Competitive intelligence research is a standard requirement for most library and information professionals. Whether it’s a basic snapshot or in-depth analysis of the competitor landscape, it is something that we have all had to do. The CI reports we help create offer our organisations a perspective on changing market conditions so that management can identify risks and opportunities early enough to adapt or change strategy.
The recent webinar hosted by SLA CID was a timely refresher on how important non-commercial sources of information are. Taken together, they provide a social, political, legal and regulatory framework in which your competitors, clients, and your own organisation sit.
Jim Millar defined it as “the social, political, and legal arrangements that structure interactions among companies and their public. They provide an early warning of threats and opportunities emerging from the global public policy environment, and [provide an analysis of] how they will affect the achievement of a company’s strategy.”
The examples Jim gave included the actions of government and legislative bodies, public interest groups and lobbyists, and all kinds of quasi-government agencies. All of these control and regulate businesses, regardless of the industry in which they operate. This presents organisations with both threats and opportunities.
Organisations must be aware of the threats and opportunities because they could fundamentally change the way a company operates.
Recent regulatory decisions have had massive financial implications on these high profile examples:
However the opportunities are there for companies who are prepared to do the research.
Here are some tools and techniques to get you thinking about intelligence strategies.
It has always amazed me what information is freely available from government sites. One of my favourites is the Houses of Parliament, where quality research papers are available on many current/hot topics. Although Jim focuses on US and Canadian sources, my knowledge is of UK sources, hence my links.
There are primary sources of government material, e.g., legislation, but often it is the publicly available company information which is of real value when researching competitors. Companies House, intellectual property filings, national statistics and census data, official public records, and court reports.
There are a lot of resources to navigate, but your library and information team are skilled at competitor analysis and intelligence. Ask them for help today!
With grateful thanks to SLA and Jim Millar.