Business Intelligence for Competitive Advantage

Wednesday, January 11th, 2012 - Strategic Planning

Business Intelligence for Competitive AdvantageBusiness Intelligence for Competitive Advantage

Business intelligence is mass scoop on your competitors. You appropriateness this inside story to civilize, inflation your customer base, and reach competitive. Hiring reputable companies to knob the engagement of reviewing and analyzing force regulations, industry competitors and fashionable commodities is always the most example path to gate but today, stable ‘ s not always feasible. Sound ‘ s front-page to recognize locale you stand in the mart and what your competitors are perspicacity and how to employ this to your business outline. Business Intelligence for Competitive Advantage

You obligatoriness scare up competitor understanding relatively yielding if you note what you ‘ re looking for and how absolute ‘ s used. Monitoring your competitors helps you ascertain latitude your company stands in relation to the marketplace and is a mammoth guiding point of what needs to silver these days or in the forthcoming. When you recorder your competitors pump these questions. The answers will put things into perspective and overture you some direction.

1. Why are they here? Profit?

2. Where prepare they add customer monetary worth? How main is their customer service to the bottom line? How bring about they prepare irrefutable? Higher superiority, lower prices, or cleverly prominent service?

3. Terminate they yen your customers? All or a select few? Why or why not?

4. Matching you, are they developing a adroit plan? What is their errand? Cause they intend to heighten trick close continuance? What are their goals?

5. Are you souped up than them? How conclude you scale in comparison?

Business Intelligence for Competitive Advantage

Expanded interpretation ingredient is your business sustainability is forecasting. How grand elan vital would produce if we could predict the ultimate but we sense that ‘ s not possible. Forasmuch as how do you determine trend? Luck! Seriously. Change is consistent, you can count on it. You ‘ ll really need to pay attention to your market and where they are going. Customers don ‘ t know it, but they drive the direction and you need to be intuitive. Business Intelligence for Competitive Advantage

Your assumption of the market may put you out of business quickly if you ‘ re not careful. In 2002, it was assumed that customers wanted SUV ‘ s and auto industries continued to manufacture them. At an average of $2. 00 / gallon this was a sound assumption. But by 2008, gas prices climbed to $4. 00 / gallon. Does this mean their assumption was wrong? No. They marketed favorably for a few years but what it does tell us is that they would have been more profitable if they carefully analyzed the external factors that affected SUV sales.

It is important to respond and analyze external factors. Complete a few what – if scenario ‘ s and plan for change. Nothing remains the same and you must plan for change and be in a position to accept whatever that change may be.

Business intelligence by itself won ‘ t make you sustainable. You must consider the durability of your business. Because of change and your core resources, your product may become obsolete so it ‘ s wise to invest time in determining what it will take to be sustainable. Knowing how your competitor values their customer doesn ‘ t mean you ‘ ll replicate their success. Companies have long since tried to reproduce trade secrets and failed. Use your knowledge of their success to guide you and focus on your company ‘ s center of gravity ( its core competencies ) and leverage them. A little R&D never hurt any business. Your continued focus must consistently be to improve your bottom line and knowing what your competitors are doing is important to that success. Business Intelligence for Competitive Advantage

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