How to Improve CI/MI the Easy Way

Derek Heiss

Competitive Intelligence

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There are quick and easy answers to common problems that companies face when trying to accomplish regular competitive intelligence.They exist! Competitive intelligence done well and efficiently can get you a seat at the table with your higher ups to discuss valuable and strategic moves that will help the company move ahead of the pack and stay there. The trick is figuring out how to do it both well and efficiently.

Here we show you the way to:

Get better results and how that will benefit your day-to-day tasks
Improve the overall perception of your capabilities at your company
Avoid getting surprised by competitor developments

Find a Balanced Resource

Certain competitive intelligence solutions are overcrowded with data and can be difficult to sift through to find the most valuable information. It can often feel like you need to be more data-minded or have an expert on hand to walk you through the issues you have when it comes to digging in data.

Instead of worrying about all of that, find a resource that balances expertise with ease of use.

The key to significant improvements in the CI function with less work is a software solution that allows you the bandwidth to both use its information for strategic value and to continue the daily work required of you. A full spectrum software can act as a radar that supports every aspect of the intelligence process, from updates on the market and your competitors, to notifying you of any noteworthy news. Enlisting the resource of a software can help you spend less time on CI and more time on your daily tasks.

A balanced competitive intelligence solution combines both technology and the input of experts who are devoted solely to researching and providing analysis on your competitors. This input can offer you the information (and therefore the confidence) to see bigger strategic points and present them to your bosses. Easily gain insight that leads to smart decisions so you can continue reaching your goals with approval from the top.

By blending consulting and technology you gain flexibility, which is a key trait for improving your function quickly and without hassle. You can use the technology as much as you see value, digging in and doing the research on your own if you feel so inclined. Likewise, you have the freedom to take a step back, let the radar do its job, and check in occasionally as you see fit. A consultant could even be in charge of the technology and the research as a whole, offering both information derived from the tool and a fresh perspective from an expert outside eye.

Avoid Rough Seas

CI often doesn't become a priority until the weather shifts and unsteady seas are ahead. If you are overwhelmed with your daily activities it can become difficult to tackle competitive intelligence as an important factor until your competitor has surprised you and the negative impact is hitting your company. Avoiding surprises is priority number one. Competitive intelligence you can perform efficiently will not only will save you from great disaster, but also clear your plate, giving you the ability to add more strategic value to both leadership and to your team.

See the light through the Fog

Being able to see the light through the fog is the key to offering strategic value.

The fact is, your job doesn't often allow you the space and ability to take a step back and look at your strategy compared to that of your competitors. It would offer the company greater value and bring more attention to your contributions if you were able to offer larger strategic insights instead of dealing only with the daily tasks that are required of you. Competitive intelligence often lingers on the corner of responsibilities and can be difficult to accomplish past the obligations of the day. Your time is valuable and filled with meetings and management issues, and overall it seems there is no room for innovation. That doesn't have to be the case when you find the right resources.

Competitive intelligence doesn't have to be an endeavor constantly on your mind, or even one you need to "undertake." You don't have to learn the deepest ins and outs of data analysis to add strategic value to your company. Instead, enlist help from technology and consulting to make competitive intelligence easy.