The process of collecting, examining and distributing the information relating to competitors, products, customers and any other aspect of the business landscape is known as Competitive intelligence. This information is imperative for those who are involved in the strategic decision-making process for the business. Competitive intelligence is one of the most important keys to improve the competitiveness of the business. As a competitive intelligence service provider, we understand how important it is for you to understand the entire cycle. So, here we bring to you the 4 steps that constitute the cycle of competitive intelligence.
The Cycle of Competitive Intelligence
1. Planning and Direction
Planning and direction are the first step; this involves the management of the business. They decide what intelligence is needed and the competitive intelligence provider further decides which direction to follow to complete this task efficaciously.
2. Collection and Research
The second step is the collection of raw information for intelligence purposes. Usually, the information is collected from the publicly accessible resources and this is further carefully analyzed. The collection of valuable data involves the provider’s expertise; we at iSN know where to look to discover valuable information for our clients.
3. Analysis and Production
This step is one of the most important steps in the entire cycle; it can be called the heart of Competitive Intelligence. A collection of information is just one phase; analysis of that data is what gives intelligence a meaning. It involves the compilation of different patterns and distinct industry events to depict a larger picture; this helps the management to initiate suitable actions. iSN has a team of experts who give you the right information by carefully analyzing the raw data.
4. Dissemination and Delivery
The final step in the competitive intelligence cycle is the dissemination and delivery of information. This typically involves sharing the intelligence report with the client. The report is handed over to the management after carefully analysing information along with recommendations.
Having a formalized competitive intelligence program in place can help you foresee the actions of your competitors and also actively see the changes in the marketplace. iSN Global solutions have rich experience in performing competitive intelligence. Hire our services to stay ahead of all. Contact us to find new prospective or new competitors right away.
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