McKinsey Quarterly: Raising your Digital Quotient

Following the leader is a dangerous game. It’s better to focus on building an organization and culture that can realize the strategy that’s right for you.

With the pace of change in the world accelerating around us, it can be hard to remember that the digital revolution is still in its early days. Massive changes have come about since the packet-switch network and the microprocessor were invented, nearly 50 years ago. A look at the rising rate of discovery in fundamental R&D and in practical engineering leaves little doubt that more upheaval is on the way.

McKinsey original article

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Use your competitive intelligence portal for innovation and creativity (Intelligence Plaza)

A global automotive company features commercials and reviews of the latest gadgets and technology on the main dashboard of its competitive intelligence portal. Why? The car manufacturer hopes to help their business managers stay aware of innovative ideas from around the world, and in turn, enable them to design innovative vehicles with the latest cutting edge technology.

More on http://www.intelligenceplaza.com/blog/use-your-competitive-intelligence-portal-for-innovation-and-creativity/

WHAT IS COMPETITIVE INTELLIGENCE (CI)?

Modern radar screen with green round map and digital wire frame surface on black background

Competitive intelligence (CI) is the action of defining, gathering, analysing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers making strategic decisions for an organization.

CI provides a perspective of risks and opportunities for a firm’s performance. It is a perspective on the facts and an ethical and legal business practice, as opposed to industrial espionage.

For a company, CI is also a way to observe itself from an outsiders perspective. It involves understanding and learning what’s happening in the world outside your business so the company can take into account these outside factors.

The term CI is often viewed as synonymous with competitor analysis but competitive intelligence is more than analyzing competitors—it is about making the organization more competitive relative to its entire environment and stakeholders: customers, competitors, distributors, technologies, and macroeconomic data.

The words data, information and intelligence have a tendency to get mixed up so frequently that it is useful to clarify what these terms really mean. With regards to definitions, there is always likely to be some level of disagreement, with people having their own interpretations of these functions.

DATA Raw, unstructured collected facts and figures.

INFORMATION Data that is placed in context. More structured than data and has more meaning.

INTELLIGENCE Insight is provided by the collector based on analysis and processing of the data and information. Possible outcomes to different responses are estimated and suggested. In this phase it is critical to be able to see issues from different perspectives that are relevant to organisational objectives and that supports decision making.

From data and information to intelligence

First material is collected according to defined requirements. Noise is filtered out and remaining artifacts are grouped according to defined characteristics. Once data is assigned a purpose it becomes information. Information with a strategic purpose that can be used to gain competitive advantage is exclusively a human based activity, even if it uses computer based analytics and other means of analysis.

Intelligence led assessments can then be acted upon. Not acting at all can be the preferred choice. But there is a clear difference between being aware and choosing not to act, than not acting because of inability or being unaware.

Regardless of the situation, intelligence assessments and estimates enable decisionmakers to formulate plans and make better decisions. Thus, predictive, accurate, and relevant intelligance can mitigate the risks inherent in business and increase the likelihood of success.

Source    http://www.nstarprospectus.com/ci-definition/

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10 Ways to Find out What Your Competitors Are Doing (Bplans)

Competitive analysis has become an essential part of business marketing activity and has made it possible to perform qualitative strategic planning. While analyzing your competitors, you should know what you are looking for and how it can help your business.

It is not about stealing your competitor’s ideas; it’s about revealing their strengths and weaknesses, and finding your own company’s competitive advantages. Only unique brand positioning will eventually bring your company customer loyalty and business success.