4 Jun 2020
How to Enhance Your Competitive Intelligence with Fast, Effective Company & Executive Research
During his lifetime, Peter Drucker wrote 39 books on modern business management. Back in 1959—decades before the world wide web became publicly available—Drucker coined the terms “knowledge work” and “knowledge workers.” Drucker later wrote, “The most valuable assets of a 20th-century company were its production equipment. The most valuable asset of a 21st-century institution, whether business or non-business, will be its knowledge workers and their productivity.” As organizations embrace digital transformation—and whatever digital next lies ahead—Drucker’s words hold true.
Knowledge powers performance in numerous ways, but most effectively when the research and analysis that leads to knowledge is done continuously AND efficiently. And that is particularly true when it comes to acquiring competitive intelligence (CI). As Drucker noted, “It is the very nature of knowledge that it changes fast, and that today’s certainties will be tomorrow’s absurdities.” How do you keep pace with the need for actionable competitive intelligence when change is constant?
Data + Technology = Better Company & Executive Research
Competitive intelligence (CI) isn’t just about protecting your company’s interests, it’s about expanding them. Whether you’re gathering CI to identify the emerging threats or the untapped opportunities ahead, research is key. And thanks to an ever-expanding digital universe, competitive intelligence is as close as your laptop, tablet, or smartphone. In fact, the World Economic Forum predicted that by year’s end, there will be “40 times more bytes [of data] than there are starts in the observable universe.”
Of course, the sheer volume of information available makes your job harder, especially if you rely on open web search engines that prioritize sponsored content and make no distinction between questionable sources and trustworthy ones if the keywords fit.
Choosing a research platform that has been developed specifically for conducting company and executive research can accelerate the process of collecting competitive intelligence. Let’s look at how using Nexis® and Nexis® Dossier in tandem can help you keep a continuous eye on the competitive landscape, and still leave time in your day for analyzing information and sharing knowledge across your business.
Nexis features a world-leading database of respected print, broadcast, and web news; company and executive information, legal and regulatory data, market and industry reports, and patents—ideal for conducting competitive intelligence research. Content in the Nexis databases also goes through an enrichment process that tags documents for relevant subjects, industries, companies, organizations, people, and places. Combined with other pre- and post-search filters, these enrichments help you narrow search results to the most relevant content.
Nexis Dossier, which can be accessed from the Nexis platform or as a stand-alone interface, focuses even more on companies and the executives that run them. In addition to 40,000 news and business sources, Nexis Dossier includes profiles on 240 million companies and 70 million executives worldwide, plus industry and market data.
Used in combination, Nexis and Nexis Dossier help competitive intelligence professionals:
- Track news mentions and competitor press releases to gain insights into your competitors’ reputations, market positioning and media coverage.
- Schedule Alerts on the competitors you’re tracking to receive notifications when new information on a competitor is available.
- Gain a clear understanding of an industry landscape with concise industry overviews and profiles developed by experts.
- Create SWOT analyses in one click to quickly see the strengths, weakness, opportunities, and threats for any company.
With an efficient, effective process for conducting company and executive research, competitive intelligence professionals can deliver valuable insights companies need, especially when disruption takes place at a global level as it has with the coronavirus pandemic. Capturing a clear understanding of the competitive landscape as it evolves, allows companies to develop agile strategies for recovery and growth. In fact, to quote Peter Drucker one last time, “The greatest danger in times of turbulence is not turbulence; it is to act with yesterday’s logic”.
Find out how Nexis® and Nexis® Dossier supports performance boosting research.