What is Competitive Intelligence? The Competitive actions of others can wreak havoc on your plans. Whether it’s another company going after market share, product counterfeiting or technological breakthroughs, anticipating and responding swiftly to these actions is vital to the continued success of your business.
Digimind’s solution helps companies anticipate their competitors’ strategies and tactics by analyzing and constantly tracking their actions, resources and results. Digimind gives you the edge you need to out-maneuver your business rivals, by helping to identify competitors’ planned and completed acquisitions, expansions into new markets, new product launches, personnel changes and strategic alliances. A comprehensive competitior strategy takes account of direct and indirect competitors but also new entrants who pose a potential threat to your market share.
Digimind provides you with answers to these crucial questions:
- What are my competitors’ strategies for development (e.g. acquisitions, expansion to new markets, new products, new targets, strategic alliances, etc.)?
- Which potential aggressive strategies might our competitors devise and employ considering their modes of operation, latest projects, resources, etc.?
- What are the most recent and relevant developments in my competitors organizational resources (i.e. financial, human, production capacity, technological, etc.)?
- How are my competitors developing their organizations and management teams?
- What are their main areas of concern given their intelligence and research activities?
- Where and who are the potential entrants into our market?
How does Digimind automate the Competitive Intelligence process?
Managing Competitive Intelligence (CI) projects is an integral part of the day-to-day role of a CI manager. Digimind has outlined the five steps to delivering a successful Competititive Intelligence project, you can view the article here.Choosing a Competitive Intelligence software provider is an important decision which requires some specialist advice to help you make an informed choice. We have put together a comprehensive checklist which you can use as a reference guide when selecting the right software provider to meet your needs.
- The platform identifies and prioritizes the most important market players and trends to be monitored.
- Identifies relevant information sources to be tracked and adds new sources as they emerge.
- Connects the information management system with field informer networks (i.e. external contacts, market researchers, salespeople, etc.)
- Facilitates collaborative analysis and the simulation of possible market events and scenarios using appropriate presentation methods (business role-play, impact/probability grids, scenario simulation, etc.)
- Accelerates the production and updating of CI management charts, competitor profiles, maps, thematic reports
- Improves the sharing process by disseminating reports to internal clients and people working in the field (i.e. communications professionals, public relations executives, external affairs departments, sales teams etc).