Competitive Intelligence: Best Practices in Managing the Competition.

For companies that dominate the competitive landscape of their industries, it’s not enough to just react to events and competitors in the marketplace.

Leading-edge companies have discovered that a key to the solution is formalized Competitive Intelligence structure that is centralized inside the company and empowered to make decisions. Such structures are supported by critical analytical tools and engage in constant communication, according to a study – Managing the Competition: Turning Competitive Intelligence into Strategy – by research firm Best Practices, LLC.

The study provides an in-depth investigation on how the world’s most respected CI organizations collect and act upon competitor data to manage the competitive landscape.

The study reveals tactics to advance CI impact employed by world-class organizations, such as 3M Pharmaceuticals, Abbott Laboratories, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, IBM, GlaxoSmithKline, Kodak, Merck, Pfizer, Progress Energy, Roche and SAS. Specifically, some of the aspects examined by the study include:

— Structure – Comparison of centralized and decentralized structures

— Information gathering – Tools and processes are critical for competitive information collection

— Communication of information and information use – Tactics used for disseminating data to key stakeholders and integrating recommendations into strategies to effectively manage the competition

The result of exclusive interviews with 27 competitive intelligence and marketing executives at 17 global companies, “Managing the Competition:

Turning Competitive Intelligence into Strategy also details:

— Performance measurement systems
— Benchmark partner case studies
— Comparison matrix of companies’ CI operations

“During difficult economic times, excellent competitive intelligence can be the differentiating factor in the marketplace,” explains Best Practices, LLC President Chris Bogan. “Companies that can successfully gather and analyze competitive information, then implement strategic decisions based on that analysis, position themselves to be ahead of the pack.”

To view study CLICK below:

http://www3.best-in-class.com/rr382.htm