How to easily collect and share Competitive Intelligence in your organization

We’ve all received the email- the press release or similar document regarding a competitor, about a new product category, surprisingly high earnings above guidance, or an acquisition that changes the overall balance of the competitive environment. While it is good that information is being disseminated and that people are aware of the competitive landscape- often the information is collected and distributed in an “ad hoc” manner and gems of competitive insight are missed that can assist you in keeping a real picture on what is happening in the market and what it means to your organization strategically.  Competitive intelligence is about more than simply looking around and about the development of a systematic collection of Strategically important information that can impact decision making for better performance. 

Your organization can easily and inexpensively start to create a competitive intelligence program though that helps your teams making better strategic decisions about the future. The steps to follow are straight forward and do not need to consume significant resources:

1. Define why you are creating a competitive intelligence program and what information you want to monitor and share. Ensure in addition clear compliance guidelines are set.
2. Review your strategy and particularly your strategic assumptions about the competitive environment in the future and what needs to be monitored. Explain to your teams in a brief meeting (can also be a Webex or other remote sharing event) what you are wishing to accomplish, what you need from them, and what they will receive from it to allow them to make better informed decisions in the workplace.
3. Create a space on your web portal (or similar secure corporate intranet) where people can both post information and where it can be shared. Appoint a moderator to this internal forum and set rules about what is posted, what will be shared, and how to use the tool in an efficient way.
4. Ask your key management to monitor how the information is being used to make better decisions- this can be shared as success stories and wins at later corporate meetings and/or internal events.
5. Organize the information in such a way that over time you build a picture of how your competitive environments are changing- and use this as an input to Strategy and decision making including forecasting and budgeting.

The Roman poet Ovid was attributed to have said â€œA horse never runs so fast as when he has other horses to catch up and outpace.” The systematic sharing of Competitive activity information gathered in legal and ethical ways is a valuable strategic input your teams can leverage simply and inexpensively for time sensitive better decisions.