New Study Explores How the Competitive Intelligence Function can Effectively Guide Your Organization through a Changing Marketplace

CHAPEL HILL, N.C., Feb. 21, 2014 /PRNewswire/ -- A successful Competitive Intelligence (CI) group provides insights that help an organization navigate a changing marketplace. Effective CI enables companies to make better decisions - and avoid corporate risk. The key elements that shape the effectiveness of a Competitive Intelligence group include the sources it uses to gather information, the activities it conducts to gather/analyze information and the deliverables it creates to inform the organization.

To help CI leaders in the pharmaceutical sector advance these critical areas, research and consulting leader Best Practices, LLC conducted a study to surface the sources, activities and deliverables that CI leaders are using to improve their strategic role and impact. In the study, two-thirds of participants rate Key Opinion Leaders/ industry experts as a highly effective primary source for collecting CI. Although clinical investigators are less used for intelligence, 60 percent who use them rate them highly effective as well.

These are just a small sampling of the metrics in "How Successful Companies Create and Develop a High-Value CI Function to Drive Better Business Decisions," a 83-page report that CI groups can use to evaluate their functions, increase the value of deliverables, and generate greater influence among their stakeholders.

This report will help CI leaders compare their:

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

Among the study findings was the use of advisory boards is down significantly from previous Best Practices LLC studies, where as many as 90 percent of respondents engaged them to gather intelligence. In this study, only 52 percent collect intelligence from ad boards, and only 21 percent find them highly effective for primary research.

This 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. 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.

Review a complimentary summary of the study at http://www3.best-in-class.com/rr1270.htm.

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC Web site 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.

SOURCE Best Practices, LLC

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