Business intelligence focuses on gathering internal information, while competitive intelligence focuses on gathering external information about competitors, products, and consumers in an ethical manner. Both allow for effective business strategies, with competitive intelligence divided into strategic and tactical intelligence. Business intelligence uses technology to analyze a company’s operating system and includes an analysis of corporate culture and image.
Business intelligence and competitive intelligence are slightly related but different factors. Both refer to the process by which an organization gathers information from various sources to enable it to make informed strategic planning decisions. The difference between business intelligence and competitive intelligence is that business intelligence focuses on gathering internal information, and competitive intelligence focuses on gathering information related to the external business environment.
Both business intelligence and competitive intelligence allow a company to plan effective business strategies that can help the company move forward in a competitive market. Competitive intelligence is a process of gathering information about things like competitors, products, and consumers in an ethical manner. The emphasis in competitive intelligence is on the ethics of the information gathering process. This is because any information collected unethically is industrial espionage and not competitive intelligence.
Competitive intelligence can be divided into strategic and tactical intelligence. Strategic intelligence is used to make long-term strategic planning decisions. Tactical intelligence is used to make more immediate decisions. An example of long-term strategic intelligence includes information about external factors that can affect a company’s longevity, productivity, and success. Tactical intelligence refers to intelligence related to factors such as the type of products competitors have, their pricing structures and marketing tactics.
The focus of business intelligence is on internal data that is collected, analyzed and presented in a structured way that makes it easy to understand the way in which a business is operating. As with competitive intelligence, the information collected during business intelligence is studied by top managers in an organization and incorporated into the formulation of a strategic business plan. Business intelligence encompasses the use of technology to compile statistics derived from an analysis of a company’s operating system.
The process of gathering business intelligence includes an analysis of corporate culture and image, as well as an analysis of the level of commitment of members of the organization, from the top management level down to the lowest employee. Information may be collected through the preparation of questionnaires or other types of surveys. This is in addition to other types of business model statistical analysis. Some business intelligence software on the market has been developed to allow companies to analyze the information collected during the business intelligence process to reach a conclusion.
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