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

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helps the corporates in better decision making by gathering the relevant competitors data from various publisehd and unpublished sources.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

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