Creating & Maintaining a High-Value Competitive Intelligence Function

CHAPEL HILL, N.C., May 23, 2014 /PRNewswire/ -- The Competitive Intelligence (CI) function helps biopharmaceutical companies to make better decisions, anticipate threats, plan effectively in a rapidly changing market, and avoid corporate risk. Despite this, the function remains poorly understood by senior leadership and CI leaders can often find themselves struggling for attention and resources.

According to research by benchmarking firm, Best Practices, LLC, there has been a continuing decline in the presence of centralized CI groups over the past dozen years. Only 18% of participants represent centralized, dedicated CI groups serving the entire company compared with up to 85% in past Best Practices, LLC studies of pharmaceutical CI functions. As the CI function continues to change, understanding how to show the value of the function and generate greater influence within the corporation will become increasingly critical.

The report, "How Successful Companies Create and Develop a High-Value CI Function to Drive Better Business Decisions," provides leaders with best practices and innovative methods for improving the strategic role and impact of the CI function within the pharmaceutical and related industries. The report also identifies 10 Hallmarks of Competitive Intelligence Excellence and presents insights from interviews with veteran CI leaders on how to evolve the CI role from data gathering to providing strategic advice to decision makers.  

Key study topics include:

• Sources & Activities
• Budget & FTE Levels
• Uses of Third Party Vendors
• Top 5 CI Employee Skills
• CI Evolution & Trends
• Structure & Leadership
• Best Practices & Lessons Learned

Thirty-five Competitive Intelligence leaders from 32 companies in the healthcare industry participated in this benchmarking study. Participants represented small, midcap and large biopharmaceutical and medical device companies. Seventy percent work in U.S. locations.

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1290.htm.

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.

SOURCE Best Practices, LLC

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