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Competitive Intelligence: A
Powerful Tool for Biotech Business Planning, p 1. |
| by Rebecca J. Kuprowicz, President, Business Success
Strategists ™ |
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A Biotech Perspective on CI Competitive
Intelligence ("CI") has been loosely implemented in the Biotech and
Pharmaceutical industries for years through channels of customer feedback and market
information sources. In today’s highly competitive environment, that information must
be proactively researched, captured, integrated and analyzed to arrive at knowledge-based
actionable decisions. Prompt response to a change in the market or competitive environment
is critical to business success.
"CI is the legal and ethical collection, analysis, and distribution of information
regarding the competitive environment and the capabilities, vulnerabilities, and
intentions of business competitors. When competitive information is analyzed to the extent
that strategic action can be taken, it becomes Competitive Intelligence. The Society for Competitive Intelligence Professionals
("SCIP") promotes responsible and ethical conduct throughout the intelligence
gathering process via a Code of Ethics." ( Competitive Intelligence Magazine; Vol.I, No.2; July-September 1998; p. 37) CI is a necessity for knowledge-driven companies competing in an
information-based, global economy. It empowers companies to anticipate changes in terms of
the competitive landscape, and factor intelligence into their competitive strategy.
The challenge in instituting useful CI programs into the business planning process is
rooted in the fact that so many sources of information exist. Many of them are accessible
via hyperlink from the BioTactics Planning Page.
So, how do you cut through the information overload and segregate the relevant and
useful details? You start by posing questions about your mission before you begin looking
for answers. It sounds so logical, but sometimes it is simply easier to plunge ahead
without defining and investigating at the front end of the process. Can Biotech firms
afford not to do their homework before taking the plunge?…Not in today’s
competitive environment. Every actionable decision comes with a high price in terms of
market outcome.
A previous BioTactics article provided a comprehensive review of CI resources on the Web, to help you start off on the
right CI foot. (See also the "Index to Issues" and
the BioTactics
Site Map.) This month, we’ll examine a few
aspects of "how" and "why" CI is relevant to Biotech firms.
Planning Strategic Initiatives
CI is important for planning and implementing strategic initiatives. It is a process
that can help you reduce risk and increase your probability of success, simply because you
are making information-based decisions derived from an intelligence analysis. Recently,
The Futures Group interviewed more than 100 corporate executives about their preferred
planning techniques ( "Extrovert vs. Introvert Strategic Planning, 1998" www.tfg.com ). Not surprisingly,
72% of them utilized "CI," which rated just slightly behind "Financial
Forecasting" and "Trend Analysis." Interestingly, the same group also
identified "Competitor Actions" as the number one external factor which exerts
the most impact on their business. The majority of these company executives were only
comfortable planning 1.7 years ahead, but were satisfied with the effectiveness of the
strategic plans they produced.
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