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But
companies must also keep an eye on more distant competitors
who are potentially more dangerous. A company is more
likely to be buried by a new technology than by its existing
competitors. An integrated steel mill must not only worry
about other integrated steel mills but also about competitions
coming from mini mills of aluminum and engineered plastics
etc. These materials are replacing steel in several applications.
A company needs to know objectives, strategies, strengths
and weaknesses and response patterns of competitors. It
has to collect the competitive intelligence. But there
is a systematic way to go about it. A company may spend
too much on information acquisition so as to drown in
information but still remain starved of knowledge. There
are vast differences between data, information, knowledge,
and wisdom. Unless the data are processed into information,
which is turned into knowledge, which becomes market wisdom,
much of it is wasted. We define information needs, prepare
research instruments, collect and classify information,
evaluate its quality and then supply it to decision makers
of the company i.e. our client.There are three kinds of
companies: those who make things happen; those who watch
things happen; and those who wonder what has happened.
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