KEY BENEFITS OF USING COMPETITIVE INTELLIGENCE IN BUSINESS

Competitive intelligence is one of the leading conditions for the effective implementation of business activities, is a powerful and highly effective tool for ensuring the viability and commercial success of a business structure.

The main purposes of the competitive intelligence system:

• providing management with reliable, objective and complete information about the intentions of counterparties, strengths and weaknesses of competitors;
• collecting data that allows you to influence on the position of opponents during business negotiations;
• notification of possible emergence of crisis situations;
• monitoring and control of the implementation progress of the concluded contracts and previously reached agreements;
• timely provision of management with reliable and complete information about the competitive situation around the company;
• foreseeing of the competitor's policy and defining it by taking preventive measures;
• collection and analysis of strategic information about processes in the economy, politics that affect the company's activities;
• determination of directions for further long-term development of the company in the market of goods and services;
•  clarification of the structure and dynamics of the market in which the company operates (or plans to operate).

Read more about these and other aspects of competitive intelligence in the book "Competitive Intelligence for Business".