course12-2 - Excellence in Financial Management Course...

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Course 12: Competitive Course 12: Competitive Course 12: Competitive Course 12: Competitive Intelligence (P Intelligence (P Intelligence (Part 2 of 2) art 2 of 2) Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides more in-depth coverage about competitive intelligence – specific techniques and models used as well as CI Systems. Before taking this course, you should complete Part 1 of this course. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple-choice exam which you can take over the internet at Excellence in Financial Management
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2 Critical Concepts Before we get into Part 2 of this short course, let’s touch on the fundamentals behind competitive intelligence. From Part 1 of this course, we learned that competitive intelligence relies on a very analytical process to transform data and information into intelligence. We also understand that competitive intelligence is not just about studying the competition, but studying the entire external landscape - customers, suppliers, regulators, and all forces that impact the organization. Therefore, our analysis must be very broad in scope. The primary output from competitive intelligence is the ability to make forward-looking decisions. For example, Jack Welch, former CEO of General Electric determined strategy based on key intelligence questions: - What is the detailed global position of your business and that of your competitors: market shares, strengths by product line, and by region today? - What actions have your competitors taken in the past two years that have changed the competitive landscape? - What are you most afraid your competitors might do in the next two years to change the landscape? Therefore, competitive intelligence drives strategic decision-making and market leadership. Part 1 of this short course also emphasized several important points about competitive intelligence, such as the following: Human intelligence is often more valuable than simply collecting published information. This is a more direct approach to information analysis. One of the fastest ways to learn about your competitors and their products is to attend an industry trade show. &bull