Over the past 10+ years, I have attended a fair number of competitive intelligence events (i.e., conferences, seminars, breakfasts, etc). I am always amazed on how new individuals to the field are eager to build a unit in their respective firms at the sheer mention of certain search and analysis tools. I do recall an occasion when a president was sold an implementation of a competitive intelligence unit based on what Kartoo was able to uncover about the firm’s competitors. I wonder how the firm’s unit is doing today or if it still exist but I digress.
My point behind telling you the Kartoo story is that not enough firms put enough time to think through the possibility of having a competitive intelligence unit.
Of course, you can benefit from the aid of consultants to go through a shopping list of elements that should be considered however; you should have a couple things in mind to ponder on your own. Here a few things to factor in your decision.
1. Are you in it for the long haul? Building a CI unit should be a temporary fix for the lack of information flowing into the company. Like any other business function, the unit needs time to establish itself and evolve. If a firm cannot afford the time to do so, consider seeing a consultant.
2. Who is in charge? Yes, some of the information gathering process can be automated, a human being must be responsible for the flow of information in the firm. Do you consider going outside the firm to hired an individual or find someone from within?
3. What should be the ROI? Having an idea on what your firm’s “Return On Investment” or “Return On Information” is always critical when deciding whether implementing a complete competitive intelligence function. Consider reading the following to guide you through the process.
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