Question

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 you provide in that regard?

Answer 1

Business is known as an structured act of engaging into various activities in order to make profits if it is a profitable organisation and various businesses are often even engaged into non profitable business.

Competitive intelligence will mean that the businesses are having a competitive advantage over other companies even if they are having similar amount of data and they are engaged such activities which are offering them with competitive advantage in order to make a higher rate of return

Competitive intelligence will help the business in order to attain uniqueness in its operations and providing better and quality products and acquiring larger market share by having a similar amount of data so that they will be having a competitive advantage and pricing power control so it is known as competitive intelligence.

Two examples of competitive intelligence will be-

A. stock investment analyst will be offering Investment analysis on the basis of the required information which are available in the market and they are making a higher rate of return.

B. Traders doing technical analysis and making exceptional rate of return.

Yes, I had a chance of providing an advice regarding competitive intelligence to pharmaceutical industry which was operating into Indian Pharmaceutical sector and I advised it with the introduction of the active Pharmaceutical ingredient in its overall business which will help in getting an additional advantage because of lower cost of operation and higher advantage in in production of quality products due to lower manpower and higher technology.