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New Research Uncovers How to Build and Maintain an Effective Competitive Intelligence Group

Saturday, December 1, 2007 General News J E 4
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CHAPEL HILL, N.C., Nov. 30 While it's a relatively newfunction, Competitive Intelligence can have a long-lasting impact on anorganization's position in the marketplace. By delivering high-impactanalyses on competitors' products and operations, a high-functioning CI groupcan alert companies to emerging market opportunities or warn them aboutpotential external risks.

Competitive Intelligence groups track an average of 60 products sold bycompetitors, according to new research by Best Practices, LLC. However, thestudy found the number of competitor products tracked by CI groups variessignificantly between pharma and non-pharma organizations, with pharmacompanies tracking an average of 49 products and non-pharma firms tracking anaverage of 77 products.

The report, which presents data for the full benchmark class andpharmaceutical segment, is based on insights gathered from 54 companiesrepresenting more than 12 different industries. Participants included Amgen,Boeing, Eli Lilly, Fidelity Investments, IBM, Merck, Procter & Gamble, Kraftand Wyeth.

A complimentary summary of "Building & Sustaining Winning CompetitiveIntelligence Organizations" is available athttp://www3.best-in-class.com/rr884.htm.

The comprehensive study covers everything from creating and structuring aCI group to developing high-impact CI activities and effective stakeholderrelationships. The benchmarking study includes more than 500 metrics,including staffing and salary metrics. In addition to helping executivesunderstand how to build an effective CI program, the study presents provenmethods for increasing the quality and value of an existing CI group.

Download additional findings in the complimentary report summary at:http://www3.best-in-class.com/rr884.htm or contact our Solution Specialists at(919) 403-0251 or bestpractices@best-in-class.com.

If you would like to speak to us about how our research can benefit yourCompetitive Intelligence Organization or other initiatives in your company,please contact Cameron Tew, Manager of Research and Publishing at BestPractices, LLC at (919) 767-9246 or ctew@best-in-class.com.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profoundprinciple that organizations can chart a course to superior economicperformance by studying the best business practices, operating tactics andwinning strategies of world-class companies. Best Practices, LLC has been aleader in pharmaceutical research and consulting for nearly 15 years; ourclients include 43 out of the top 50 pharmaceutical companies.Some of the sample findings of the report include: -- More than half of the organizations participating in the study established CI functions within the last five years. -- Strategic planning and business development are the departmental homes where interviewed executives think CI should reside. -- The average CI operating budget is $821,613, although budgets varied widely across study participants. The average salary for a CI head is $148,709.

SOURCE Best Practices, LLC
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