Competitive Intelligence Briefings: Taking Information to the Next Level
By Rosemarie Szostak, Ph.D., Nerac Analyst
Originally Published April 22, 2020
The systematic and periodic collection, analysis, and synthesis of data related to market actors’ actions, reactions, new product/technology developments, IP filings, and major business news, as well as significant material financial changes and changes in strategic direction.
Competitive intelligence is not about more information, but rather facilitating a company’s agility in the marketplace.
In serving numerous clients over decades with competitive intelligence services, Nerac has gained unique insight and perspective into the most effective uses of competitive intelligence and how such companies leverage key intelligence to successfully navigate their marketplaces. The most effective users of competitive intelligence understand the value of looking at competitors’ patent filings, personnel changes, academic research work, their supply chain landscape, and trade publication insights.
They understand that good competitive intelligence allows them to be more agile than their competition. For example, by monitoring their competitors’ patent applications or hiring trends, they can identify and track changes in direction sooner than others do, and it is that view that enables quicker reactions on their part – or ideally, leads to the development of proactive solutions in anticipation of a competitor’s action. Additionally, monitoring competitors’ websites discerns valuable information such as policy changes, hiring trends, and business announcements that can be relevant to the specific goals for a given competitive intelligence briefing (CIB).
Companies also get value from competitive intelligence monitoring of industries where they do not compete. A technology or trend in one place may soon move to where they do compete. Indeed, many of Nerac’s clients look for assistance when they want to expand into adjacent market or technology space. Nerac’s CIBs can monitor that space to identify key competitors and emerging high value innovations.
Competitive intelligence briefings are fully tailored to the individual client’s needs. The findings could be grouped under various headings for ease of review, especially when the level of activity is high. They can be delivered monthly, quarterly, semi-annually, or annually. The frequency depends on the needs of the Nerac client and the activity level of a market/technology sector.
The briefing will contain an executive summary highlighting key activities, events, or innovations reported during that time period, based on the client’s preferences, and a searchable spreadsheet containing all of the information captured. The beauty of the searchable spreadsheet is that it allows the client to mine the data at their leisure. If desired, Nerac can consolidate the spreadsheet after each briefing so that the client has a customized metadata set.
How Can Nerac Help?
Click here for a sample Competitive Intelligence Briefing, or contact us here to learn more about how we can help your company stay ahead of the pack.