Anna Stevens
Get the Most Out of Competitive Intelligence

F ictional detective Sherlock Holmes is frequently quoted in forums and blogs related to competitive intelligence (CI). After all, he was obsessed with data. In The Boscombe Valley Mystery, for example, Holmes says, “You know my method. It is founded upon the observation of trifles.” He isn’t demeaning the value of these bits of information; he is, in fact, emphasizing that the accumulation of meaningful data—which on its own might appear innocuous—is what enables him to make his brilliant deductions and solve ‘unsolvable’ mysteries. No wonder CI professionals find inspiration in his words. Yet, as valuable as competitive intelligence is, a recent article in the Harvard Business Review cites a study of CI managers and analysts that found that rather than fueling better decisions, competitive intelligence is often used to “ratify” pre-determined courses of action for nearly 33 percent of those surveyed. That’s the equivalent of Holmes deciding who is guilty and then only paying attention to clues that support this foregone conclusion. 

Knowledge is power in today’s world and gathering the most effective and relevant data is pivotal when making decisions. Inc. has identified the most useful tools for collecting the best competitive intelligence, some of which include:

Have a Sharp Focus

Honing in on what you want to discover is pivotal to any successful competitive intelligence report. Finding out every detail about competitors or the marketplace is not nearly as effective or productive as having a specific question or problem to investigate.

Look at Competitors

There is a lot to learn from your competitors such as what type of talent they are hiring, pricing structure, turnaround time and so much more. All of this information can help you identify potential trends in the market and where the industry is heading as a whole.

Deep Analysis

A Strategic and Competitive Intelligence Professional, Garrison, encourages companies to use comparative analysis. His recommendation, “Hypothesize several possible outcomes to the original questions. List the various data points you have collected underneath the hypothesis each one supports. Continue doing this as the operation continues. After a while, the data should start stacking up under one hypothesis, pointing towards the answer.”

Sherlock Holmes frequently expresses frustration when ‘officials’ make suppositions and then only pay attention to the clues that fit their preconceived notions. It is critical to explore all relevant competitive intelligence gathered in order to solve the competitive intelligence mystery and create a successful strategy.

3 Ways to Apply This Information Now

1. Check out other posts about competitive intelligence on our blog.

2. See how CI pros use Nexis to uncover market insights, relevant news and more.

3.Share this blog on LinkedIn to keep the dialogue going with your colleagues and contacts.

Lisa Thompson
PEP-Talk: A Guide to Managing Risk from Politically Exposed Persons

Politically Exposed Persons (PEPs) can be among a bank’s riskiest customers. Their public positions and ability to divert funds make them prime targets for bribery and corruption. But the financial services industry doesn’t face the risk alone. Our new “PEP-Talk” eBook outlines the types of PEPs companies may encounter and tips for navigating the changing regulatory landscape around PEPs.

What are the risks of PEPs?

PEPs are a major risk to a company. Most PEPs act lawfully, and it is very common for companies to have dealings with them, but their public positions expose them to a much higher risk of bribery and corruption than the average customer, investor, or third party. The U.S. Financial Crimes Enforcement Network analyzed 1,300 reports of suspicious activity in the securities and future industries, money services businesses, and casinos and card clubs filings in 2009 and 2010. PEPs were involved in more than 90 percent of the reports.

A recent enforcement action by the U.S. federal authorities offers a timely reminder of these risks. In July, Credit Suisse and its Hong Kong subsidiary agreed to pay nearly $80 million to the Department of Justice and Securities and Exchange Commission to settle charges that it gave jobs to associates of Chinese government officials to gain new business. This practice, which is particularly prevalent in China and has become known as ‘princeling hire’, is a violation of the U.S. Foreign Corrupt Practices Act

Who are PEPs?

PEPs are individuals who have been entrusted with prominent public positions. But the challenge for companies is that although the term has been written into many pieces of legislation, there exists no single, globally-agreed definition of a “PEP.” It differs depending on which law you consult and which country you are in. The Financial Action Task Force (FATF) offers a broad definition of a PEP as “an individual who is or has been entrusted with a prominent public function.” While the banking association The Wolfsberg Group defines a PEP as anyone with the ability to divert public funds.

Strengthening regulatory landscape

The law and guidance relating to PEPs is strengthening in many jurisdictions. In the last two years, the EU’s Fourth and Fifth Anti-Money Laundering Directives expanded the definition of PEPs and required EU member states to create a list of national public offices that qualify as politically exposed. The UK’s Bribery Act in 2010 made it illegal to bribe a foreign public official. Last year, the UK’s Criminal Finances Act allowed regulators to apply for an ‘unexplained wealth order’. This requires PEPs to explain the origin of assets valued greater than £50,000 if these appear to be disproportionate to their lawful income.

Companies must mitigate risk

Companies must take a risk-based approach to engaging with PEPs, seeking as much information as possible on them and the level of risk they pose. Higher-risk PEPs merit enhanced due diligence checks and ongoing risk monitoring. Companies should identify which of their clients are PEPs, establish their source of wealth, assess their level of risk, and carry out ongoing monitoring of the relationship. Is your current process taking a close-enough look at PEPs? Read our eBook to find out.

3 ways to apply this information

Lindsey Lambert
Here’s What Libraries Brought To The Eclipse 2017 Party

It’s not often that college students embrace an early start to the day, but this week’s rare solar eclipse brought out the early birds at Oregon State University, which had ringside seats as the sun began its path of totality across the U.S. As one of 30 NASA Space Grant universities across the country, the university hosted a three-day eclipse celebration for the public. Despite a party-like atmosphere, the eclipse also received plenty of attention from academic researchers. A student-led team on an OSU research vessel off the Pacific Coast released a weather balloon complete with video equipment for live streaming to NASA-TV. In addition, its Center for Research of Lifelong STEM Learning collaborated with Google on the Eclipse Megamovie 2017, which had more than 1,000 volunteer photographers and amateur astronomers stationed across the nation to capture a continuous view of the eclipse.

Academic and public libraries focus on education and research

But it wasn’t just students and academic researchers in the Northwest who were eagerly donning eclipse spectacles on Monday—just take a look at NASA’s crowded map of library events in honor of the eclipse. We did a little research ourselves to find out what eclipse watchers hoped to learn during the event.

Of course, observation is only part of the equation when it comes to academic research. Having data and tools to uncover insights—from past news coverage of momentous events or new findings from the latest one—ensures students won’t be in the dark, no matter what topic they’re researching.

Did your library sponsor any events for Total Eclipse 2017? Let us know in the comments below.

Korinne Bressler
Two Key Reasons Why You Should Be Checking for Fake News in Your Research

A war was started over fake news. Granted, what we now call ‘fake news’ was called ‘yellow journalism’ back in the 1890’s—and the Spanish-American War cannot be laid solely at the feet of media muckrakers. But following the explosion of a U.S. Navy battleship off the coast of Havana, Cuba, the yellow press—at the time led by William Randolph Heart’s New York Journal and Joseph Pulitzer’s New York World—used the slogan “Remember the Maine” to skew public opinion in favor of the war.  These days, fake news spreads even more rapidly, thanks to the power of social media and the ease of one-click sharing. As a result, you face the daunting task of separating fact from fiction in the course of conducting the news and business research that your colleagues rely on to make critical decisions.

Reason 1: Fake News Spans a Wide Range of Topics

You don’t have to be researching politics to encounter fake news. Earlier this year, the New York Times noted that professional soccer news is rife with fake news, be it ‘alternative facts’ about a referee’s call —depending on which team you support—or rumor-filled reporting on player trades.  The article detailed an elaborate hoax, perpetrated by an Irish journalist who was also a huge Arsenal fan. Frustrated by his own attempts to sift unverified (but published) rumors about possible trades, he decided to demonstrate how quickly fake news can grow—and become accepted as fact—by inventing a up-and-coming soccer star just in time for the summer trading season.  It wasn’t long before a few posts on message boards had, as the New York Times reported, “… traveled all the way into respected mainstream publications, even making one list of the top 50 young players in Europe (placing 30th). 

While soccer may not capture the hearts and minds of millions in the U.S., the popularity of fantasy sports leagues means that depending on the season, a huge number of fans are scouring sport news sites, blogs and social media for information that can give them an edge—and unless they’re vetting the sources of their ‘facts,’ they can be led astray easily by a rumor gone rogue. 

Reason 2: Social Media Makes the Distribution of Fake News Easier

Given how quickly ‘news’ travels in the digital age, it’s easy to see how speculation and misinformation can go from implausible to plausible in hours or days.  Recently, social media lit up with angry comments over a picture of Seattle Seahawks players burning the American flag—until it was pointed out that the photo had been deliberately altered to create more controversy.  And the Washington Post reported that a fraud case was brought against a Scottish stock trader by the U.S. Securities and Exchange Commission after the trader’s false tweets—which he used to manipulate the stock price for his own profit—resulted in shareholder losses of more than $1.6 million.

Will Fake News Spawn Better Reporting and More Discerning Readers?

Ironically, one of the primary players responsible for the yellow journalism of the 1890s is now the namesake for a highly-coveted award for achievements in newspaper, magazine and online journalism—the Pulitzer Prize.  Pulitzer’s brand of publishing, in which facts were sacrificed in favor of boosting readership, did expose real problems like corruption, but misleading stories also served to distract the public—and, of course—sell papers.  Money continues to be a driving force for fake news, but media outlets, social media platforms and the public are responding.

The recent admission by Facebook that a Kremlin-backed media company spent $100,000 on ads intended to sow political discord and steer the electorate towards one candidate over others was only the latest in a list of criticisms of social media sites and search engines that do little to stop the dissemination of fake news. 

The controversy has spurred some changes in algorithms in an attempt to slow the flow.  In addition, Facebook and Google collaborated with French media outlets prior to the elections earlier this year to address misinformation in the media, and Facebook also introduced an initiative against fake news in Germany after officials raised concerns that misleading or false stories and hate speech could influence parliamentary elections.  Awareness about fake news also means that fewer people take information for granted. Sites like Factcheck.org and Snopes.com make it easy for people to check questionable stories they see online—and based on comments on controversial posts, people are calling out fake news more,  even providing references for their fact checking.

Eventually the yellow journalism trend was overtaken by a push for journalistic integrity, and the public’s trust in the media was restored. We’re seeing a similar push now, as public distrust of the media reaches a new high—but as long as dishing up fake news also delivers profits, researchers will need to take a more proactive stance when it comes to choosing and vetting the information sources they rely on. 

3 Ways to Apply This Information Now

  1. Download our eBook, “How to Combat Fake News” for more tips.
  2. Experience the advantages of curated news sources with a free trial of Nexis®.   
  3. Share this blog on LinkedIn to keep the dialogue going with your colleagues and contacts. 

Megan Burnside
Will Media Coverage be Enough to Trump the Competition?

This year’s race for the Republican presidential candidacy started out with many (perhaps too many) candidates vying for attention and splitting media coverage. Enter Donald Trump who quickly captured the attention of the media, voters and few late-night comics. Will it last? Time will tell, but let’s take a peek at some of the most recent trends.

In May, there was no clear frontrunner. In June, Trump announced his run for the Republican presidential nomination. The media noticed. His bold claims and outspoken remarks have continued to keep him in the spotlight. By July, Trump was the top story, and polls were showing him taking the lead.  

   

 

The week of August 31st garnered Trumps fewest media mentions to date, but the level of media attention was still above his competition. If media coverage influences presidential elections and candidate viability, it is no surprise that Trump has led and is currently leading the pack. 

    

Can he win? Article sentiment for Trump indicates that he is quite divisive. While some mentions were neutral, there were many articles taking a positive or negative stance with those who appreciate and others appalled by his willingness to speak his mind and share his often unconventional stances. 

          

To maintain and improve Trump's reputation in the news, his team of advisors is no doubt monitoring the media, analyzing the competition, and tracking trends to ensure they are prepared for the twists and turns that will come.

Can Trump sustain his lead? Few early frontrunners are sworn in as President of the United States, and polls show Ben Carson gaining ground. This we know for sure: It is going to be an entertaining campaign, and we'll be tracking the media coverage and watching this campaign closely. 

3 Ways to Apply This Information Now

  1. Watch recorded media intelligence webinar hosted by digital marketing expert Jason Burby. 
  2. View the LexisNexis Newsdesk video overview to learn more about this powerful media-monitoring and analytics solution.
  3. Share this blog on LinkedIn to keep the dialogue going with your colleagues and contacts.