According to Gartner, a leading management and technology consulting firm, there would be a significant shift in decision making in all business units in the next three years. Gartner says that by 2012, competitive analysis and business intelligence will account for 40% of all strategic activities in key business units. A competitive analysis enables you to make a SWOT analysis of your competitors and stay head of the curve. Management gurus say businesses don’t run in isolation. You need to rope in your customers, vendors, suppliers, etc. to sustain and expand. Your competitors also make a vital variable in the market equation. Just like a war, you need to stay abreast of every move your competitor makes, and that includes his/her strategies, product marketing initiatives, manpower recruitment policies, and much more. Competitive analysis and business intelligence are like a double-barreled gun you need the most in the vast, dense jungle of corporate competition and profit making.

Sun Tzu, the famous Chinese military strategist had this to day in 500 BC – “If you know yourself, but not your enemy, for every battle won, you will suffer a loss. If you know your enemy and yourself, you will win every battle.” Sun Tzu’s words ring true even in the 21^st

Competitive analysis and business intelligence works in tandem and follow the four “C”s:

• Collection of relevant data and information
• Conversion of the information into relevant and proper intelligence
• Communicating the intelligence in the right channel and manner
• Counter-attacking competitor actions and reactions

The entire study of your competitors hinges on the following key factors:

• Identifying the players in the competitive field
• Profiling your competitors
• The business goals of your competitors
• Market strategies of your competitors and success rates
• Reaction of your competitors to your business strategies

You can derive valuable intelligence and insights about your competitors from a variety of sources such as:

• Annual reports of your competitor
• Your competitor’s product pricing strategies
• Regulatory reports from various agencies
• Feedbacks from customers/vendors
• Social networking sites and forums
• Marketing and branding initiatives
• Type of projects your competitor is dealing in

When implementing a competitive analysis and business intelligence program, your project must incorporate and ask the following questions:

• How would your project deliverables and objectives align with your company’s objectives and your competitor’s product strategies?
• What would you do to ensure your project deliverables are not only successful, but sustainable?
• How would you determine the time-to-market of your product portfolio?
• What would be your ideal strategy implementation cycle time?

A good competitive analysis and business intelligence initiative enables you to innovate and serve your customers efficiently and effectively. Whether its tactical, counterintelligence, or strategic, your venture stands to gain substantially from such studies. 

Global-Ability provides comprehensive competitive and business intelligence research, analysis, and reporting to a wide range of clients worldwide. Our suite of services encompasses state-of-the –art analytic tools, processes and methodologies in order to provide you best in-class reports and analysis.