While it may seem competitive intelligence (CI) and market intelligence (MI) are the same and they serve a similar purpose i.e., aid decision-making, but they are different in practice and make a great equation for the success of any business. In today's rapidly changing market dynamics, no business is unaffected from the developments happening in its connected ecosystems. The business world has turned into a big web with interconnected markets that are impacting each other, and it is likely to get more and more complex in the future. With the increasing complexity and competition among industries, it has become more than necessary to keep a track of not only your competitors but also where the market is headed. So, will it be okay to say that CI and MI are slowly converging? Let’s find out.
Every task comes with its own set of challenges. Creating a competitive intelligence (CI) plan can be daunting, even for experienced CI professionals. In Crayon’s SCIP report, it was found that 95% of CI professionals struggled with at least one of the following areas –
Competitive intelligence (CI) has a huge contribution to a company’s growth when implemented and executed correctly. The three key areas in which it contributes the most is revenue growth, ability to quickly adapt to market changes, and the ability to holistically impact the company. As per the SCIP survey, the foundation of CI does matter. The companies having defined KPIs for CI were more than two times as likely to see an increase in their revenues as a result of CI efforts as compared to those without defined KPIs. And the companies that saw revenue increase as a result of CI were 63% more likely to increase CI headcount and 66% more likely to increase CI budget.
In a recent development, Audi, a German luxury automobile manufacturer, tested a new automated method of body sealing known as digital sealing at the Gyor paint shop in Hungary. Post the paint process, a final paint finish is applied using a robot-guided applicator. This robot deposits ultra-fine droplets of paste-like sealing material in areas such as weld seams. The material is of uniform composition and quality. Before the application of this sealing, the machine is preset for optimal thickness and width of material to be applied. Digital sealing not only reduces the overall weight of the paints used but also reduces wastage and time taken during the paint process.
On September 19, Menarini Silicon Biosystems announced the launch of new cloud-based data analysis solution, MSBiosuite. MSBiosuite automated data analysis platform processes NGS data generated from research in liquid biopsy area and formalin-fixed paraffin embedded (FFPE) tissue analysis.
Pfizer, Inc., is one of the world’s leading biopharmaceutical companies whose portfolio includes medicines, vaccines, and consumer healthcare products. During the last decade, the company has been focused to strengthen their global position in branded prescription drugs through internal restructuring and divestments. Similarly, Mylan NV, is a global giant that has a strong geographic presence across 165 countries and offers generics and specialty products. The company has witnessed reduced revenue in 2018 due to supply constraints in US for EpiPen, intense market competition due to alternatives, and manufacturing bottlenecks.
The Port of Seattle in Washington, US is working on plans to extend shore power to more piers. It is the first port in North America to provide shore power in its 2 Seattle cruise berths located at Terminal 91. The port has further planned to connect shore power to other major facilities at its waterfront. The facilities located at the waterfront will be provided shore power through underwater cables to all 4 cruise berths.
On 18th September 2019, Japanese chemical and engineering company, Nichia Corporation, and German semiconductor major, Infineon, announced their collaboration for developing a high-definition (HD) light engine with more than 16,000 micro-LEDs for front light applications. The new device will provide high resolution light to the entire field of view of the driver. The production launch of the new HD light engine, which will be a part of Nichia’s automotive LED and laser portfolio, is planned for 2023.