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Competitive intelligence involves the process of intelligence collection, analysis on the variations in the market, on competitors, changes in products and management strategies. Competition intelligence assists the management of an organization in defining the current market trends and possible changes in future. In addition, the company is aware, through its intelligence personnel, of the strategies developed by its competitors in the improvement of their goods and services.
The company is well informed on the changes in the market trends, fluctuation of prices, changes in the laws of demand and possible adjustments of the products and services from its competitors. Competitive intelligence acts as a fundamental analysis procedure and protocol of decision making and a tool of strategic development for various companies (Rouach and Patrice 552).
Competitive intelligence facilitates a platform for learning and development of advanced motives and strategies in the improvement and growth of a company. According to Bose, a company, institution or administration develops sufficient knowledge concerning a particular product, market or service (Bose 510). Competitive intelligence assists the formation of businesses and companies because the companies make use of its intelligence personnel before adopting or establishing new businesses.
The knowledge gathered from competitive intelligence gives room for improvement and acts as an assisting tool to the formation and establishment of businesses. Competitive intelligence is recognized in the various business and market related establishments. In addition, the legal rules and regulations governing the business and market fields acknowledge and enhance the use of competition intelligence. This indicates that it is not an illegal establishment.
The ethical considerations must however be instilled during the process of conducting the research on the various aspects in the market and about competitors. Competitive intelligence becomes illegal when a company’s intelligence goes overboard in his/her collection of information and data on the various formation and strategies of the competitors.
Intelligence experts make use of the current technologies in the facilitation of data and information collection. The use of competition intelligence assists the various companies in the establishment of the strategies used by their competitors in the establishment and regulation of their various products in the market. Rouach and Patrice, indicates in his article that the companies practicing competitive intelligence can fail in their establishment and calculations (Rouach and Patrice 557).
This can lead to closure or realization of losses due to miscalculations of the intelligence personnel. The establishment of competitive intelligence in any business gives fundamental considerations in the operation of a company. The use of sufficient information collected through competitive analysis can transform that information into millions or billions of dollars. This can however be reversed in terms of losses if miscalculations on the market trends and competitors strategies in service and product management is not properly analyzed.
The knowledge gathered from competitive intelligence gives room for improvement and acts as an assisting tool to the formation and establishment of businesses. Competitive intelligence is recognized in the various business and market related establishments. Competition intelligence assists the management of an organization in defining the current market trends and possible changes in future. In addition, the company is aware, through its intelligence personnel, of the strategies developed by its competitors in the improvement of their goods and services.
The use of competitive intelligence in a company should be practiced by the different business and organization formations but adequate measures should be put in place in the hiring of the intelligence personnel. Competitive intelligence requires the use of detailed intelligence tools and knowledge in gathering information from the minute areas and regions and transforming the gathered information and data into reliable raw materials for the company.
The information gathered is not always factual. The availability of varying information and data leads to provision of assumptions and generation of possible outcomes. According to Bose, the analysis process of the data and information gathered from the various operations and resources is the most challenging section in competitive intelligence (Bose 513). Misunderstanding and miscalculation of the information and data during the analysis process leads to total losses due to implementation of irrelevant information. On the other hand, the adaptation of detailed research on the changing market trends, technological advancement and the use of various strategies by the competitors improves the operation of the company.
The intelligence personnel have the obligation of collecting the necessary information on the competitors and the prices of products in the market. In addition, he/she have to back-up his/her information with the necessary facts, which should be precise or detailed depending on the analytical aspect of the information or data collected.
The scholarly articles give detailed information on the variations of the use of the competitive intelligence in the various business entities and companies. According to the authors of the competitive article, Competitive intelligence acts as a fundamental analysis procedure and protocol of decision making and a tool of strategic development for various companies. Competitive intelligence is recognized in the various business and market related establishments.
In addition, the legal rules and regulations governing the business and market fields acknowledge and enhance the use of competition intelligence. In addition, Competitive intelligence assists the formation of businesses and companies because the companies make use of its intelligence personnel before adopting or establishing new businesses (Rouach and Patrice 559). The use of competitive intelligence is effective in the development and growth of a company. Therefore, the personnel used in the process should be well informed of their relevant obligations and duties. Similarly, the company should facilitate the required tools and facilities for the intelligence service.
In conclusion, the results generated from competitive intelligence are determined by the competency of the intelligence service and their level of understanding on the various ways and means of gathering information. Competitive intelligence is recognized in the various business and market related establishments. Competition intelligence assists the management of an organization in defining the current market trends and possible changes in future.
Competitive intelligence requires the use of detailed intelligence tools and knowledge in gathering information from the minute areas and regions and transforming the gathered information and data into reliable raw materials for the company. Misunderstanding and miscalculation of the information and data during the analysis process leads to total losses due to implementation of irrelevant information. Competitive intelligence becomes illegal when a company’s intelligence goes overboard in his/her collection of information and data on the various formation and strategies of the competitors. Competitive intelligence is recognized in the various business and market related establishments.
In addition, the legal rules and regulations governing the business and market fields acknowledge and enhance the use of competition intelligence. The benefits and limitations of using competitive intelligence should be carefully analyzed before adopting the process in a company. In addition, the intelligence personnel should be creative and intelligent enough to comprehend and analyze the various market trends and strategies of the competitors.
Works Cited
Bose, Ranjit. “Competitive intelligence process and tools for intelligence analysis.” Industrial Management & Data Systems 108.4 (2015): 510-528. Print.
Rouach, Daniel and Patrice Santi. “Competitive Intelligence Adds Value.” European Management Journal 19.5 (2014): 552-559. Print.
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