How to Use Competitive Analysis To Make Better Decisions

An article in the Harvard Business Review this year explored the idea that companies are spending up large on competitive analysis data and strategies, but they are not being used at the level where it’s needed. The advice is often ignored by senior management, and then companies miss out on opportunities to grow their market, or fail to notice disruptive technology taking business away from them. How can you ensure sure that managers are actually using the competitive information their analysts are producing? One way is to audit decisions made by managers. This is essentially finding out what information they used to make a decision, and why this decision is valid when surrounded by all the other noise swirling around. In turn, managers become better decision makers - they have to use competitive intelligence to plot and defend or champion what happens next. They also get a better sense of what is happening in their market, and the organisation gets ROI from its investment in market research. A win-win for everyone.