Competitive Intelligence | Competitive Intelligence | Gathering Information, Competitive Intelligence vs. Espionage, spying, ethics

A SWOT Analysis is an instrument used to assess the Strengths, Weaknesses, Opportunities, and Threats in the process of a project or in a business venture or in any other situation obliging a decision in strategic planning. It entails monitoring the marketing surroundings internal and external to the company.

Large manufacturing companies seeking to increase their profitability often turn to value chain management to find ways to increase their revenue, reduce costs, gain efficiencies, and alike.  A critical pre-requisite for optimizing value chain management involves analyzing the materials, processes and capabilities of key suppliers.  Gaining an in depth understanding of your suppliers' business strategies, decision making processes and competitors allows you to evaluate their potential impact on your profitability and develop strategies and relationships to achieve financial success.

Strategic planning comprises the procedures of defining objectives and creating strategies to attain those objectives. A strategy is a long term plan of action designed to achieve a particular goal, as differentiated from tactics or immediate actions with resources at hand.

In order to truly understand how your company fits into the market, you need to understand which companies are your biggest competitors or who will be your biggest competitors in the future.

Keep in mind that the government is a potential resource while gathering information, especially if they are in some way involved with your company. It is helpful to consider them as part of your industry.

While there are many interpretations of the term "competitive intelligence," it is useful to view it as defined by the Society of Competitive Intelligence Professionals (SCIP) in first place.

There is no general way of handling the results of a SWOT analysis which fits for each and every business. Every business is different and so are the actions deducted from the SWOT analysis. Here you will find some ideas what to do with the results from your SWOT analysis.

How can industrial or corporate espionage be compared to competitive intelligence? Competitive Intelligence research can be distinguished from industrial espionage, as CI practitioners in general abide by local legal guidelines and ethical business norms.