ArchIntel has published a white paper that features insights from competitive intelligence professionals interviewed by the company to know more about the state of open source competitive intelligence, as well as the current challenges and drivers of success related to the sector.
The Know Your Competition report highlights big data and "big change" as the top factors affecting competitive intelligence, which is considered as key to a company's efforts to identify business opportunities and secure them by allocating resources accordingly. The report includes commentaries from thirty-eight competitive practitioners from the private industry to deliver a comprehensive take on the practice.
"CI [is] about the overall market, knowing how solutions are being provided and finding where the gaps are and what the trends will be," noted Anthony Verna, senior vice president of strategy and business development at Cubic's missions solutions unit.
Jeremy Ross, VP of business development and proposals at Trace Systems, suggested that a smaller company's strategy should be informed by competitive intelligence, saying that it its the best practice when just starting out business.
Verna, Ross and the other CI executives were interviewed by ArchIntel as part of its Competitive Intelligence Spotlight series to gain their perspectives on opportunity analysis, customer need anticipation, database development and other key steps related to their respective competitive intelligence processes.
The white paper also tackles business adaptability, COVID-19 and big data and provides CI best practices employed by the interviewees.
"The competitive intelligence toolbox of shared peer perspectives offers an organization the contextualization to drive success in an overwhelmingly competitive market," said Jim Garrettson, CEO of ArchIntel. "As much as competitive intelligence is driven by competition, it's also driven by community and the highest possible standard of ethics."