Every business company understands the importance of acquiring knowledge about competitors: pricing structure, product development plan, sales status, and more. The collection of such information must be based on the human experience of executives (Human Intelligence, aka HUMINT), who brings with it an understanding of subtleties and not just a secondary collection of information. In this article, you can read the important points to address and the critical factors for success.
Every executive understands the importance of acquiring knowledge about the competitive environment; About competitors, customers, distribution channels, regulation, and more.
Automation based on artificial intelligence (AI) is standard today and appears in information gathering methodologies. It contributes to faster decision-making on a scale not previously possible. The easy access to data today causes companies to engage in what we call 'data-oriented market intelligence’. This mainly refers to online sources such as competitor’s publications, webinars, vendors’ comparison sites in a mass wisdom model, social networking intelligence, etc.
Sometimes executives will acquire the required information by purchasing subscriptions from research firms, reviewing available analyst reports, and gathering information at exhibitions and conferences.
However, this is far from what you really need to know about the competition. Usage of human resources is essential here. Good decision-making must be ba