Competitive Intelligence can be defined as the data obtained and analyzed from various legal sources on market trends, competitors, and consumers that can give a business a competitive advantage. Competitive intelligence is necessary to help businesses understand their business environment, challenges, and the opportunities present in this space.
The information gathered can be used to set up efficient business practices and standards for your business.
Competitive Intelligence, also known as Corporate Intelligence, is very different from Corporate or Industrial Espionage. In competitive intelligence, all data and information gotten and used are obtained from public sources and are legal.
Collecting information on competitors goes beyond the superficial level of monitoring their social media feeds, likes, mentions, and so on. It is a deep process that involves making use of several tools and cuts across different parts of a business. Competitive intelligence features actionable information that can change the sphere of any business. A simple internet search will not suffice since you will need to look through various databases for more relevant information.