Do you need information about competitors, customers or other stakeholders of your organization to support your decision making process? Want to be aware with the strategic moves in your sector of activity? Want to be able to identify threats and opportunities in a timely manner?
Idea Perpetua offers our experience and expertise for your organization to receive concrete information about the competition, customers and other stakeholders in a way that complies with the code of ethics and legal norms.
To take decisions that lead the company to success, managers and executives need information . Almost 90 % of this information is publicly available information because public institutions, online and media. The remaining 10 % is particularly important and sensitive information that can not be accessed in most cases.
Competitive Intelligence refers to the collection, analysis, interpretation and presentation of information in the external environment of an organization on key stakeholders, opportunities and threats imminent in order to support decision-making for adaptation to changes in the business environment of the organization.
It should also be clarified what Competitive Intelligence is NOT:
1. Competitive Intelligence is not economic espionage
2. Competitive Intelligence is not a software
3. Competitive Intelligence is not a crystal globe
The relationship between data, information and knowledge can be represented in a form of a hierarchical pyramid based on data – stimuli, symbols, signals out of context which shows the utility only when they are put into a context, at which migrate to the next step of the pyramid, becoming information.
When information is combined with the experience and mechanisms and models behind the information is fully understood, it becomes knowledge or know-how. At the top of the pyramid are the wisdom and know-why that resides in the ability to apply knowledge in an efficient manner requires added-value and the ability to know why a decision is right or wrong.
Investments in Competitive Intelligence must take into account the following seven questions: What should we know ? What do we know already ? Why should you know ? When you need to know ? What actions we take when we know? What will it cost to obtain information ? What will it cost if we do not get the information?
Competitive Intelligence is a proactive process of intelligence analysis aiming to facilitate making strategic and tactical decision ahead of competitors, increasing the competitiveness of the organization in relation to competitors and identify their strategic and tactical movements. It is known that 90 % of the Fortune 500 companies practice Competitive Intelligence as a way of benchmarking the competition and facilitate making decisions.
Competitive Intelligence involves six major steps:
1. Planning and Direction
2. Collection and Selection
3. Processing and Storage
4. Analysis and Reporting
5. Dissemination and Delivery
6. Decision Making
Currently, knowledge-based organizations realize the importance and utility of Competitive Intelligence special processes for sustainability and profitability of a company, which is why they are investing more and more in to get useful information before other competitors and perform benchmarking of the business sector in which the company operates.
Couple statistics on Competitive Intelligence:
Inaccessible Information10% of the information are extremely important and sensitive, hard to be accessed, inaccessible in most of the cases.
Accessible Information90% of the information relevant about a company, are public information through mass-media, internet or public institutions.
Competitive Intelligence90% of the companies from Fortune 500 are using different forms of Competitive Intelligence for Benchmarking or strategic decisions.
Companies using CI benefits from financial and non-financial grows of almost 20%
60% of medium companies are using different forms of Competitive Intelligence.
82% of large companies are having an organized system of Competitive Intelligence
70% of the information needed by a company about competition are in employees` possession.
Idea Perpetua Team is available for preliminary discussions without financial costs involved, on the benefits and added value you can obtain through Competitive Intelligence, but also ways of protecting against Competitive Intelligence and Economic Espionage actions of your competitors, providing complete confidentiality.