Identifying trends and practices that contribute to the development and sustainable growth of an organization is the dream of every entrepreneur or manager. It is known as Competitive Business Intelligence or Business Competitive Intelligence.
For this, these professionals have the help of a methodology that has evolved over the years and has worked for organizations to develop business processes and also shape the scenario and positioning of where it is in the market.
What is Competitive Business Intelligence?
Competitive Business Intelligence is a methodology that has been preparing companies for a global understanding of their missions from the study of internal and external factors.
It guides the collection and analysis of environmental, organizational data, creating management teams and managers that better understand it and to work from there, identifying:
- Strengths: Differences that are presented against the competition;
- Weaknesses / Attention: Factors that need to be analyzed and optimized;
- Business opportunities: Organizational performance expansion points;
- Threats that the market offers: Competitors, economic factors, etc.
Check out more on SWOT analysis here: An explanation of what is SWOT
From the organization’s alertness of the construction of knowledge about internal and external factors (employees, customers, suppliers, competitors, etc.) that are directly or indirectly linked to the progress of the business, you can apply policies for collection and monitoring activities that take place inside and outside of the organization and that interfere with the strategic positioning of it, contributing to the making of conscious and effective decisions.
Check out: The 4 main risks to a company: Risk management analysis
It’s important that the methodology can be applied in the best possible way that creates results and can facilitate the creation of a process of collection and analysis of information, i.e., systematize it. And with the help of management tools, so that those involved in the process have access to it.
In this sense, the integration of people with processes and technologies is a prerequisite for the adoption of Business Competitive Intelligence. It is configured today as an essential strategic tool for the performance of organizations and can be applied holistically or by sector.
Seeking a realistic understanding of the organization’s operation and leveraging its strengths more clearly and safely.
Discover the 8 steps of Practical Process Improvement (PPI)
Benefits of Business Competitive Intelligence
- Prepares the company for proactive actions instead of reacting to market events;
- A Process Office with operational aspects and information sources;
- Departments and other business and strategic business units;
- Adds value to the organization in the face of market opportunities;
- Increases the understanding of directors and managers about the importance of building and maintaining competitive business intelligence.
See: Improve efficiency in your business in 7 easy steps.
Business Competitive Intelligence used as described, is then set in the process of analysis and constant learning.
And, through the adoption of control practices, monitoring, recording, and measurement become a targeted source of strategic learning.