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.
On August 6, Weatherford International plc, one of the biggest multinational oilfield service companies, announced the complete integration of Power BI, Microsoft’s business analytics service, into ForeSite, its production optimization platform, adding a powerful product in its digital oilfield offerings.