Key Success Factors of Competitive Intelligence
While the key success factors are valid for all intelligence programs, no single system architecture can be found appropriate for developing a successful intelligence program.
This is due to cultural and structural issues that are highly company-specific.
In order to be successful, an intelligence program must meet the needs of its users. Another key requirement to intelligence is to enhance the decision-making processes.
Another essential success factor is continuity of the intelligence program. Intelligence provides the basis for making long-range plans and creating strategies, hence Competitive Intelligence should be an iterative process, not a one-time program. Qualified human resources are also critical in order to ensure the high quality of an intelligence operation.
Finally, using the right tools is critical, since they help management access the intelligence they need, making utilization more effective and timely.
Key Statements from the Document
- No single system architecture can be found appropriate for developing a successful intelligence program. This is due to cultural and structural issues that are highly company-specific.
- If Competitive Intelligence is to become an ongoing activity within the organization, it must be used and promoted by senior management.
- Though it is easy to comprehend the importance of identifying the impending threats, it is becoming increasingly important to alert management to new business opportunities.
Most intelligence analyses look too much like “business reports”, whereas they should produce intelligence in distinct formats that communicate purpose, responsibility, credibility and actionability. - A Competitive Intelligence product can be defined as the output of intelligence activities, i.e. output of the systematical process of information collection and analysis.
- It is management’s responsibility to encourage long-range planning for the intelligence program in order to maintain constant watch over the environment and to collect information on a continual basis, not just in spurts.
- An Intelligence Manager’s business experience and credibility in the eyes of top management cannot be emphasized enough.
- Trust is the oil that lubricates the flow of information through an organization.
For companies in the learning quadrant the balance between trust and knowledge flow is achieved. - One way of obtaining management support for intelligence operations is to use the right tools. Tools help management access the intelligence they need, making utilization more effective and timely.
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