Why Competitive Intelligence is required for the Industry?

In today’s fast changing / global business environment, competitive intelligence strategy (CIS) is playing a favourable role at every stage in the organization and has significance presence in the pharmaceutical industry. Competitive Intelligence (CI), is the process of compiling, analyzing intelligence focusing on competitor products, customers, market environment, and really a efficient method in mapping or knowing the strategy of a competitor on products/services. In simple terms “CI” is a process which gives perceptivities into what might happen in the near future. This process involves stages from data to information to intelligence. Intelligence differs from data and information since it requires some form of analysis. The purpose of this analysis is to derive some meaning from the gathered data and information. The CI analysis, filtering of the data and information helps one to act on it and understand the options, giving an opportunity to make way forward decisions.

Common goals of CI:

• Detecting competitive threats
• Eliminating or lessening surprises
• Enhancing competitive advantage by lessening reaction time
• Finding new opportunities

Ethical Issues:

• Competitive Intelligence is not industrial espionage
• All information is gained through public sources
• CI professionals do not engage in pretexting to obtain information about rivals
• The Society of Competitive Intelligence Professionals’ code of ethics states members must:
• Accurately disclose all relevant information, including one’s identity and organization, prior to all interviews
• Comply with all applicable laws, domestic and international
• Avoid conflicts of interest in fulfilling one’s duties

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