Without any doubt, the success of a business depends on the fact, how thoroughly you concentrate on your business; however, in these days of cut throat and ruthless competition, knowing and understanding your competitors is of equal importance. There is a well known practice to achieve this purpose, known as competition analysis. However, competition analysis only tells you about the competition and doesn’t tell you about how these competitors will impact your business. That’s where CI framework comes into the picture.
If you look at the competitive intelligence SWOT analysis reports definition, you won’t find any hidden secret there. CI framework is a system that is devised to study and understand your competition, and what steps you can take to kill this competition. Competitive intelligence framework basically allows you to get into the shoes of your competition. It lets you know, how your competitor reacts to a particular situation, it lets you gauge their thinking capacity, and competitive intelligence framework lets you identify their strong and weak areas. When you know about your competition in that much detail, you will never get wrong in making foolproof business strategies.
Let’s have a look at the various aspects of competitive intelligence framework and see how it can help you to make foolproof strategies for your business:
Know your competition:
If we go by CI definition, then this is the only sole purpose of competitive intelligence framework. However, just by knowing your competitor, you will get to know in what areas your competitors are better than you. Though you know this simple fact, you will surely make efforts to enhance your business practices to match or even exceed your competitors.
Reaction of competition to your strategies:
This is one of the most important and useful aspects of competitive intelligence framework. It lets you know how the competition will respond to your strategies and plans. This will help you to move one step ahead and prepare the back up plans in case of original strategies do not work out.
Know what your competitors are up to:
Competitive intelligence framework helps you to watch your competition effectively, and it can alert you if they are up to something that may prove to be disastrous for your business. When you will be prepared before even the situation occurs then you can deal with the situation in a swift manner. Competitive intelligence framework assists you to devise strategies to minimize or even eliminate the potential risks.