Frost & Sullivan's Growth Team Membership™ (GTM) recently completed its 2012 survey of competitive intelligence executives globally. The respondents were asked to identify their most pressing challenges for 2012. GTM will focus its best practices research to address the prominent issues identified in the survey.
Competitive Intelligence (CI) in 2012 - A Snapshot
- The key challenge for competitive intelligence executives is aligning key intelligence topics (KITs) to the company's strategic priorities.
- The root cause of most of CI executives' challenges is a lack of process.
- In comparison to 2011, budgets and staffing levels will remain unchanged in 2012.
- A large portion (43%) of competitive intelligence budgets are allocated to vendors.
- CI predominantly outsources secondary research, such as custom market analysis.
- Respondents use social media primarily to monitor competitors' product or service development.
2012 Competitive Intelligence Survey Executive Summary
The 2012 survey respondents are struggling with many of the same challenges cited in the 2011 survey: driving strategic decision-making, tapping into employees' competitive insights, and supporting revenue-generating activities. CI executives also indicate they are struggling with identifying emerging or disruptive developments in the business environment. This may, on a positive note, indicate a growing sophistication in respondents' competitive intelligence capabilities, as CI departments are traditionally too resource constrained to devote much time to forward-leaning analysis. Unfortunately, the time of limited resources is not over - CI executives anticipate no change in staffing or budgets in 2012.