Competitive Intelligence

A Positive Look Ahead Post COVID-19

September 7, 2020

 

Amanda Setili was recently interviewed by Colleen Francis  on LinkedIn Live where they discussed how the pandemic will improve certain areas of business for the employer, the employee, and the customer.

 

What a fun and thought provoking conversation with Colleen Francis today. We covered a lot of terrain, including:

– How having a diverse team makes you more resilient in the face of market upsets.

– 3 things you must do to maintain your team’s productivity and enthusiasm when times are tough.

– Six things that will improve as a result of the pandemic:

o How pricing will change

o Why customer-supplier relationships will change for the better

o What new business opportunities and white space will be created

o Why sales productivity and effectiveness will increase dramatically

o How video game companies will lead the way into new remote experiences for businesses.

o Why remote work is here to stay, and why it will improve our outcomes and lives.

– How comfort with uncertainty creates a lasting competitive advantage, now more than ever.

 

Catch the full interview, Six Things that may Change for the Better, on LinkedIn.

 

How to Improve Competitive Intelligence Capabilities

 

From the archives of David Bernal’s company blog, timeless advice on how to build a competitive intelligence function that responds to business needs and informs an effective  strategy.

Recently, I had a discussion with the VP of strategy for a major multinational retailer. Even a company with vast resources and highly capable management struggled with a common issue for top management: the lack of actionable, timely and relevant competitive information to make appropriate corporate strategy and performance-improvement decisions.

Many companies, like this one, have reams of data from multiple internal and external sources, but they lack the structure, focus and processes to turn that data into valuable insight to inform their strategy. Often there is too much data and little actionable information.

Relevant and timely insight can be the determining factor when making major strategy and implementation decisions affecting the direction and quality of multiple business activities including growth initiatives, new market entry, M&A strategy, pricing, product and technology roadmaps, JVs, partnerships, etc.

After spending years working with companies around the world to define, articulate and implement competitive insight programs to educate their business strategy, I have determined there are four key best practices that will help you and your team create a capable competitive intelligence function that not only responds to specific organizational needs and enhances decision making at multiple levels but that also can become a long-term source of competitive advantage in the future.

 

Four points included in this article are:

  • Identifying the strategic context
  • Comparing data with required insight
  • Strategy > Structure > People > Process
  • Testing and adjusting

 

Read the full article, Four best practices for building your internal competitive intelligence capabilities, on the Growth Decisions website.