The impact of competitive intelligence practices on strategic decision-making.

Abstract

Today, the only certainty is uncertainty. The rate of change is continuing on a steep curve upward, information is growing in volume constantly, and the complexity of the marketplace is increasing exponentially. In order to survive, decision-makers need to anticipate and accommodate developments in the world outside, to sustain and exceed their core competitive advantage. The question is how do they go about doing this? The answer lies in competitive intelligence! Competitive Intelligence is a systematic process involving planning, gathering, analysing and disseminating information on external environment for opportunities or developments that have the potential to affect a company's competitive situation. Research reveals that competitive intelligence (Cl) has evolved from an informal into a formal discipline. While many still confuse it with just being competitor information, it has proven to expand much further into a meaningful and value-added input in the strategic decision-making process. Decisionmakers need to be equipped with the proper tools before they start the strategic planning process. The purpose of this research study is to explore the impact of competitive intelligence practices on strategic decision-making. It aims to identify the best way forward in making competitive intelligence more credible within organisations. The accelerating speed and complexity of change in the business environment places a heightened premium on timely, rigorous understanding of developing threats and opportunities. Consequently, the success of competitive advantage within organisations increasingly depends on aggressive and systematic competitive intelligence efforts to support and enable strategic decision-making. The study presents an holistic competitive intelligence framework, taking theoretical, best practices and a case study approach, enabling any organisation to successfully adapt Cl processes and structures in any given situation.