Competitive intelligence (CI) is a vital component of ongoing corporate strategy. It refers to the systematic collection, analysis, and management of key insights about an organization’s competitive environment and its competitors - to help inform operational and business decisions. The goal of CI is to provide executives with timely and actionable intelligence that can be used to chart the right course towards achieving long-term objectives.

CI includes studying and monitoring both internal, external, and industry-wide elements that have the potential to either contribute to or stifle an organization’s long-term growth. Many organizations make the mistake of only gathering intelligence that is easiest to come by - such as information available by a simple search engine query. This type of data is considered 'myopic,' and while it can provide basic quick insights, it tends to be shallow and lacks the detail and comprehensiveness of CI that is tailored to a particular organization’s objectives.

When conducted correctly, CI helps an organization to: * Understand the strengths and weaknesses of their own products and services relative to competitors * Monitor threats to their position in the market * Identify market opportunities that would otherwise remain hidden * Anticipate the moves of their competitors * Evaluate the potential impact of disruptive technologies

To ensure that the data gathered is comprehensive, reliable and actionable, CI should involve multiple sources, including industry publications, social media platforms and blogs, industry events, analyst reports, and direct contact with competitors. When analyzing this data, an organization should also consider both quantitative and qualitative factors to get a better picture of the competitive landscape.

Finally, businesses should decide on the right level of involvement for their CI strategy. Depending on the size and complexity of their needs, a company may decide to employ a team of data analysts dedicated to CI or outsource this task to a specialized CI firm. Whatever the approach, ensuring that CI is a part of their strategy will allow them to make better informed decisions, remain competitive and drive greater business success.