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Competitive Intelligence Software

Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

Competitive intelligence software is used by businesses to help get an edge over competitors. In this lesson, we will define competitive intelligence (CI), learn about competitive intelligence software, and see an example of CI software.

What Is Competitive Intelligence?

Imagine you own a lotion business, and you want to find a way to know more about your company and your competitors. Competitive intelligence, or (CI), is when a company gathers public information about its competitors and uses the information to gain a business advantage. CI helps a company gain insight into their market by analyzing their competitors. It is beneficial for a company to learn about their competitor's strengths and to follow some of the same patterns. For instance, if a competitor is doing well in Target, it may be a good option for you to introduce your product in Target.

About Competitive Intelligence Software

Compeittive intelligence software is used by a business to monitor company information and to get data from competitors in a legal way. Competitive intelligence software differs depending on the type of information a company wants to analyze. As a business owner, you should look at the different kinds of software and see which one will best fit what you are looking for. CI software helps gather a significant amount of information about what is working within the company or what needs to be fixed. The information should be treated as sensitive information and kept confidentially.

The software should be able to transfer to different files to upload it to Excel or any other program you wish to use. You want software that will not be redundant and will help screen the information you find essential. It can be expensive if you are collecting too much unnecessary information because you have to pay for extra servers.

Your hand lotion business has started to pick up, and you want to look into which software to use. You decide to choose competitive intelligence software because you want to gain more insight into what the strengths of your hand lotion business has and also what weaknesses there are. You want to learn more information about one of your new lotions that has not been performing well. You have the ability to gain insight on your product along with competitors and transfer the information to an Excel document for analysis.

Examples Of CI Software

Looking for software can be time-consuming and overwhelming because of the amount of software companies that are available. Some example of CI software are:

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