competitive Intelligence software, we will reduce the costs of being well informed, capturing differential information, and integrating all the information and news providers in the sector. But the actual cost reduction is based on minimizing risks thanks to early warnings and taking advantage of opportunities. For example, anticipating and monitoring market trends will allow us to prepare our plans. Being late is very expensive. Another example is the identification of potentially suitable partners to develop our projects. Choosing a lousy partner for not having the correct information can be very expensive.
Challenges Faced by Competitive Intelligence Software
Misalignment with Key Initiatives: Communication is key to overcoming this challenge. Each team should communicate its priorities every quarter to ensure that everyone is on the same page. For example, the product team may share that they’re working on a new integration for their product suite with a popular software solution. It can steer the CI team in a helpful direction, and they could spend time looking into similar integrations of competitors’ products.
Not Customized to the Stakeholder: Every team within an organization has unique needs, so not all CI information supports every team. For example, a PR manager most likely doesn’t care about specific product information since it directly impacts their strategy. Conversely, the product team probably doesn’t care which thought leaders produce blog posts about a competitor’s product, but the PR team does.
Not Delivered promptly: Timing is critical when it comes to communicating competitive Intelligence. Even if your CI team has aligned their strategy and taken the time to tailor the Intelligence to each role, it all comes down to timing. If something significant happens, such as a price change from one of your top competitors, but your sales team doesn’t know for weeks, then they can’t act on it. If they had been acquainted when it happened, they would have taken advantage of the intel. It can be said about every type of intelligence, whether team changes, marketing campaigns, or product updates.
The positive impact of the Intelligence Function can be extended to any area of the company, reinforcing all of them with essential information and early warnings that improve the performance of individuals and the entire organization. However, it is not convenient to implement Competitive Intelligence all at once throughout the organization, but rather to develop it step by step. But let us address this issue another day.