The link between the practice of competitive intelligence and economic development is obvious however; it is taken for granted. From the routine literature scan to the data mining of statistics in databases, these competitive intelligence activities can be considered as “just internet searching” for economic data. To some, this label maybe unsettling and must asked themselves:
How can competitive intelligence professionals bring their expertise to the field of economic development?
The answer can be derived on three levels:
i) Understanding the issues:
At the root of economic development issues, lies Key Intelligence Topics (KITs) for competitive intelligence professionals. For example, an issue of foreign direct investment attraction calls for investigating all companies that may have the means to invest in a foreign countries. In addition, the conditions (locational factors) in which the companies will take into consideration must be examined. Responses to the KITs will assists competitive intelligence researchers in finding timely and relevant data in an efficient manner.
ii) Access the right information sources
Rather than depending upon a broad search of the web, competitive intelligence professionals can benefit from a toolkit of sources that is relevant to the mandate. An economic impact study calls for researchers to collect secondary data from government sources that may not be available online for free. Knowing the specific sources and how to access them will save time and money.
iii) Apply competitive analysis tools
With relevant data in hand, competitive intelligence professionals can bring further insights in an economic context thanks to such analysis tools as:
- SWOT Analysis (Strengths, Weakness, Opportunities, Threats)
- Porter’s Five Forces
- STEEP Analysis (Social, Technological, Economical, Environmental, Political)
(Please view our presentation on competitive analysis tools or inquire about our training sessions)
Given the current global economic conditions, economic development initiatives must be executed with a strategic mindset. In order to do so, the same competitive intelligence processes used in a corporate environment can be modified to supply data to decision makers to plan for the future to benefit economic stakeholders.
