Mistakes to Avoid in the Race to Competitive Intelligence

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No one gets tickled by making mistakes. And since the Internet gives us answers, we’ve gotten used to being correct by making a quick Google search. Unfortunately, too much of something can turn toxic. With the Internet being so accessible, many businesses drown themselves in their findings especially if they don’t know how to navigate the deep web. But when utilized correctly, online data can help us make smarter, more informed decisions. Organizations that use the Internet to support competitive intelligence lead the competition. Those who don’t, will fail to compete. 

In a joint study conducted by the University of Florida and the University of Pennsylvania, researchers found that knowledge workers delay making important decisions because they associate it with difficulty. The study iterates that most knowledge workers worry about making a terrible decision. So how do you avoid making mistakes when the clock is ticking? 

Here are some Don’ts to avoid in order to compete:

·DON’T spend too much time gathering information. The bulk of your time should be spent analyzing the information collected. A substantial amount of the CI effort is spent gathering data at the expense of other tasks. For that reason, new techniques, online databases, and competitive intelligence software are available to prevent this from happening. To get an idea of how research initiatives can improve, consider these four strategic decisions that require CI technology.
·DON’T listen to other people’s assumptions without doing your own research. Before passing competitive intelligence reports to decision makers, be very careful with your sources. Instead of relying on one medium or channel, research several outlets and find inconsistencies. Utilize local publications, news channels, and the Internet to avoid biased information.

·DON’T take your success for granted. Regardless of how ahead your organization might be, do not underestimate your competitors. Monitor their moves with competitive intelligence software by tracking media websites, market research reports, social media, etc. Just like the hare got beat by the turtle, your competition will blind side you if you take a moment to rest. Consequently, it is a good idea to keep a sharp eye on emerging competitors that tout they'll disrupt the market because they just might.

·DON’T miscommunicate competitive intelligence. Understand your message so you can better communicate. Avoid jargon and trendy terms only you can appreciate because it will clutter your message. Make sure the information is accurate, relevant and time-appropriate. Communicating intelligence effectively happens when knowledge workers can quickly answer the “So what?” and “Now what?” for their leaders.

There are many ways to implement data management and competitive intelligence software to a company's department functions. To learn how to minimize uncertainty with competitive intelligence technology, please download our latest white paper: How to Maximize Awareness and Minimize Uncertainty with clearCi.

What do you think? Is your organization avoiding these DONT’s and leading the competition? Leave us a comment with other DONT’s to avoid.