In the good old days, organizations found it easier to design one strategy and stick to it for ages. They majorly rode on the business plan devised years ago with no room for innovation and progress. And probably it worked in those times. However, it’s not the case anymore.
Today, the customers expect more, the market demands keep evolving and the competition is always looking to one-up you. If you are sticking to the old business strategies, you are bound to fail sooner than later. What you need is consistent evolvement and innovation when it comes to your business strategies.
One of the best ways to do that is through Competitive Intelligence.
In simple terms, Competitive Intelligence (CI) is the process of collecting, analyzing and drawing valuable insights from all the data you collect about your competitors, markets and customers. CI prevents you from being left behind. It answers all your business questions to keep it afloat and growing.
While there is a lot that can be said about the need for competitor analysis and the business benefits of competitive intelligence, we’ve put together an infographic with some insightful statistics about CI.