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Stay ahead of your competition

Increased competition in the marketplace seem to be somewhat of an unwanted trend today. Globalization and distribution channels such as the internet are surely contributing factors to this increase. So in order to stay ahead of the competition you need to know what they are up to and find out what their strenghts and weaknesses are.

I was just reading through a 2011 trend report for travel and tourism which showed that only a surprising 25 % of respondents reported that they made an effort to understand and monitor their competitors ongoing activities. What the numbers are for other industries I don’t know, but it’s still an indication that far too many companies are missing out on valuable information. Because in order to get an advantage, you need to really pay attention to, and analyze, what your competitors are doing. The task of monitoring your competitors and collecting competitive information should also be structured and not something that occurs occasionally. As Michael Porter said it; “Compiling the data for sophisticated competitior analysis requires more than just hard work. To be effective, there is a need for an organized mechanism -some sort of competitive intelligence system – to ensure that the process is efficient. Analyzing competitors is too important to handle haphazardly.

Comintelli’s Knowledge XChanger has in addition to its core of automatic content retrieval and classification, some dedicated intelligence and analysis tools, which are designed to help view patterns and trends in large amounts of content. Products like this make the process of keeping track of your competitors easier and faster and allow you to more easily discover new trends before someone else does.

By: Caroline Enders