Business Intelligence Essay

903 words - 4 pages

Business IntelligenceOPS/GM571 International Operations ManagementNovember 11, 2010Business IntelligenceBusinesses are always seeking a means of obtaining and maintaining an advantage over the competition. Some businesses such as retailers might choose to visit the competition to check prices, products, or services (Di Serio, 2010.) Other businesses use the processes of competitive intelligence to gain the information necessary to remain competitive. "Competitive advantage is defined as the process of developing actionable foresight regarding competitive dynamics and non-market factors that can be used to enhance competitive advantage." (Prescott, Ph.D., 1999, p. 42.)Competitive intelligence is a process intended to provide actionable information for managers. To be useful the information needs to be available on a timely basis to be useful to managers as old information is of limited utility. One of the functions of competitive intelligence is to provide proposal management professionals information data to create competitive responses to requests for proposals and other commercial activities (Prescott, Ph.D., 1999, p. 37.) Competitive intelligence allows senior managers to make informed decisions about matters such as research and development, marketing, and investing. The changing business environment and the pace of technological development means that executives can no longer afford to make decisions strictly on instinct or intuition (Society of Competitive Intelligence Professionals, 2010.)The act of gathering competitive intelligence is the process of monitoring the competitive environment for the purpose of decision support operations. Competitive intelligence gathering is legal because the majority of the information can be obtained by examining published information sources, conducting interviews, and other legal and ethical methods (Society of Competitive Intelligence Professionals, 2010.) Competitive intelligence gathering can be as simple as a person seeking to start a small Filipino store and bakery in Imperial Beach. The first thing the person should do is determine the demographics in the area to determine if there would be enough interest in the market for the store to be profitable. The second step would be to determine if there are other similar businesses in the area. A third step might be to determine the products and services offered by the competition and get an idea of what the competition charges for the products and services offered. One thing that is important to remember is that competitive intelligence gathering is not spying it is only gathering information that is publically available (Di Serio, 2010.)Businesses of all sizes need a well-designed competitive intelligence program. When seeking a location to move business into there are three things to consider. The first thing to consider is where sales are...

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