One of the obvious trends in business today is increased
competition. One reason for so much competition is because the World is now one
single marketplace. Additionally, distribution channels like the internet now
make it possible for anyone to enter the global marketplace. As a result of
increased competition, the rate of change taking place in business is
increasing exponentially. For example, internet usage now doubles every 100
days. If you expect to keep-up and survive in this fast paced competitive
environment, you must know what the competition is doing. So how do you monitor
the competition in this age of information overload? The answer is with
Competitive Intelligence.
Competitive Intelligence is a process whereby you collect,
analyze, and transform information into intelligence so you can manage the
future. Examples of it include everything from collecting the Annual Reports of
your competition to setting up automated search routines. The overall objective
of Competitive Intelligence is to identify events, trends, and other issues
that will impact your organization.
The best way to implement Competitive Intelligence is to focus
on critical questions confronting your organization. For example, how will this
regulation change our business or how will the introduction of a competing
product impact our business? You must continually monitor critical issues if
you expect to compete. If you fail to implement Competitive Intelligence, than
you run the risk of operating in a reactive mode. And nothing changes a company
more than having to survive.
And we at TRRAIN
are developing a module on Competitive Intelligence and how can a retail
associate use this tool to the best of his advantage to enhance returns. In
addition, through this a retailer can also monitor customer behavior in
real-time and improve his understanding about various correlating factors.
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