Got Competitive Intelligence?

By: Paul Dank

If the term Competitive Intelligence is new to you, you’re not alone. Competitive Intelligence is not possessing the intelligence to compete at something (although that certainly helps in life). Rather, Competitive Intelligence is a specialized business discipline best described as gathering and analyzing intelligence on competitors, an industry and the relevant business environment for leadership to make adjustments to stay competitive or ideally to become even better.

For many, the idea of hiring a firm to conduct Competitive Intelligence seems far out and unnecessary. For smaller business, that may still be true. Unfortunately, if your business is larger and in a profitable, competitive space, ignoring Competitive Intelligence is pre-2000 thinking. The new narrative for smart businesses is to assume that everyone else in your space is heavily engaged in digging up Competitive Intelligence and getting ahead of you, daily.

In the 1950s-2000, businesses relied on their sales and marketing teams to feed them this type of information, and they are still a great, albeit basis source of intelligence. From 2000 to approximately 2010, the internet became a new tool to leverage for intel. Since then, the field has grown more complex. As nearly all industries are evolving faster than ever, the need for more accurate information has never been greater. That need is being filled by specially trained investigators who have constantly evolving tools to gather better information and who also possess those timeless key information gathering skills like interviewing, surveillance and evidence collection that allow them to get more information from more sources than ever before.

The process is not hard to understand or initiate. Get your key concerns and questions about the who, how, what, when, where, and why of a competitor’s activities in the hands of trained Competitive Intelligence gathering firm and watch the information flow in. The investigators can give you pricing before you commit and set parameters on the case. As the case evolves, you will get updates and help guide the investigation as you learn more. The investigators will tell you how they plan on approaching your case and describe exactly what they are doing in simple, understandable terms. It’s not complicated, it’s just important!

No matter how focused you may be on playing your game and trying not to compete, there will be key events every business will encounter where accurate, actionable intelligence that you can’t get to easily on your own is needed to make the right crucial decision.

The power of having an intelligence edge can not only bring new opportunity and profits, it is maybe the most powerful tool you have to reduce a multitude of types of risks and threats.

Paul Dank, PCI, CFE

Paul is the President of Advanced Surveillance Group, a background check and corporate investigation agency with global reach, based in Metro-Detroit. Paul is a trusted investigative resource. As a Michigan based professional investigative agency, all clients benefit from a legal guarantee of confidentiality that matches the attorney client privilege. For more information about Paul’s services, please visit ASGInvestigations.com or call him directly at 586-493-0300.