The pace of change is so great that life is constantly changing. Technology, globalization, and the accelerating rate at which things happen have made markets chaotic with fierce competition everywhere you look. There are many fear-inducing scenarios in this world today but Carly Fiorino has stated: “the key to success lies not only in knowing how quickly we need to react.”
The change will always be present until there comes a time when it ceases altogether as everything becomes static; however for now people must learn how they can keep up or fall behind because the current situation isn’t going anywhere any time soon.
Business leaders are responsible for the future of their company, which is why they must have a strategic vision. To make decisions that will allow them to continue thriving in a changing environment, it’s important to keep an eye on how your competitors may be able to impact you and also stay informed about what changes are happening around you. This competitive intelligence can come from timely news articles or through daily briefings like those given by heads-of-state governments leaders receive every day so as not to miss any information that would affect their country.
Change seems to be the one thing that will never stop coming, and this is good news for forward-thinking organizations that refuse to stand still in a rapidly changing world.
The speed of change has not slowed down at all; it’s been increasing year after year with no signs of slowing down any time soon. The only way you can keep up with your competitors or plan effectively is by constantly being informed on what they’re doing – which means having access to intelligence every single day because change won’t wait until tomorrow if there are opportunities today.
Risk in Competitive Intelligence
1. Being Blindsided:
A company can be blindsided by an unexpected competitor or new technology, which could lead to a sudden and drastic decrease in revenue. An example of this is seen with the continuous growth of Airbnb over hotels as consumers are becoming more open-minded about their lodging needs while on vacation. The hotel industry has been caught off guard because they thought regulations would help them protect themselves from competitors like Uber who have changed taxi services nationwide due largely in part to its ease for customers to operate via mobile phone app; however, these same companies were also left susceptible when it came time for changes such as
ride-sharing that disrupted the way people traveled throughout cities across America
2. Need to Rely on Google Alerts
The Risk of Relying on Google Alerts. Media Monitoring, and Industry Newsletters. These are all good sources of information, but they are limited in what you can find if you don’t look for the right things to get an insightful view into your industry or niche market because these tools exist primarily to deliver “popular” news stories that everyone expects to see- like a floating iceberg most focus only on its tip which is publicized info while below waterline unpublicized data is where intelligence values lie waiting for those who dare brave its depths.
3. Big Pictures can be Missed
There are many ways to measure a company’s success. One is by how much data the leader of that company has access to, and it can be hard for any person or department within an organization to know everything about their business without help from other teams.
When everyone in your team only sees what they need on a day-to-day basis while working with others, you’re missing out on opportunities like forming common knowledge among departments as well as being able to see the whole picture when making decisions at meetings because different people have different views of what is happening. You may also end up wasting time tracking competitive information if each member does this independently; not just limited resources but you could create confusion too
4. Revenue Opportunities can be missed
You need to know what your competition is working on before they steal all of your sales! Daily competitive briefings let you look for weaknesses in their marketing strategy and stop them from seeing any market opportunities that might have been overlooked. You’ll be more successful at getting those deals because you’re able to watch the game unfold without being pulled out by external forces, like an unexpected competitor release or a sudden change in customer demand. Daily Competitive Briefings are key to knowing exactly where things stand with competitors so we can make it harder for them when our customers come looking around.
5. Lack of Collaboration
Collaboration tools such as Microsoft Teams, SharePoint, and Slack make it easy to share competitive intelligence. Instead of relying on a single source for all information spread out across the organization, we can now work together in teams that are more specialized than previously possible due to these software platforms.
The employees should be encouraged so they feel empowered by this new way of working where ideas from one person or team may help spark an idea from another employee – collaboration is key.
6. Need to Depend on Artificial Intelligence
Artificial intelligence has become a very popular competitive intelligence tool, but the best software still can’t understand what is most important for your market. For that, you need human curation and analysis to find out how to successfully compete in your industry because without people AI won’t be able to predict or plan accurately enough. Maybe robots will replace humans completely someday at this rate (maybe 15-20 years from now), but we’re not there yet so it’s dangerous if they rely on too much by themselves when looking at all of the noise within their data sets which often hides critical information about one’s competitors.
Ø Conclusion
Changing markets and increasing competition have forced companies to rethink how they monitor their environment. Traditional reports, which are typically expensive and infrequent appear outdated in this fast-paced world where information can change daily.
Thus, many organizations now use digital reporting tools that deliver alerts of key events or changes in the market as soon as those occur so they don’t miss out on opportunities waiting for an official monthly report from internal staff members who may be too busy with other tasks such as data analysis to produce timely updates each day
