Global leaders are rediscovering the importance of transforming competitive intelligence (CI) information into actionable recommendations through the use of analytical tools, according to a new study conducted by research and consulting firm Best Practices, LLC. The study highlights the analytical tools employed by top organizations to analyze CI and make strategic recommendations that will enhance company performance.

"Managing the Competition: Turning Competitive Intelligence into Strategy," highlights the value of strategic recommendations based on analysis of competitive information. Examples of the study s best practices in analytical tools include:

• One benchmarked company regularly conducts wargaming exercises to develop contingency plans that handle possible future scenarios. By having a previously developed plan of action, the company can move quickly in response to competitors actions.
• Another company builds a comparative matrix purchased from an external vendor that allows the group to look at various market drivers and measure the impact on both the company and its competitors.

The new study is the result of exclusive interviews with 29 competitive intelligence and marketing executives at 18 global companies. In addition to information regarding analytical tools used by top companies, the report also details:

• CI structures, roles, responsibilities, and reporting relationships
• Information collection, communication, and management methods
• Performance measurement systems
• Benchmark partner case studies
• Comparison matrix of companies CI operations

"During economic downturns, excellent competitive intelligence efforts can be the differentiating factor in the marketplace," explains Paul Meade, vice president at Best Practices, LLC. "In order to pull ahead, companies need to successfully gather and analyze competitive information, and subsequently implement strategic decisions based on that analysis."