Why is competitive intelligence so hot in today's business environment?

Solutions

Expert Solution

Answer:

Competitive Intelligence is so hot in today's business environment due to the below reasons:

1) Companies need to constantly innovate, so as to stay abreast in the current competitive market environment. Hence Competitive intelligence is gathering, analysing data on the competitor's products, market trends, customer's preferences etc. and are required to cater to the growing demands.

2) Company Intelligence helps the corporates in better decision making by gathering the relevant competitors data from various publisehd and unpublished sources.

3) Competitive Intelligence helps in identifying the major gaps in the market place in terms of products or services which the company can target for future potential growth opportunities.

4) Competitive Intelligence helps the companies to remain dynamic and relevant in the market place.

5) Companies need to gather information on the latest technologies like Artificial Intelligence etc. in their business's, so as to be a disruptive player for succeeding in the current agile business environment.

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Discuss your thoughts regarding why the following HR issues are so important in today's business environment:...

Discuss your thoughts regarding why the following HR issues are so important in today's business environment: multiculturalism, ethics and management metrics.

THIS IS A PROFESSIONAL SELLING DISCUSSION HOMEWORK. In today's extremely competitive business environment, do you think...

THIS IS A PROFESSIONAL SELLING DISCUSSION HOMEWORK. In today's extremely competitive business environment, do you think it is more important to acquire new customers, or to try to hold on to your existing customers? Use critical thinking and course/business concepts to support your opinion. Your original post should be 3-4 paragraphs with 4-5 good sentences per paragraph.

Why is the ability to determine when death has occurred so critical in today's healthcare environment?

Briefly discuss why global accounting standards are needed in today's business environment. What are International Financial...

Briefly discuss why global accounting standards are needed in today's business environment. What are International Financial Reporting Standards? Who uses these accounting standards? What body is responsible for setting International Financial Reporting Standards? Briefly discuss the differences between: (a) adoption of IFRS by the U.S. Securities and Exchange Commission, and (b) convergence of U.S. GAAP with IFRS. Briefly discuss the difference between: (a) a "rules-based" approach to accounting standard setting, and (b) a "principles-based" approach to accounting standard setting. How...

Explain why obtaining value from health IM/IT investments is so important in today's healthcare environment. 1-2...

Explain why obtaining value from health IM/IT investments is so important in today's healthcare environment. 1-2 page essay please cite if needed for health informatics

The role of budget in planning the future performance of the company in today's business environment....

The role of budget in planning the future performance of the company in today's business environment. ( for a research )

Given today's fierce global competitive environment, a decrease in mandatory payments by employers to health care...

Given today's fierce global competitive environment, a decrease in mandatory payments by employers to health care companies and providers for overhead health care benefits for workers would lead to an increase in the Select one: a. supply of workers b. the quantity demanded of workers c. the quantity supplied of workers d. demand for workers

Why are paid time off programs gaining popularity in today's work environment? Why do employers use...

Why are paid time off programs gaining popularity in today's work environment? Why do employers use them? Consider issues such as age, controlling unscheduled absenteeism, recruitment and retention. What does the data show? As always, support your statements with credible research.

Why is abortion such a "hot button" issue in the United States and not necessarily so...

Why is abortion such a "hot button" issue in the United States and not necessarily so controversial in other countries

Define business and competitive intelligence in your own words and describe their potential in identifying paths...

Define business and competitive intelligence in your own words and describe their potential in identifying paths towards achieving competitive advantage. Give 2 examples of ways in which a company you know of is utilizing Competitive Intelligence and Business Intelligence. In your own experience have you ever had an opportunity to provide an input with regard to business and competitive intelligence? If so, what was it and how would you change said input now based ? If not, what recommendations would...

Subjects