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

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Course 12: Competitive 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 www.exinfm.com/training/course12-2 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. Since competitive intelligence is externally driven, it can be invaluable for risk management. Risk management functions are internally focused and in need of external analysis that comes from competitive intelligence. Competitive intelligence is not complete unless you engage in Counter Intelligence. You need to protect your company against intelligence leaks that benefit the competition. Chapter 1 “If the defining goal of modern day business can be isolated to just one item, it would be the search for competitive advantage. And, as everyone in business knows, it’s a lot harder than it used to be. On the one hand, competition is more intense than ever – technological innovation, consumer expectations, government deregulation all combine to create more opportunities for new competitors to change the basic rules of the game.” - Competing by Design: The Power of Organizational Architecture by David A.
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This note was uploaded on 11/27/2011 for the course ECON 101 taught by Professor Robert during the Fall '08 term at Montgomery College.

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

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