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This article is a part of our competitor intelligence resource center. Visit the complete competitor intelligence resource center for more content like this.

Competitive Intelligence (CI) is a necessity in today’s marketplace to maintain a competitive advantage, make strategic business decisions and innovate for success. Without the proper tools, intelligence gathering and analysis can be incredibly time and resource consuming. Cipher has spent the past 20 years helping our clients make smarter, faster decisions by effectively harnessing competitive, market, business and geo-political knowledge.

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The Complete Guide to Market and Competitive Intelligence

Read Now: A comprehensive guide to competitive intelligence that actually works!

Leveraging our in-depth experience and knowledge of CI best practices, we’ve outlined 5 steps below to optimize and enhance your CI function, enabling your team to do more with less.

  1. Assess capabilities and prioritize efforts. Start by identifying gaps in your team’s skill sets and leveraging the past experience of your employees to obtain a better understanding of your peer organizations. Document the key challenges of your organization and compare these to what you know about your competition.
  2. Build up the core team. Fill gaps on your team with a diverse mix of internal/external hires and expand on existing skills with regular, targeted training. Identify the knowledge leaders within your organization to support and grow your CI capabilities.
  3. Streamline your process. Utilize Knowledge Management and Competitive Intelligence software to quickly analyze market trends, survey the competitive landscape and translate intelligence into strategy. Facilitate a steady stream of ideas within your team with collaboration tools. Redirect internal resources to analysis and strategic planning by outsourcing intelligence gathering to third party providers.
  4. Establish standard procedures. Formalize roles and responsibilities on the CI team and readily accept input from the team. Document all processes and procedures for intelligence requirement gathering, collection, classification, monitoring, analysis, collaboration, and distribution to more effectively coordinate and collect inputs across the organization.
  5. Focus on strategic value. Balance immediate and long-term requirements with a focus on understanding and articulating the strategic implications for the future market. Monitor market trends and disruptions to provide actionable insights and recommendations.

Top Insurance Company Outpaces their Competition and Better Support Customers During COVID-19.

Discover how a top insurance company was able to use their competitive intelligence software to stay ahead during the onset of COVID-19. 

Read the Case Study

At Cipher, we understand that Competitive Intelligence is most beneficial to your organization when leveraged throughout every discipline. Using the 5 steps above, you can optimize your existing CI function and work with our team to help you take it to the next level. Our consulting services are designed to provide clients with strategic insight into all aspects of the marketplace. We help our clients define a business challenge, craft a strategic plan, and create the detailed analysis needed to make an informed decision.

Is Intelligence Software Right for You?

Competitive intelligence tools can be an easy way to increase the productivity and efficiency of your CI team but not all software solutions are created equal. If you do decide to invest in a software solution, there are a number of decisions you need to make before you get started to help streamline the process. Our complimentary 11 Step Guide to Selecting an Intelligence Software Solution is a great resource for anyone looking to invest in a software solution. You will learn the key factors that comprise a robust and well thought-out evaluation of CI software and gain the confidence to reach a purchasing decision that is right for your company.

Ready to see all of what Knowledge360 can do? Schedule a live demonstration and see it in action or read the Competitive Intelligence Buyer's Guide to determine the best solution for your needs.

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