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Q: What is business or competitive intelligence? A:
Competitive intelligence (CI) is a process that leverages both internal and external knowledge sources and considers the potential effects of and opportunities created by all external elements of the business environment (technical, regulatory, political, economic) as a prelude to action. This competitive insight can also be directed internally to shore up internal processes and enhance your own company's market performance.
Many people focused on gaining and applying knowledge pertaining to the competitive market environment referred to what we now define as CI as business intelligence (BI) until recently. Companies like IBM and Oracle,
under the banner of “Business Intelligence”, prompted this change in large part due to the confusion created by the lack of specificity for these terms as a result of the increasing presence and marketing of BI as
synonymous with a large internal systems solution. Competitive intelligence focuses on current and potential competitor-created forces, but does not ignore other market factors from its consideration. In fact, the CI
team deploying its knowledge-creating processes to enhance competitive results usually becomes the recognized single point of contact within a company for activities and initiatives affecting the external environment.
When combined with a strong internal “business intelligence” capability, e.g. one that allows the company to utilize its own systems- or transaction- generated knowledge, the affect on a companies performance can be
quite striking.
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