Competitive intelligence is nothing new, it has been there for quite some time. In earlier days, the process of collecting information was hard and took a long time, in contrast to the speed of collecting and organizing information nowadays. This guide will assist you in locating information on Competitive Intelligence from a variety of sources, evaluating it and using it in your research.
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Competitive intelligence is Information relevant to strategy formulation regarding the environmental context within which a firm competes. Beneficial because it can provide a description of the competitive environment, challenge common assumptions held about the environment, forecast future developments, determine when a strategy is no longer viable, and indicate when and how to adjust strategy to compensate for changing environment.
Source: Kelly, L., & Booth, C. (2012). Competitive Intelligence. In Dictionary of Strategy: Strategic Management A-Z. SAGE Publications, Inc. https://doi.org/10.4135/9781452229805
The Society of Competitive Intelligence Professionals defined competitive Intelligence as a discipline that enables organizations to reduce strategic risk and increase revenue opportunities by having a deep understanding of what has happened, what is happening, and what may happen in their operating environment. Competitive intelligence professionals are skilled at ethically collecting information from diverse sources, using a variety of structured analytical techniques, and communicating perspective and insights to improve the quality of an organization's growth decisions.
Source: Society of Competitive Intelligence Professionals. (2023). What is competitive intelligence?. https://www.scip.org/page/CI-MI-Basics-Topic-Hub
Business analytics are essential for the contemporary company to be highly successful and to have long-term vitality. Competitive intelligence is the conscious monitoring of a business enterprise’s internal and external environment to aid it in functioning strategically and performing well in a highly competitive marketplace, in which customers, products, and competitors are continuously changing. It is a form of the broader notion of business intelligence, which involves a wide range of structured organizational processes concerned with identifying, compiling, and analyzing information to create a deep, well-informed understanding of a business enterprise and its environment.
Source: Piazza, C. (2018). Competitive Intelligence. In Kolb, R.W. (ed.). The SAGE Encyclopedia of Business Ethics and Society. SAGE Publications, Inc. https://doi.org/10.4135/9781483381503
