Competitive intelligence describes all data that reflects the performances of similar companies within a market. Professionals who perform competitive intelligence reports, for example, might collect market information about all other businesses that sell similar products to similar demographics. One of the most common types of competitive intelligence jobs is that of business intelligence analyst. Many professionals with competitive intelligence jobs also work in operations and knowledge management positions. Market research professionals also can have jobs in competitive intelligence.
Most people with competitive intelligence jobs have strong backgrounds in marketing. They also are able to use and in some cases design information technology (IT) systems that are used to access, store and share intelligence. In many cases, competitive intelligence professionals have much experience working in particular industries.
Professionals with competitive intelligence jobs are essential to businesses that are interested in branching out into new markets. Competitive intelligence allows professionals to see which areas of a market already are saturated and where there is room for growth. This kind of intelligence also allows executives and financial managers to get a better sense of the value of their companies. Executives may choose to give competitive intelligence jobs to in-house professionals or they might instead contract consultants to perform this research and analysis.
Individuals with competitive intelligence jobs in analysis often work for consultant firms. They meet with executives to learn which questions they would like to have answered. In some cases, analysts are in charge of gathering research. Once intelligence has been gathered, analysts look for patterns in data and come to conclusions that they share with clients.
Professionals in operations and knowledge management may also have competitive intelligence jobs, though they also perform a number of other functions. These individuals often are responsible for gathering and analyzing information that impacts the overall performance of an organization. They commonly are IT experts who are able to design IT systems that answer the needs of their companies. Accessing data about a business environment and competitor behaviors are common function of knowledge managers.
Market research is a system by which professionals can gather information about certain markets and demographics. This also is a way for them to gain competitive intelligence. Market researchers with competitive intelligence jobs might design surveys that they distribute to members of a demographic to learn about their levels of satisfaction with competitor businesses. Marketing professionals who hire researchers can use this intelligence to decide how to sell their products in unique, effective ways.
