Manage Competitive Intelligence for Strategic Advantage

Abstract

The study seeks to determine why competitive intelligence is necessary in the manufacturing sector; to ascertain how to use competitive intelligence; to identify the costs for competitive intelligence; and to assess the nature of the relationship between competitive intelligence and strategic advantage. The study was carried out primarily through the survey method and interview of employees in three manufacturing firms in Nigeria. Secondary data were obtained through books, journals and internet. Empirical works of other scholars were consulted. Findings indicate that Competitive intelligence is necessary because of manager’s need to increase the quality of products and services, strategic planning, and market knowledge. Competitive intelligence is used by gathering information, converting it into intelligence and utilizing it in business decision making. The costs for Competitive intelligence consist of time, money, and intellectual skills. There is a significant positive relationship between competitive intelligence and strategic advantage. In changing, highly competitive market, the firm with a successful, proactive competitive intelligence process will respond most quickly and wisely to changes in markets and competitors, and should thereby, succeed over the long term. Your company does not have all the best answers, other businesses can do some thing better, learn from them. Their manufacturing processes might be better. Their customers might be happier, their supply chain more streamlined. With competitive bench mark, you can find out and add competitor strengths to your portfolio. Adopt best practice and improve more quickly, more cost- effectively, with fewer mistakes.

Keywords: Competitive intelligence, Business Intelligence, counter Intelligence, and Strategic Intelligence