Business and Competitive Intelligence
Making sound decisions can be tough at the best of times. Making them without access to the necessary facts can be downright impossible! Intelligence disciplines enable businesses to fill the missing information gaps and make better informed decisions.
Business intelligence focuses on your chosen environment and marketplace. Market research and analysis is one of the main tools utilized to build a fact base for your business. The next stage constructs a market model of your specific business environment enabling you to see what impact environmental changes may make to your business. A market model can also be used to do "what if" analysis and help in scenario planning. Being nimble and ready for anything is what separates winners and losers.
Competitive intelligence maps out the other players in your marketplace. How they position themselves, price their offering, service their customers and compete with you has an impact on what you may do to counteract and win. Pricing is a great example. If your competitor is 20% cheaper, only a few blocks away, how will you position yourself to reach your desired sales? Mapping out the positioning of all the local players can help you identify and exploit any niche segment not currently covered.