Misuse or Underuse of Competitive Intelligence in the USA
A majority of U.S.-based companies that claim to use competitive intelligence (CI) to guide their decision-making processes either don't use intelligence enough or use it the wrong way. This excludes nearly 30% of companies that don't even have, or don't feel the need for, a CI system, despite today's ultra-competitive environment. (...) Among other key findings:
- Wide industry differences were discovered among respondents.
- Twenty-nine percent of respondents admit that they do not have "an organized and systematic way to deliver competitive intelligence," including 14% of the respondents with more than $1 billion in revenues.
- Of those lacking "an organized way," 28% said they don't have a need for it and 17% said they are unsure how to do it.
- Nearly 40% said they "rarely or never" incorporate likely competitor reactions into their new product plans.
- Bank of America is the top "eagle," the best corporate intelligence user, according to the respondents.
(...) Indeed, one of the most beneficial aspects of competitive intelligence - the ability to receive early warning of competitor activity or emerging industry trends - is going largely unrealized. Only half of the companies surveyed said they had a process for "delivering early warning of emerging threats and opportunities." (...) Additional problems respondents believe hampers the success of CI in their respective companies includes:
- Insufficient funding - 43%
- Internal bureaucracy - 41%
- Intelligence team lacks sufficient clout - 28%
- Executives do not recognize value of intelligence - 20%